IoT Knowledge Center
Increase in Demand for IoT
/ 17 Oct 2020 / IOT Basics | IOT Industry
The vast technological advancements happening all across the globe have largely influenced the usage of internet-connected devices and solutions. One such dynamic development is the “Internet of Things”, also known as “IoT”.
With our increased dependence on machines and data, the ushering of IoT has made possible the connectivity of a broad range of devices with complete security and an enhanced degree of programmability. Hence, it is of great technical, economic, and social significance.
What is the Internet of Things?
The term usually refers to distinct scenarios where the capability of network connections and computing extends to a broad range of objects, machines, sensors, and other everyday items like desktops, PC, and laptops. It then generates, consumes, and exchanges data with a minimal level of human intervention.
Although this concept of combining computer devices and monitors to the network has existed for decades, with the emergence of the IoT, it has been brought to a widespread reality through advancements in data analytics, IP-based networking, the rise of AI and cloud computing, etc.
How does the Internet of Things work?
The functioning of IoT is possible after the integration of these four major components. They are as follows –
Sensors or Devices
Firstly, the sensors from the different devices collect information or data from their surrounding environment. This can be something as simple as the reading of the room temperature, moisture or chemical levels, heart rate, or body movement.
It can also be complex like collecting a large video feed. A device can have multiple sensors but whether it is a standalone one or a full device is what matters the most.
Now, the chosen sensors or the devices are connected to the cloud to exchange data. This is possible through a variety of methods like satellite connection, a cellular connection, Wi-Fi, Bluetooth, or even a direct internet connection via Ethernet.
Each of these multiple options has a tradeoff when it comes to their range, bandwidth, and level of power consumption. So, you can choose according to the specific IoT application without hampering the quality of work and its execution.
Processing of the Data
Once all the data reaches the cloud, the software starts processing it. These devices, which are connected to the IoT, contain hardware for computing, along with processors that embed programs. This way, the device is instructed to do tasks.
The final processed information is made available to the end-users who can then utilize it accordingly. The communicating hardware sends signals in the form of an email, mobile notification, or even a text message. The user can check the system proactively via the system.
However, it is not always one-way programming.
The user can also perform some action and make adjustments like control the room temperature by themselves. Sometimes the device reacts automatically, following some pre-defined, in-built rules and instructions. Hence, if there is an intruder in your house, the device will call the higher authorities directly instead of warning you first.
The usage of the cloud-based software saves the device from space crunch so that unlimited data is collected and processed. The sending and receiving of sensory data are nearly instant and the device reacts and performs actions in real-time.
Investment in IoT
Whenever it comes to the use of commercial applications, IoT has succeeded in delivering progressive transformation. It is highly capable of providing companies with a competitive advantage over others. The organizations need to balance the best ratio between the cost and the return so that they can benefit from bigger results.
Smartphones, wearable devices are IoT integrated. Besides thermostats, smoke alarms, security cameras are also IoT based devices, embedded with tiny sensors that track information and movement. These are smart devices programmed in a manner so that they work seamlessly together. The workspace is empowered with real-time guidance.
Companies, which are yet to make a digital transformation, are hugely benefitted from the usage of the Internet of Things. The collected insights, therefore, contribute to their steady and consistent business growth.
The innumerable benefits and advantages of using the component of the Internet of Things are as follows –
- Opening of new business opportunities – The collection of data from various networks allows you to gather business insights, bringing in new opportunities so that you can gain more profit while reducing operational costs.
- New ways and scopes for prediction - You can predict the needs before they even arise and then act instantly after collecting data from the IoT network. This way, the customers in your business can enjoy value-added services that are money-saving.
- Improvement in monitoring – The profound capability of managing a network of wide physical objects enables you and your customer to monitor signals across several layers. The data from onsite monitoring enhances data about the hardware and firmware version and also the location. Consequently, network performance is improved.
- Betterment of Customer dialogue- Dialogue and constructive communication with the customers' increases manifold. With the collected data from IoT devices, you can retain their loyalty and trust in the business.
- Fine-tune products and services – This is of great advantage to the bigger firms. For example, the lights in the room turn on automatically as you enter it, thus creating a separate impression on all.
- New streams of revenue open up – Data gathered by the IoT device can predict the needs of the customer, their purchasing behavior, and more. This speed up planning increases interaction so that all their preferences and requirements are fulfilled.
Future Growth of IoT
The proliferation of devices and advanced principle technologies has fueled the growth of IoT technology to a large extent. Studies estimate that in the coming years, sensor technology will become more affordable, widely available, and advanced.
This cost-effectiveness will propel a large-scale usage of IoT devices and investment in such applications. Improved connectivity will allow the IoT market to grow and expand. With the advent of 5G technology, new applications will manifest upgraded experiences like virtual and augmented reality.
The wider application of IoT will increase device integration. The functionality of all sectors will depend on this technology. Constant monitoring, equipment uptime, improved efficiency, and predictive maintenance will contribute to the growth of the market and the industry. Outstanding market opportunities will also open up, bringing new possibilities for enlargement, through the strategic implementation of device-enabled platforms.
With the exponential growth of technology and accessibility to internet-based services, the aspect of IoT will be ever-evolving. The automated system of work will be virtually game-changing for every organization. Although a few challenges will co-exist, it will modify the availability and reliability of these new devices to a considerable extent.