In 2017, we briefly wrote about the impact of the Internet of Things (IoT) on businesses and received a great response to the blog from our clients and internal teams. But even today, IoT isn't a very general term to an ordinary man, and the power of IoT smart technology is still unrealized to many.
In a nutshell, IoT has an impact on many everyday things we fail to notice. The self-driving cars, shopping inventory, the multiple sensors in the connected vehicle to alert the driver, refrigerators and thermostats, home security systems, webcams, and printers, wearable tech such as Apple watches and Fitbits, lighting systems, smart-home devices, the smart speaker devices like Amazon Echo or Google Home; basically, several devices or appliances that are connected to the internet and possess internet-enabled sensors. The internet-enabled sensors as a part of IoT technology solutions quietly change the traditional non-smart world we knew yesterday and transform various industries such as manufacturing, healthcare, transportation, distribution, farming, etc.
As Extentia collaborates with companies from several sectors like these, we felt our readers deserve to know more about IoT smart technology, and the technology itself deserves the accolades it is receiving from its adopters. Hence, this is an attempt to create a series of blogs that talk about IoT and how businesses can get started on the IoT journey.
What is the Internet of Things (IoT)?
In simple words, IoT brings the power of the internet, data processing, and analytics to the real world of appliances, smart devices that we use every day. For consumers like us, it means capitalizing on the global information network without the laptops and giving instructions to the machines and appliances with minimal human intervention.
In more technical terms, IoT is a collection of network-enabled devices, excluding traditional computers like laptops and servers. Types of network connections can include Wi-Fi connections, Bluetooth connections, and near-field communication (NFC). It is a network of physical objects – things – embedded with sensors, software, and several other technologies to connect and exchange data with multiple devices and systems over the internet.
In fact, according to Statista, the total installed base of Internet of Things (IoT) connected devices worldwide is projected to amount to 30.9 billion units by 2025, a sharp jump from the 13.8 billion units expected in 2021. In comparison, non-IoT connections such as smartphones, laptops, computers, etc., are set to amount to just over 10 billion units by 2025 – three times fewer than IoT device connections. As a result, revenue from the global IoT market is set to grow considerably.
Why is the Internet of Things (IoT) so important?
The internet of things helps companies automate processes and reduce labor costs. It makes people's lives and work smarter and gives them better control over their lives. In addition to offering intelligent devices, with IoT technology solutions, businesses see a cost reduction, waste reduction, and improvement in service delivery, making it a practical choice in this changing business environment. IoT device implementation provides the data and insights essential to streamline workflows, visualize usage patterns, automate processes, meet compliance requirements, and gain a competitive advantage in the market. IoT impacts everything from the performance of machines to supply chain to logistics operations.
Generally, IoT is most prevalent in manufacturing, transportation, and utility organizations, using sensors and other IoT devices; however, the use cases in organizations within the agriculture, infrastructure, and home automation industries are increasing and leading some organizations towards their digital transformation goals. It is safe to say that IoT is now touching every sector, including businesses within finance and retail.
We believe IoT technology trends motivate companies to rethink how they approach their businesses and equip them with the tools to improve their business strategies and generate more revenue.
Example of IoT Intelligent Applications:
Many companies are using IoT technology solutions to gain a competitive edge and thrive in the technology-first world. They are focusing on real-time data management and optimizing the tasks and processes effortlessly.
Let's have a look at a few examples of IoT intelligent applications we read about on the internet that are profoundly changing the world for many.
IoT sensors From smoking sensors to bike crashes, technological advancements done by FreshAir Sensor Corp have empowered sensors to detect a specific kind of smoke - tobacco, and marijuana. There's more, an innovative solution called ICEdot Crash Sensor pairs your smartphone with your bicycle helmet. If you crash, it can alert your emergency contacts about it.
Elderly care monitoring The elderly need constant care and attention. BeClose is a company that helps older people over the age of sixty-five who live alone. This company has various sensors placed under mattresses, mats, and toilet seats to monitor their general activity levels throughout the day.
Wi-Fi Typewriters Hemingwrite is a 21st-century typewriter that not only offers a 6-inch display while writing it also saves your drafts to the cloud when connected to Wi-Fi. It has many features like word count, time spent on writing, etc., which makes it an excellent tool for modern writers. It is portable and runs on a rechargeable battery.
Soil Monitoring Who thought soil monitoring could become smarter with time? GeoDetect has a solution for soil monitoring called TenCate. These sensors can detect and analyze the soil conditions through wireless monitoring equipment and provide real-time alerts and information.
Smart Tennis Rackets Babolat, a French company, has innovated smart tennis rackets that connect to your smartphones. These rackets help monitor your physical activities while playing tennis and allow the players to improve their performance by analyzing their throws, speed, motions, etc. All this information is wirelessly sent to your connected device.
Real-time landslide monitoring As we all know, IoT has the power to connect things globally. One such innovation excels in the geographic sector. BGS has developed an ALARMS Sensor that provides early warning of soil movement. The device detects high-frequency sound waves of 20-30 KHz and sends an alarm via SMS before the actual event.
Smart fire extinguishers enGauge offers a system that alerts when a fire-extinguisher goes missing or is blocked. Alerts are sent through various mediums like SMS, email, call, or pager notifications to the supervisors.
In the years to come, The Internet of Things (IoT), will truly be the converging point of the digital and physical world. It will and for many industries is already emerging as one of the fundamental trends underlying the digital transformation of business and the economy. From the fitness trackers, we wear to the smart appliances we use in our homes to the fleet-management solutions that tell us when our packages will arrive, to the sensors that promote increased energy efficiency or monitor natural disasters resulting from climate change, the IoT is now ingrained in the lives of consumers and the operations of organizations.
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