Technological developments in the past few years as well as ongoing developments have resulted in the use of a lot of buzzwords. Artificial intelligence or AI as well as Augmented Reality (AR) and Virtual Reality (VR) are often used without proper knowledge of what they are.
The Internet of Things (IoT) is another such concept that is often spoken about but rarely understood. This lack of knowledge is perhaps why people tend to be apprehensive about IoT, as they picture machines invading the planet as opposed to being used for the benefit of humans.
If you find yourself in this group, then this explanation of IoT and its applications will help paint an accurate picture of the technology for you.
Simply put, IoT is a system of inter-connected devices. We know these devices as smart devices and you are bound to have come across this phrase before. In fact, you may have purchased quite a few smart devices already in an attempt to convert your house into a smart home.
If you use a smart watch to track your daily step count or install a smart lock system for your home, you have already started spinning a web of inter-connected devices in your life.
In an article titled ‘Why the Internet of Things is called Internet of Things: Definition, history, disambiguation’, iot-analytics.com uses the definition of ‘Sensors and actuators embedded in physical objects are linked through wired and wireless networks, often using the same Internet Protocol (IP) that connects the Internet.’ This definition looks at IoT in a broader sense.
Looking at the history of IoT, discussions of a network of devices can be traced back to the 1970s but the term Internet of Things was coined by Kevin Ashton in 1999. However, the concept didn’t take off until 2010. Since then, there have been various innovations and reports that suggest a boost in IoT and we are currently seeing this take place.
A software development company may use the Internet of Things (IoT) solutions in fields like healthcare, agriculture, and transport and IoT applications can be categorised as consumer, commercial, industrial, and infrastructure spaces.
One of the most common IoT applications is wearables. From smartwatches to fitness trackers and heartrate monitors, there are a large number of wearables that use IoT. Latest home appliances also use the Internet of Things (IoT) solutions and some of the top devices of 2019 belong to categories like smart home hubs, surveillance cameras and security systems, lighting, heating and cooling, and vacuums.
A software development company can also use IoT for industry-specific devices. In healthcare, for instance, IoT applications can be used to access data faster and increase efficiency and precision. Additionally, IoT applications like smart sensors and devices are used to provide a better service.
Smart greenhouses are an example of the Internet of Things (IoT) solutions in agriculture, while industrial automation includes quality control, product flow optimisation, and inventory management.
When talking about IoT, smart cities cannot be ignored. They are described as an urban area that uses the Internet of Things (IoT) solutions and sensors to collect data which is then used to efficiently manage assets, resources, and services. Areas in which these smart cities use IoT applications include waste management, transport, power plants, and crime detection. A few such initiatives are Amsterdam, Lahore, and Barcelona.
While descriptions of IoT and the applications developed by the Internet of Things (IoT) solutions providers may give you an idea of the technology itself, it’s important to take a look at some numbers in order to understand the potential that this technology carries.
According to Statista, there were 15.41 billion connected devices installed in 2015. This number rose to 26.66 billion by 2019. However, looking at growth trends, it’s expected that there will be 42.262 billion connected devices installed by 2022 and 75.44 billion by 2025.
Statista also reports that the worldwide IoT market revenue in 2019 was 212 billion USD while the projected worldwide IoT expenditure in 2022 is 1 trillion USD. The investment in IoT will definitely keep increasing and any software development company that wants to stay ahead in the IT sector will incorporate IoT in their products and services.