How The IoT Is Thriving Today

Ultimately, the “Internet of Things” (IoT) has become a growing topic in most industries in the market. It’s a technology-related concept that can affect how people live and work today, and in the future. However, what is the “Internet of Things” all about, and how does it continue to grow in the workplace and affect those outside of it?

To answer these questions, continue reading this article to learn how the IoT is thriving nowadays.

What Is IoT?

When we say “Internet of Things,” it typically refers to physical devices across the globe that are connected to the Internet for the collection and sharing of data. It’s a vast network that takes all worldly things together and connects them to the Internet. With the IoT, devices can gain an added level of digital intelligence, allowing them to communicate real-time data without the involvement of a human being.

Historically, the “Internet of Things” came into existence through Kevin Ashton, a co-founder of the Auto-ID Center at the Massachusetts Institute of Technology. Ashton mentioned IoT in his presentation to Procter & Gamble (P&G) in the year 1999. Since he wanted the senior management of P&G to acknowledge radio frequency ID (RFID), he labeled the presentation “Internet of Things” to integrate the Internet as a new trend in 1999.

Even if Ashton was the first to mention the concept of “Internet of Things,” the entire idea of connected devices had already existed since the 1970s. An example of this was the Coke machine located at Carnegie Mellon University. It was the first appliance that used the web to check the condition of the machine and determine the availability of a cold drink. So, due to rapid advancements in technology today, the IoT industry is growing bigger to serve the commercial, consumer, industrial, and other relevant spaces.

What Are The Innovations Available Due To The IoT?

There are so many things going on with the IoT. Currently, the total number of IoT-connected devices has reached 26 billion, and it may show growth in the years to come. With many businesses that have started to adopt the data made by the IoT, more innovations and products may continue to thrive in the future.

Below are the products and innovations created through the IoT:

1. Wearable Technology

It’s one of the manifestations of the existence of the IoT. Due to the increasing number of connected devices to the Internet, wearable technology in the form of smartwatches, virtual reality (VR) headsets, fitness trackers, and many more are created to help businesses and individuals.

2. Smart Cars

The scope of IoT isn’t only limited to electronic gadgets and wearables. Due to innovation, cars today and in the future may be connected to the Internet. This is with respect to the high-tech features of vehicles. For instance, the IoT will transform the automobile industry by introducing new navigation and diagnostic tools, app integration, and even self-driving cars. At the moment, the auto industry is looking forward to the latest IoT invention.

3. Business Transformation

With the “Internet of Things,” companies begin to offer new products for consumers and change the way they usually do business. Below are some ways how the IoT transforms businesses:

1. Remote Work – The integration of IoT has opened for more remote working opportunities for companies that don’t require staff on-site.
2. Demands of the Consumer – Companies can take advantage of the IoT to meet consumer demands. Recently, more people are looking to use new gadgets, appliances, and furniture. Given these demands, the IoT provides businesses with a new source of revenue.
3. Inventory Management – Business will appreciate the “Internet of Things” for inventory management. This is through the introduction of smart devices that allow you to track inventory easily and quickly.

There’s no question that the IoT is thriving today. As with most innovations, IoT technology is getting better each day. However, no matter how big or small the industry is, you have to consider the effects of the “Internet of Things” and how it can help society at large.

Why Is IoT Important?

Mainly, the “Internet of Things” can help people gain full control over their lives, helping them work and live better. When devices are connected to the web, it means it can convey and receive information. Consequently, sharing and receiving data can make things smarter. Here’s why IoT matters in almost all industries in the market today and in the coming future:

1. The benefits of IoT extends to the finance, healthcare, retail, and manufacturing industries. For example, connected sensors are utilized in the farming process to determine growth patterns and help monitor crop yields. Smart cities are also expected to implement good waste management with the help of IoT devices.
2. IoT touches the industrial field. It allows companies to reduce waste, enhance delivery services, and provide transparency for customer transactions. The “Internet of Things” helps businesses streamline processes and minimize costs pertaining to labor. Above all, the advantages of IoT to organizations may include:
3. Generate additional revenue
4. Incorporate and implement business models and strategies
5. Improve the productivity of the employees
6. Help make sound business decisions
7. Keep track of the overall processes of the business
8. Save time, money, and effort
9. The benefits of IoT also cover ordinary consumers. Gadgets and other devices under IoT can make the environment more comfortable and measurable. For example, home security systems can help homeowners monitor what’s happening inside and outside their house. Also, smart thermostats make it easier for homes to heat up, and smart light fixtures can help make it look like there’s someone in the house even though there’s none.

Indeed, the “Internet of Things” remains to be one of the essential technologies for having better lives. As it continues to evolve from time to time, people can expect new innovations that will automate tasks and minimize the need for human involvement.

How Does The IoT Help Devices To Connect To The Internet?

The “Internet of Things” is getting bigger as more devices are connected to the web. With technology, the connection of devices to the Internet is made more accessible. Typically, most IoT devices utilize many methods for connecting and sharing data. These may include the common Wi-Fi or Bluetooth, and LTE or satellite connections for communication. However, the standard way of smart devices to share and receive data today is through Wi-Fi and it continues to look for better ways of connection.

Conclusion

There you have it: this is how the “Internet of Things” is thriving today. Ultimately, IoT is a valuable concept for consumers, businesses, and other industries that drive transformation in all forms. Its ability to send and receive data can bring new ideas and ways of improving services. Also, there’ll be more advancement in the process that’ll make IoT an integral part of businesses and people’s lives. Lastly, the skyrocketing number of IoT devices and projects across the globe can boost society moving forward.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.