Over the past couple of years, the phrase "Internet of Things" has gained popularity, and it seems that it's only growing more and more with time. But, like other popular buzzwords of this type, many people feel confused and wonder, "What is IoT, and why would I care?"
That's the purpose of our post. In this piece, we'll cover the Internet of Things (IoT), various IoT applications, and how various businesses are utilizing it to advance their share in the market. You’ll see real-life examples and get to decide which application would be considered a product of IoT. First, let’s talk about the term.
The term "IOT" stands for "Internet of Things." It is the process of linking physical things to other gadgets via an online connection. The phrase "Internet of Things" was coined by Kevin Ashton, who first used it in 1999. The term "things" refers to anything, such as people or vehicles, that have sensors embedded into them and are capable of collecting and transferring data via the Internet.
The Internet of Things (IoT) streamlines, enhances and automates operations thanks to the effortless interaction between machines, people, and data. Many systems might become more effective with the use of sensors, networking, and artificial intelligence. Costs are reduced in ways that were previously impossible.
Just in 2022, the total IoT market size was valued at $201 billion, and Statista projects that this trend will only continue and expand the market to $483 billion by 2027. Other studies paint a similar picture, suggesting that the future of the Internet of Things is quite bright.
The IoT inherently functions without human involvement. Machines may now successfully take over the task of data collection and processing, saving employees crucial hours. With extra time for innovative projects, human employees can zero in on using the data instead of collecting it.
A common example of IoT's role in boosting efficiency is monitoring the trips and mileage of cars. Instead of hiring people to monitor the mileage and activity of every car, a big company with a fleet of cars could turn to a company providing IoT development services to set up a platform that can monitor via IoT.
By integrating with other technologies such as AI, IoT can also change the future of chatbots. For instance, IoT devices may gather patient data and communicate it to doctors for review. Once you feed such data into chatbots, they can better answer questions, solve problems, and handle many other customer support responsibilities.
By using sensors, equipment, and other facilities IoT integration has changed how companies work. The volume of data handled by IoT devices is enormous due to the annual growth in connected devices.
There’s also no stopping this surge, as indicated by an IDC forecast that suggests we’ll have more than 41.6 billion connected devices by 2025 which may generate up to 79.4 ZB of data.
Practical data is necessary for effective digitization, and both the amount and the caliber of the data from IoT devices will determine this. As companies integrate IoT into their operations, they can boost data availability and keep staff members updated on any event in the company, allowing them to access real-time actionable insight.
In a dynamic world, companies must be ready to pivot when necessary. One of the most essential advantages of IoT for companies is the flexibility to respond to new demands and unpredictable circumstances or expand their infrastructure to scale their operations.
Using proper tools, a company can set up integrated devices like lottery kiosks or connected cars. In order to handle further updates down the road, it may then utilize the connection to those installed systems.
With the ever-growing popularity of IoT in domestic and commercial settings, there’s no denying that IoT can bring a lot of value into our lives. Many businesses in different industries have started to take advantage of wireless networks, cutting-edge sensors, and anything that comes with IoT.
Here are six industries with real-life uses of IoT:
The emergence of modern wearables is one of the latest applications of the Internet of Things in the healthcare sector.
In recent years, many insurance firms have urged more people to use fitness trackers. They claim that their goal is to help improve a person's health. However, it would be better to say that they are there to let an insurance company see how people are fit for the policy.
A lot of medical and fitness wearables are nowadays easy to get. For instance, AVA is a branded device that women may use to monitor their pregnancy. It's good for women who wish to become pregnant and lets them know when a pregnancy test would be more accurate.
Another novel example is a smart toothbrush like Philips Sonicare. As you can guess, a smart toothbrush is powered by an electric motor that tells you where to brush, how fast to move it, and how to optimize your dental hygiene. In order to effectively brush your teeth, smart roots come with sensors at the tip.
A smart brush has superior sensors that gather data about your brushing habits, neglected spots, tensions, etc. You may get this vital data on your cell phone and learn how you could perhaps enhance your oral hygiene.
Machine-to-Machine (M2M) solutions became prevalent when SCADA and remote monitoring tools were used to remotely handle and direct data from machinery in manufacturing. M2M technology's main goal is to collect sensor info and distribute it via a network.
One of the most important aspects is device connectivity, which is the perfect place to put smart sensors. IoT solutions can utilize sensors to streamline distribution, sales projections, and communication, all without involving any human employees.
Industrial asset management is another useful example of the Internet of Things in manufacturing. IoT devices allow companies to monitor every asset, from raw materials used in the manufacturing process to finished goods stored in a storeroom. This way, you can easily manage the inventory without having to close the business and manually count the items.
With sensors and cameras connected to smart fridges, you can keep an eye on the food that may go bad soon.
You can monitor the amount of food left without sticking your head into the fridge. You can check any recipe and then let your fridge read the cooking instructions. You can create meal lists on the fridge that synchronize in real-time with your cell phone. Set expiry dates and receive alerts when stuff is fresh to use the food when it has the most nutritional value.
The prime example of such devices is LG Smart Refrigerators which feature an embedded display that allows you to order food, groceries, adjust the thermostat, and check to see if the door is open, all through your phone. You also may utilize Alexa to check and adjust the thermostat and activate the ice maker and air filters.
The world of IoT has enormous potential for the agricultural sector. By 2050, the number of people on Earth is predicted to reach about 10 billion. Governments are therefore giving priority to expanding agricultural systems. Because of this and climate change, farmers are integrating technology into their farming practices.
Sensors offer information on soil composition and fertilizer levels. How well a harvest performs depends on a variety of factors, including CO2 levels, moisture content, humidity, acidity level, and the amount of proper nutrients.
Applications of IoT like smart irrigation help farmers manage and use water more effectively. Once the soil hits a specific degree of dryness, the IoT device starts the water flow. Once a particular quantity of moisture is achieved, it also cuts off the supply. This minimizes waste by human errors.
Robot lawnmowers offer you the same hands-free robotic vacuuming experience. This device is a standalone robot that works to cut grass on lawns. Artificial raspberries are getting more and more sophisticated, some of which include rain sensors.
Autonomous cars will become the norm in a couple of years. However, there are many cases of IoT being used in your daily driving experience without self-driving vehicles. Consider a safety service like OnStar from General Motors. The vehicle's sensor can identify engine problems and crashes, and they can upload information to the cloud and an on-demand adviser (through a mobile connection).
You have seen the television advertisements. When required, the adviser dispatches emergency services and communicates directly with the driver. The advisor also determines the exact position of your car thanks to GPS. The responding technician will be prepared if the issue is mechanical because the adviser can conduct remote diagnostics on the vehicle.
One application of IoT in retail is sales and demand forecasting. We can track potential in-store sales and improve forecasts in real-time thanks to the Internet of Things (IoT). It's critical to remember that RFID is a tried-and-true IoT tool that can be utilized to manage stocks and improve service quality.
With sensors, smartphones, and actuators embedded into the shelves to offer refilling when necessary, retailers may update their items in real-time. IoT enables businesses to get real-time notifications about lost goods.
For instance, many companies nowadays utilize AWM's Smart Shelf to cater to particular customers. Powerful expansive low-light cameras allow businesses using Smart Shelf to view and monitor their items in real time.
The Internet of Things continues to grow whether you accept it or not. Clearly, there are a lot of companies that benefit from these devices. In the long run, this technology will be a total game changer in our domestic and professional lives.
By outlining just six industries, we only provided a thumbnail sketch of how IoT can drastically change businesses for the better. So, if you have an IoT product in mind and want to jump on this train as soon as possible, there’s no better way than to find a team that can help bring your idea to reality. We at Lanars specialize in IoT product development. Just contact us and let us help you.
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