More often than not, you may have come across the term Internet of Things (IoT). It has gained popularity in recent years and chances are you have been using IoT in several different ways. Even so, if you don’t quite understand what IoT is, read on. This article will attempt to give you a quick understanding of the term IoT and its applications.
So, what is IoT?
IoT is a network of several objects that are interrelated and connected via the internet enabling real-time data collection through a wireless network with minimal human intervention. Simply put, IoT is a network of internet-connected devices that enable the sharing and collection of data.
Almost any physical device can be transformed into an IoT device for connectivity and control. It’s no surprise that IoT is revolutionary and redefining user experiences by connecting people, places and things.
The daily uses of IoT
Our everyday lives are being transformed with the IoT. On a daily basis, we use IoT enabled devices such as wireless headphones, printers, home security systems, thermostats, smart TVs and of course the very popular intelligent assistants such as Alexa, Siri, and the Google Assistant.
Moving beyond the hype
Businesses are also transitioning to IoT as it enters a much more pragmatic and operational phase. Gartner predicts that top IoT technology trends will drive digital business transformations from 2018 through 2023. It also suggests that the majority of IoT projects should target financial payback in less than one year. It is no wonder that business leaders are prioritizing IoT opportunities progressively.
IoT can provide incremental benefits to businesses. As such, estimated worldwide spending for IoT across different industries shows a dramatic increase from 2015 to 2020. As is evident in the graph below, IoT spending is expected to increase across every industry.
While there are several benefits to IoT that can vary by application, the key advantage is access to real-time data collection that can give enterprises a huge competitive advantage. Comprehensive real-time data collection and analysis could make a huge impact on a business’ bottom line. IoT is a significant driver of data analytics projects because it generates massive data be it from sensors attached to devices or the words you speak into your smart devices.
Where is it going?
As the price of parts and sensors continues to drop, IoT devices will become more cost-efficient. It is expected that new tech companies will contend for a piece of the pie in addition to big giants like Amazon, Google, and Apple. Besides, as the number of connected devices continues to grow, security and privacy issues will prevail and that’s a trade-off we will have to make peace with.
Although IoT is still in its infancy, it’s adaptability, scope and rate of expansion are undeniable. With new technology being introduced rapidly, IoT is set to become a way of life in the next few years. With its limitless potential, IoT will be controlling and supporting pretty much every device you can think of. If trends are anything to go by, IoT is here to stay and will change the world to come.
Are you taking advantage of IoT for better business decision making? Cyber Chasse can help you adapt to IoT strategies to create new digital opportunities in this booming market. Get in touch with one of our professionals to learn more.