At first, it was only computers that were connected to the Internet. That changed the way people lived and industries functioned. Today, everything from mobile phones to watches, electric meters, surveillance cameras, industrial production units, and even air conditioners are connected to the Internet.
This network of physical objects, most of which were not originally created for internet connectivity is called the Internet of Things (or IoT). Today, devices embedded with dedicated sensors and software interact seamlessly with each other and with humans.
Progress in mobile app development has enabled users to control connected physical objects using dedicated apps created for individual devices. Users today can control anything from televisions to refrigerators through their smartphones.
The Internet of Things is already larger than ever, and it's still growing rapidly. Global research indicates that the number of devices connected to the internet will increase from 26.66 billion in 2019 to 75.44 billion worldwide by the year 2025.
What made the Internet of Things such a huge sensation is its application in almost every sphere of modern civilization that's been touched by technology.
Along with sensing and accumulating real-time data, IoT systems are also capable of reviewing the situation and taking physical action. Think of smart home security systems that can sense motion, collect live feed, and set off an alarm in case of a suspected break-in. They are more efficient than human guards and eliminate the risks of physical harm involved in the case of a robbery.
The Internet of Things hasn't just made operations more efficient. It's also helping businesses cut down on operational costs, making workplaces and homes safer and more comfortable than ever.
IoT has been a big influencer in fields like smart cities and homes, smart wearables, and enterprises where it has created a new level of convenience and increased opportunities for innovation. It has also made a huge impact on several key areas of modern-day industries.
With the development of low-cost manufacturing sensors and micro-controllers, industries around the world are now using the IoT for production, operations, and support related tasks. This has brought improvements in fields like asset management, network and quality control, and shortened the delivery time and reduced manufacturing and equipment maintenance costs.
The Internet of Things has enabled industries around the globe to better access the data related to socio-economic and geographic profiles by using connected devices. This has enabled better media consumption on a localized level and helped companies analyze collected data related to both employees and consumers in shorter time spans.
From smart offices to smart homes and smart factories, the IoT has touched and transformed it all! Modern offices are reliant on connected devices like biometric scanners, air conditioners, and lighting - all of which make life more convenient for the staff while reducing energy expenditures.
It's the same with smart home features like smart window blinds that open and close at pre-programmed times and reduce the need for artificial lighting and air conditioning.
Smart factories - a direct outcome of the IoT's industrial impact are still in their infancy. But market research suggests that the smart factory model will touch USD 275.89 billion by the year 2026. These highly digitized units are marked by reduced energy expenditure which directly increases the industry's profit margins.
IoT has given financial analysts and decision-makers faster, easier access to metrics that enable quicker decision making. Having a web of interconnected devices across platforms like enterprise resource planning and accounting offers a wider picture, gives new insights, and helps make better forecasts. This helps financial leaders across different industries minimize the risks involved in monetary moves and increases their profit margins.
Industries like energy, agriculture, and cryptocurrency face an ever-increasing demand from our rapidly growing population and are under the most stress to deliver better outputs.
Embracing the IoT is helping these industries perform in a more effective and efficient manner.
With diminishing resources for non-renewable energy, green energy solutions like solar panels are a big thing today. Green energy devices connected with the IoT have removed the human element to a big extent, allowing better monitoring and maintenance.
Energy providers are now using smart meters to better collect data related to the consumption of both non-renewable and green energies. This makes it easier to credit green energy consumers and to better bill the customers.
The IoT has proven to be an invaluable asset to agriculture workers and farmers. From IoT enabled drones surveying the cultivated land and cattle, to dedicated sensors tracking livestock and crop health, the IoT has brought about a new era in precision farming. Resources are utilized to the max while minimizing wastage.
Cryptocurrencies like Tael (WABI) and Waltonchain are relying on the IoT for functions such as counterfeit mitigation and supply chain management. Several other cryptocurrencies (like IOTA) have been purposefully designed to integrate the IoT.
IoT enabled cryptocurrencies allow a chain of IoT based devices to freely trade in the open market. These cryptocurrencies present a situation where IOT connected devices and blockchain are working in sync, supporting and popularizing machine to machine (M2M) transactions and disrupting global markets.
The Internet of Things is a flexible, attractive, and beneficial tool for every industry. In time, competing businesses will gain a better understanding of its scope and growth opportunities involved. It's natural to expect the IoT to grow further, faster, and better in the coming years.
This news was previously published on: https://jaxenter.com/iot-industry-impact-160837.html
Sudipto is a Senior Content Developer at IoT Avenue who helped to build the content of the site along with several other sites with his compassionate SEO driven content. He is also a HubSpot, certified Content Marketer. He brings five years of experience to his current role, where he is dedicated to developing the content of different websites.
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