Benefits of IoT for Consumers and Future Trend of IoT Devices
May 23, 2018
What is the Internet of Things (IoT)
Prior to the discussion of benefits of IoT for consumers and businesses, this title question needs a clear answer. The Internet of Things, refers to billions of physical devices around the world connected to the internet and to each other, sharing data. Any physical object transforms into an IoT device once it gets connected to the internet, and controlled.
A light bulb that can be switched on using a smartphone app is an IoT device, as is a security motion sensor at home or a smart thermostat at your office or even a connected streetlight. This could be a simple electronic car key to a highly technical driverless car, or as complicated as a satellite launch vehicle that is filled with thousands of sensors collecting and transmitting data. Today, smart city projects are filling entire regions with sensors to help us understand and control the environment.
With the increased use of this technology, the prices for sensors, processors and wireless networks have dropped dramatically. The adoption of RFID tags (low-power chips that can communicate wirelessly), the increasing availability of broadband internet and cellular, wireless networking have given a great boost to the usage and trend of IoT devices.
Benefits of IoT For Consumers
The smart home is probably where consumers are most likely to come in contact with IoT, and it is one area where the big tech companies (particularly Amazon, Google, and Apple) are competing aggressively. It creates better understanding of how our homes operate, and the ability to tweak sensors settings, could help save energy – by cutting heating costs. Also:
Benefits of IoT For Business
Manufacturers are adding sensors to the components of their products so that they can transmit back data about its performance. This can help companies to:
Furthermore, IoT helps businesses in data and inventory management, remote work and planning. You can refer to the Forbes article which digs in-depth into this topic. However, as with any technology,security challenges exists for Internet of Things. In the next article of this series, we will discuss more about the plausible security risks in this technology, and the possible mitigation strategies.
Future Trend of IoT Devices
Analyst Gartner calculates and predicts the growth as follows:
|IoT devices in use
|Total Spending in IoT
|Most used IoT devices
|smart electric meters, home appliances, commercial security cameras and health care
The key is enterprises having access to more data about their own products and internal systems, enhancing the ability to make changes to improve as a result. “With the introduction of comprehensive, real-time data collection and analysis, production systems can become dramatically more responsive,” say consultants McKinsey.
Enterprise use of IoT classifies as two segments:
To conclude, here is an infographic (prepared by GoldmanSachs) to better represent the current and future trend of this technology.
Jan 23, 2024