Till now the primary function of internet was to communicate which allowed humans to be more accessible and connected with one another. Internet of Things (IoT), now, extends this purpose of connecting humans with the devices.

IoT is an ecosystem of interrelated computer devices, digital machines and objects that has the ability to transfer data to each other in real-time, with minimum human intervention. Devices like coffee makers, washing machines, music system, TVs, wearables and other electronic devices can communicate with each other using what is called Machine-to-Machine (M2M) communication.

Statistics IoT Suggest Rising Adoption:

• In 2019, the global IoT market generated a revenue of $1.7 trillion.
• By 2022, 100% of the population is predicted to have LPWAN coverage.
• By 2025, there will be more than 75.4 billion IoT devices worldwide whereas in 2019, there were around 7 billion IoT devices.

IoT Technology Workings :

The IoT process begins with devices that have built-in sensors. These devices are connected to IoT platforms which stores data from all the connected devices. The important or relevant data is then used to perform tasks that fulfill the needs of people. In this way, IoT application works with smart systems that automate tasks to address specific needs.

IoT Adoption in the Real World on the Rise – Everywhere!

• Healthcare

IoT in Healthcare has opened new doors of opportunity for medical specialists and patients. The technology enables doctors to get a real-time access to patient medical data, store them on cloud, and share with others. It also cut down the waiting time, helps to check for the availability of hardware and equipment, and simplifies the process to identify chronic diseases and take the right actions to mitigate the risk. According to Frost & Sullivan, the Internet of Medical Things (IoMT) is expected to grow up to $72.02 billion by 2021.

• Retail

Another domain that is enjoying many opportunities and facilities after getting an understanding of what is Internet of Things and how to incorporate it in their processes is Retail Sector. The industry, with the help of Internet of Things applications, is finding it easier to deliver personalized experience to their user base, automate checkout processes, perform maintenance effortlessly, and more. The estimated worth of smart retail market is estimated to reach $45 billion by 2024.

• Industrial Internet of Things (IIoT)

The manufacturing industry has now realized that Predictive Maintenance, Energy and Resources management solutions are increasing productivity, enabling greater optimization of resources and processes, reducing operating costs and improving operator safety. The number of IIoT used cases in the traditional Industries has more than doubled in the last 2 years.

• Smart City

Cities are the core centers of our society, where about 60% of the world’s population lives. In the urban environment, the services that people use can be significantly improved by the IoT solutions already available on the market. Major cities of the world are showing how much value the Internet of Things is generating and many other cities are therefore following their example so that smart city will certainly become mainstream. According to IDC, the total Smart City technology spend is expected to reach $135 billion.

• Smart Home

The voice-recognition algorithms are now sufficiently accurate and performing. So, the devices equipped with voice user interface are being sold rapidly thanks to the affordable prices and strong competition among the big players operating in this market. This represents an important driver in the adoption of home automation and smart home solutions as these devices can become the access hub for dozens of services suitable for any home environment.

Conclusion:

Concept-to-MVP-to-finished product to finally delivering real value in real world follows the famous Gartner hype curve! The IoT and promoted a dream of a smarter, better and a connected future now is finally at the adoption cycle. A future where everything is connected to and aware of every other thing, ultimately, help people to lead smarter lives.

Embracing the IoT revolution seems crucial in terms of Digital Transformation, and this may well apply to any enterprise. The best thing about the Internet of Things is that it is open and ready for new challenges, and there’s enough space for any new business idea imagined. Thus, the key to answering, ‘What is Internet of Things?’ doesn’t necessarily lie in providing a strict definition, but rather changing your own way of thinking and starting to imagine how IoT can assist in your business growth.

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