The Internet of things, also commonly known as IoT, represents the network of physical ”things” fixed with sensors, software, and other types of technology to exchange and connect data with other devices.
It is a system of interrelated mechanical and digital machines, computing devices, objects, or people that are provided with unique identifiers. It can transfer data over a network without the requirement of a human to a computer or human to human reaction.
The global industrial IoT market size generated $72.34 billion in the year 2018 and is expected to see a compound annual growth rate of 8.67% from 2019 -2024. Globally, the digital twin market is expected to grow from $2.66 billion to $29.57 billion at a CAGR of 61.94% from 2020- 2025.
The expansion of wireless networks has led to the development of data analytics to be advanced, increased cloud platform adoption, and reduced the cost of interconnected devices, and is foreseen to grow at a steady rate.
IoT helps to connect smart devices to facilitate the transfer of data among themselves with ease. Smart devices like smartphones, wearables, sensors collect the required and important data from devices that are utilized further to enhance the customer experience.
After the forecast period, the need for analytics integration and data analysis is anticipated to drive the utilization of the Custom IoT platforms development market size.
The Internet of things and industry 4.0 is at the heart of new and improved technological advances for producing, managing, and developing the whole logistics chain, in other words, smart factory automation.
Benefits of IoT
- Availability to monitor things– IoT greatly benefits the user apart from tracking data for company use. These devices can keep an eye on the current quality of goods and allow a homeowner to know when they need a replacement without consistently checking the quality by themselves.
- More data, better decisions– With the help of sensors, these devices can collect a large amount of data in many areas.
For example, your smart refrigerator will give you information on which food items are going out of date in your smart refrigerator and provide you with additional information on its temperature, power consumption, and much more.
Companies now realize the power of IoT. By 2025, it is being projected that more than 100 billion Internet of Things (IoT) connected devices will be installed which will generate a revenue of close to $10 trillion.
- Saves money and resources– As well as saving costs for the device owner, it can also save a lot of time. For example, if the lights turn off automatically each time you leave a room, this could save you a lot of bucks on electricity bills.
The connected devices can provide many beneficial implementations and encourage machine-to-machine communication, resulting in long-term efficiency for the company and the user.
- Better quality of life– Benefits lead to an increased quality of life. Having your device order and track things for you, turn lights off and manage essential tasks that you may not have to do yourself can take away a lot of stress.
People are getting busier every day as the years go by, and with various devices being created and new technology implementations, it gets challenging to keep track of everything.
It is easier to have a computer take care of mundane things that need to be done. Improved wellness and health benefits are also part of the IoT future. An example would be those who exercise regularly can track their heart rate, hydration, and body temperature with wearable technology.
IoT still has a long way ahead in becoming more prevalent in our lives. As a first priority, IoT company need to ensure that the information collected from their users is safeguarded and protected to the best of their abilities.