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What is the Internet of things (IoT)?
Just go through this amazing video below explaining the Internet of Things
Impact of IoT on Today’s world
Business Insider Intelligence estimates that by 2026 more than 64 billion IoT devices will be installed worldwide. In addition, companies and consumers will spend about $ 15 trillion on IoT devices, solutions, and support systems from 2018 to 2026.
Connected to the Internet and equipped with sensors, these devices power a growing data-based economy and bridge the gap between the physical and digital worlds. learn about online marketing.
Internet Of Things is highly popular in today’s world many firms and industries are using IoT in their business operation.
Which industries are affected by IoT?
While we can expect IoT to affect every industry in one way or another, there are many environments within the three groups of consumers, governments, and ecosystems that benefit the most from IoT. These include:
- Basic infrastructure
- Oil, gas, and mining
- Advance homes and smart buildings
- Food services
- Hospitality & Health Care
- Smart cities
What are the major IoT companies?
Hundreds of companies are literally connected to the Internet of Things and the list should only expand in the coming years. Here are some of the key players who have stood out in IoT so far:
- Intel (INTC)
- Ericsson Airport (ERIC)
- Microsoft (MSFT)
- Amazon (AMZN)
- IBM (IBM)
- Cisco (CSCO)
- Verizon Airport (VZ)
- AT&T (T)
- Fitbit (FIT)
- Garmin (GRMN)
- Honeywell (Hon.)
- BlackRock (BLK)
Here is another important video on IoT from Tedx Talks simply go through the video, clearly explaining IoT.
What are IoT Platforms?
One IoT device connects to another to transmit information using the Internet Transfer Protocol. IoT platforms act as a bridge between the device sensor and the data network.
Here are some of the top IoT platforms on the market today:
- Amazon Web Services
- Microsoft Azure
- Thing Works IoT Platform
- Watson of IBM
- Cisco IoT Cloud Connect
- Salesforce IoT Cloud
- Oracle Integrated Cloud
- GE Predicts
How does IoT work?
The IoT ecosystem consists of web-enabled smart devices that use embedded highly advance technical systems, such as processors, sensors, and communication hardware, to collect, send, and process data from their environment. IoT devices share sensor data collected by connecting to IoT gateways or other edge devices, where the data is sent to the cloud for analysis or analysis.
Sometimes, these devices communicate with other related devices and act on the information received by each other. Devices do most things without human intervention, but individuals can interact with devices – for example, setting them up, pointing them out, or accessing data.
Why is IoT important?
The Internet of Things helps people live and work better, as well as gaining complete control over their lives. In addition to providing smart devices to automate homes, business needs IoT. IoT allows businesses to see how their systems work in real-time, providing insight into everything from machine performance to supply chain and logistics operations.
Allows companies to automate IoT processes and reduce labor costs. This reduces waste and improves service delivery, making manufacturing and delivery of goods less costly, as well as providing transparency in customer transactions.
As such, IoT is one of the most important technologies in everyday life, and it continues to prosper as more businesses realize the potential of connected devices to keep them competitive.
What are the benefits to companies from IoT?
The Internet of Things offers many benefits to organizations. Some benefits are industry-specific and some apply across multiple industries. Some of the common benefits of IoT are launching businesses through:
- Monitor their entire business processes;
- Improving the customer experience (CX);
- Save time and money;
- Increase employee productivity;
- Integrating and optimizing business models;
- Making better business decisions; And
- Generate more revenue.
- IoT encourages companies to rethink the way they do business and provides them with tools to
- improve their business strategies.
In general, IoT is prevalent in manufacturing, transportation, and utility companies that use sensors and other IoT devices; however, it has found use cases for companies in the agriculture, infrastructure, and home automation industries, leading some companies to digital transformation.
IoT benefits farmers in agriculture by facilitating their work. The sensors can collect data on rainfall, humidity, temperature, and soil content as well as other factors that help to automate farming practices.
The ability to oversee activities around infrastructure is also a factor that helps IoT. For example, sensors can be used to monitor events or changes in structural buildings, bridges, and other infrastructure. It offers benefits such as cost-saving, time-saving, changes in quality living workflow, and paperless workflow.
The home automation business can use IoT to monitor and operate mechanical and electrical systems in a firm. On a broader scale, metro cities can help citizens reduce waste and energy consumption.
IoT covers every industry, including the Medical, finance, Automobile, and manufacturing businesses.
IoT data and artificial intelligence
Internet of things devices generate huge amounts of data; This could be information about the engine temperature or whether the door is open or reading from a smart meter. It is all IoT data for collecting, storing, and analyzing. One way companies make the most of this data is to take that IoT data and feed it to the artificial intelligence (AI) systems used to make predictions.
For example, Google has AI responsible for its data center cooling system. AI uses data extracted from thousands of IoT sensors that are fed into deep neural networks and predicts how it will affect future power consumption. By using machine learning and AI, Google has been able to make its data centers more efficient and use the same technology in other industrial settings.
Google has handed over the responsibility of keeping its data centers cool to AI.
IoT Evolution: Where Will the Internet of Things Go Next?
As the cost of sensors and communications continues to fall, adding more devices to IoT can be costly — albeit with a slight obvious benefit to consumers in some cases. Expansions are in the early stages; Most companies engaged with IoT are still in the testing phase, mainly because the essential technologies — sensor technology, 5G, and machine-learning-powered analytics — are still in a reasonable early stage of development.
There are many competing platforms and standards and many different vendors, from device manufacturers to software companies to network operators. It is not yet clear which of them will win. But without standards, and with an ongoing security issue, we’ll see some more major IoT security crashes in the next few years.
Advantages and disadvantages of IoT
Some of the benefits of IoT include the following:
- Ability to access information anytime, anywhere on any device;
- Improved communication between connected electronic devices;
- Transferring data packets through connected networks that save time and money; And
Automating tasks that help improve the quality of business services and reduce the need for human intervention.
Some of the disadvantages of IoT include the following:
- As the number of connected devices increases and more information is shared between devices,
- The chances of a hacker stealing confidential information also increase.
- Enterprises will eventually have to deal with large numbers – perhaps millions – of IoT devices and collecting and managing data from all of those devices will be challenging.
- If there is a bug in the system, every connected device may be corrupted.
- Because IoT does not have international level compatibility, it is difficult for devices from different manufacturers to communicate with each other.
IoT availability is likely to increase dramatically Information and companies and organizations are subject to change In almost every industry worldwide.
As such, we hope to find ways to increase the power of the IoT Factor in the strategic goals of most technology companies, Regardless of their industry vision.
The number of different technologies needed to support There will be a premium for IoT expansion and subsequent growth Extensive efforts have been made to develop interoperability and as a result Standards and technical features that support joints Communication between IoT devices and components. Cooperation Integration between development groups and on different scales Some current efforts will eventually give more clarity to IoT Technology companies.
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