IoT is short for Internet of Things. The Internet of Things refers to the ever-growing network of physical objects that feature an IP address for internet connectivity, and the communication that occurs between these objects and other Internet-enabled devices and system.
Internet of Things (IoT) is an ecosystem of connected physical objects that are accessible through the internet. The ‘thing’ in IoT could be a person with a heart monitor or an automobile with built-in sensors, i..e objects that have been assigned an IP address and have the ability to collect and transfer data over a network without manual assistance or intervention. The embedded technology in the objects helps them to interact with internal states or the external environment, which in turn affects the decisions taken.
The Internet of Things (IoT) is the network of devices, vehicles and home appliances that contain electronics, software, actuators and connectivity which allows these things to connect, interact and exchange data.
IoT involves extending Internet Connectivity beyond standard devices, such as desktops, laptops, smartphones and tablets, to any range of traditionally dumb or non-internet-enabled physical devices and everyday objects. Embedded with technology, these devices can communicate and interact over the internet, and they can be remotely monitored and controlled.
How IoT (Internet of Things) Works?
Devices and objects with built in sensors are connected to an Internet of Things platform, which integrates data from the different devices and applies analytics to share the most valuable information with applications built to address specific needs.
These powerful IoT platforms can pinpoint exactly what information is useful and what can safely be ignored. This information can be used to detect patterns, make recommendations, and detect possible problems before they occur.
For Example: If I own a car manufacturing business, I might want to know which optional components (Ex: leather seats or alloy wheels) are the most popular.
Using Internet of Things technology, We can:
· Use Sensors to detect which areas in a showroom are the most popular, and where customers linger longest.
· Drill down into the available sales data to identify which components are selling fastest.
· Automatically align sales data with supply, so that popular items don’t go out of stock.
· The information picked up by connected devices enables me to make smart decisions about which components to stock up on, based on real-time information, which helps me save time and money.
With the insight provided by advanced analytics comes the power to make processes more efficient. Smart objects and systems mean you can automate certain tasks, particularly when these are repetitive, mundane, time-consuming or even dangerous.
Scope of IoT (Internet of Things)
Internet of Things can connect devices embedded in various systems to the internet. When devices/objects can represent themselves digitally, they can be controlled from anywhere. The connectivity then helps us capture more data from more places, ensuring more ways of increasing efficiency and improving safety and IoT security.
IoT is a transformational force that can help companies improve performance through IoT analytics and IoT security to deliver better results. Businesses in the utilities, oil & gas, insurance, manufacturing, transportation, infrastructure and retail sectors can reap the benefits of IoT by making more informed decisions, aided by the toorent of interactional and transactional data at their disposal.
Future of IoT (Internet of Things)
As far as the reach of the Internet of Things, there are more than 12 billion devices that can currently connect to the internet, and researchers at the IDC estimate that by 2020 there will be 26 times more connected things than people.
According to Gartner, consumer applications will drive the number of connected things, while enterprise will account for most of the revenue. IoT adoption is growing, with manufacturing and utilities estimated to have the largest installed base of Things by 2020.
The IoT has the potential to dramatically increase the availability of information, and is likely to transform companies and organizations in virtually every industry around the world. As such, finding ways to leverage the power of the IoT is expected to factor into the strategic objectives of most technology companies, regardless of their industry focus.
The number of different technologies required to support the deployment and further growth of the IoT places a premium on interoperability, and has resulted in widespread efforts to develop standards and technical specifications that support seamless communication between IoT devices and components. Collaboration between various standards development groups and consolidation of some current efforts will eventually result in greater clarity for IoT technology companies.
“The Internet is no longer a web that we connect to. Instead, it’s a computerized, networked, and interconnected world that we live in. This is the future, and what we’re calling the Internet of Things.” – Bruce Schneier