How Internet of Things (IoT) is Reshaping the Growth of Industries?
Internet of Things (IoT) is an emerging technology that has reshaped the growth of various industries. The technology has changed the way businesses interact with customers and offer products and services. Let’s have a look at the basics, advantages, challenges, and future of IoT:
What is IoT?
IoT or Internet of Things is a network of connected devices, objects, machines, and other things. The technology allows the seamless collection and transfer of data over a network without the help of human beings or computers. According to a study, IoT is going to connect 50 billion devices by 2020.
Advantages of IoT
- Enhanced device communication – The technology improves communication between various devices which also known as machine-to-machine communication. It leads to higher efficiency of systems.
- Improved decision making – Companies can leverage data collected using IoT to understand the needs and behavior of customers and make smart business decisions.
- Encourages Automation – With connected devices, a large amount of automation and control can be achieved which results in higher productivity.
- Helpful in monitoring – IoT devices are particularly useful in monitoring various situations and predicting future events. The technology is being used in disaster management and emergency services.
- Saves time – Be it day-to-day life or business, IoT helps us to save time and money.
- Remote home management – While you are in office, you can switch off or on your home appliances like air conditioner thanks to the IoT technology. You can view recordings of CCTV camera using the mobile app.
Industries that are growing with IoT
Various industries are investing in IoT to enhance data collection, efficiency, analytics, and automation.
- Manufacturing – IoT has digitized the manufacturing sector. Numerous manufacturing companies are using IoT sensors to collect production data and leverage it to gain valuable insights.
- Media & Entertainment – IoT has helped the media and entertainment sector to move beyond traditional content and unlock new business opportunities.
- Energy – Companies are using IoT in taking readings of energy consumption by consumers. IoT solar panels are more efficient and cost-effective.
- Medical & Healthcare – IoT enabled devices help physicians and hospitals to deliver better care and reduce healthcare costs.
Internet of Things has also benefited other industries like real estate, education, consumer electronics, transportation, etc.
Challenges of IoT
Though IoT has transformed the world, there are some concerns or challenges that need to be addressed:
- Cyber Security – With billions of connected devices, cybersecurity is a major problem that IoT technologists need to resolve it. IoT devices are at risk of hacking and there should be powerful security tools to prevent it.
- Data Privacy – People are concerned about the privacy of their data. There are some incidents where data of users have been stolen.
- Compatibility – It’s another issue that enterprises are facing while implementing IoT technology. Every machine is equipped with different IoT sensors and it is really tough to make the complete system compatible.
- IoT hardware updation – To keep the pace with new technologies, it is highly advisable to update hardware of IoT devices. Due to large numbers, it is a big challenge for enterprises.
Future of IoT
The world has become closer and smarter with IoT technology. People are using their smartphones to manage and control various devices, i.e. smart speakers, Alexa devices, geysers, etc. More and more startups, SMEs and large enterprises are using IoT to bring out a transformational change in its operational efficiencies, strategic decision making, etc. In the future, we can expect a significant improvement in IoT security and privacy.