In the recent years, Internet of Things (IoT) has witnessed an explosive growth globally; and, has successfully garnered much attention due to its potential to significantly transform human life. One can feel the impact IoT has on our day-to-day lives already. Today, we have smart everything – be it traffic lights, refrigerators, televisions, washing machines, health monitors, watches, cars, and even toys.
Tranforming Dumb Devices into Smart
The IoT ecosystem refers to a large network of inter-connected smart devices and people. These smart devices connect with each other through embedded sensors and collect/exchange data. This data is then harnessed to gain insights that are then leveraged to improve efficiency. For instance, mundane or routine jobs can be automated to enhance productivity of the workforce who can then focus on more productive activities.
Similarly, businesses can opt for preventive maintenance of their assets using sensor-based tracking. Businesses can improve their go-to-market strategies, governments can reduce the use of non-renewable natural resources, and construction companies can improve safety of their workforce. IoT can also help improve safety and security of neighbourhoods or/and remote workplaces through sensors and video cameras. The possibilities are endless.
But, devices on their own cannot be smart. In order to be considered smart, these otherwise dumb devices must be able to add value to human life. As a result, a number of companies are working on technological advancements in the field of connectivity, computing, and cognitive technologies. These technologies will make these devices truly smart by intelligently observing, reasoning, and intuitively enhancing user experience.
Holds Economic Value
IoT is touted to hold immense economic potential with its innovative business models and services that help open up new revenue streams. According to Cisco, IoT will be instrumental in unlocking economic value (private and public sectors together) worth US$19 trillion by 2022. As a result, both governments and industry are increasingly investing towards commercialization of IoT.
The extent of seriousness in implementing IoT can be gauged from the number of global smart cities projects. According to a Navigant report, there are more than 250 smart cities projects in 178 cities of the world. Apart from smart cities, there are numerous other successful use cases of IoT including smart homes, manufacturing, retail, transportation, and smart wearables.
With an ever-increasing number of smart devices, it will not be long before IoT, with its immense potential, will significantly benefit the human society.
The Article has been Written by Neetu Katyal, Content and Marketing Consultant
She can be reached here.