Internet of Things – What is IOT? | IOT Impacts on our Life.

Internet of Things – What is IoT | IoT Impacts on our Life | Innovertz. Completely Explained in 7 Minutes. What is IoT? The Internet of Things, or IoT, refers to the billions of physical devices around the world that…

Internet of Things - What is IOT? | IOT Impacts on our Life.

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Internet of Things – What is IoT | IoT Impacts on our Life | Innovertz.
Completely Explained in 7 Minutes.

What is IoT?

The Internet of Things, or IoT, refers to the billions of physical devices around the world that are now connected to the internet, collecting, sharing and analyses of data.
Thanks to cheap processors and wireless networks, it’s possible to turn anything, from a pill to an aeroplane to a self-driving car into part of the IoT.

Defining IoT

The Internet of Things is the network of physical devices that combine IP
connectivity with software, sensors, actuators, and other electronics to directly integrate the physical world into our computer-based systems, resulting in efficiency improvements and economic benefits.

The Current and Future Impact.

The IEEE has compiled data and makes the following claims about its current and future impact:
● In 2015, the global wearables market had already increased by 223% from the previous year (and data on Statista shows it increasing by another 243% between 2015 and 2022).
● By 2020, 250 million vehicles will be connected to the Internet
● IoT will add 15 trillion dollars to the global economy over the next 20 years
● There will be 50 billion Internet-connected devices by the year 2020.

Benefits of IoT

The interconnection of these multiple embedded devices will be resulting in
automation in nearly all fields and also enabling advanced applications. This is resulting in improved accuracy, efficiency and economic benefit with reduced human intervention. The major benefits of IoT are:

● Improved Customer Engagement
● Technical Optimization
● Reduced Wastage
● Integrate and Adapt Business Model
● Better Business Decision

IoT Enabling Factors

● Miniaturization
● Connectivity
● Advanced power sources and power management
● Inexpensive processors, sensors, and actuators
● Cloud-based processing
● Ubiquitous computing

Technological Trends that lead to IoT

● Cost of hardware has decreased allowing to be added to devices
● The smaller size and lesser weight needed to incorporate computation into devices
● Computation ability has increased tremendously
● Internet is available everywhere
● Wireless Access (4G, Wi-Fi) has become cheap and ubiquitous, 5G on the
way (No physical cables required)
● Data transmission cost is fairly low, internet bandwidth is high
● Cloud computing is being used extensively (IoT devices are a window to
these cloud services)
● Rise of Open Source Software (Rust, Web Assembly, Docker, Kubernetes,
etc.)

Consumer IoT

It largely consists of commercial devices and associated services that are geared towards home or personal use such as connected thermostats or appliances. While the basic IoT concepts apply, the scope of what the devices collect, how they manage and store data, and how the data is used may be much more limited than what you’d find in an enterprise environment.

Enterprise IoT

Whereas Consumer IoT is focused on “turnkey” device solutions that solve
specific problems or enable new scenarios for individuals or homes,
enterprise-class IoT is focused on solving specific business problems like
efficiency, reducing waste, increasing speed to market or of production, and
providing intelligence on how business systems are running. A single enterprise may deploy dozens of devices that work in concert to give a business a single view of a factory or fleet of planes or gas pipeline. Enterprises also may require real-time data and real-time analysis of those data in order to make just-in-time adjustments or prevent disastrous consequences from a failed system. Consumer-grade IoT products rarely require this so the type of architecture needed in an enterprise will be more involved and require more services than a consumer solution requires.

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