Internet of Things (IoT) involves interconnecting everyday objects through TCP/IP data fabric. From industrial machines to wearable devices, the fundamental idea is to use smart sensors to bring data to a common gathering point and then squeeze actionable insights out of it.
The Internet of Things is the future showcasing intelligent 'dumb' devices that ultimately synergize to make our personal and professional lives more efficient and effective.
Simple as it may seem, tremendous use cases are being worked on in collaboration with Big Data (for analytics muscle) and Cybersecurity (for secure storage, transfer) to offer a plethora of applications.
Some sample use cases are so simple that you may have come across them without even knowing that they crossed paths with IoT.
For e.g.
- Monitor Radiation Levels
- Monitor Water Quality
- Monitor Air Pollution
- Detect Forest Fires
- Smart Parking
- Waste Management
- Vehicle Auto-Diagnosis
- Intelligent Shopping
- Smart Lighting
- Smart Roads
- Smart Metering (Utilities)
- Smart Living (Household Appliances)
- Drones
The power of real time intelligence to make informed decisions can never be understated. Data Enables and Insights Drive business today. Businesses cannot overlook the small data or the need for automation.
Common IoT challenges in today's world:
- Interoperability
- Scalability
- Data Volume
- Battery Power
- Security
- Fault Tolerance
IoT in Context of Business Opportunities:
Of all the business who chose to implement IoT, 94% have already seen a return on their IoT investments.
IDC forecasts Worldwide spending on the Internet of Things (IoT) to reach $772.5 billion in 2018, an increase of 14.6% over the $674 billion that will be spent in 2017.
Gartner, Inc. forecasts that 8.4 billion connected things will be in use worldwide in 2017, up 31 percent from 2016, and will reach 20.4 billion by 2020. Total spending on endpoints and services will reach almost $2 trillion in 2017.
There have been major company acquisitions in this space. For e.g. Google's acquisition of Nest Labs, a thermostat maker, for $3.2 billion. Samsung, on the other hand, bought SmartThings, a connected home company, for $200 million.
