What you need to know about IoT is as follows: What is the IoT acronym? What is the Internet of Things (IoT)?
How does IoT work?
Why is IoT important? Fun Facts about IoT
Benefits of the Internet of Things
What are Two Major Concerns Regarding IoT Devices?
Internet of Things Companies
The IoT’s Future Why IoT Requires Integration
What does IoT stand for?
IoT stands for the Internet of Things.
What is the Internet of Things (IoT)?
To put it simply, the Internet of Things is a network of physical devices that are connected to each other and communicate via the Internet. These Internet of Things devices collect and share data with other devices, applications, and systems, and in many ways the data “talks” to us and the other things it’s connected to.
From wearables to industrial sensors, IoT devices generate sensory, biotelemetry, and a myriad of other types of data.
Contents
How does IoT work?
IoT is a system of Internet-connected devices. These devices are essentially mini-computer processors that use machine learning to act on data collected by sensors. IoT devices can range from smart warehouse vehicles to fitness trackers to cold storage temperature monitors.
A complete IoT system integrates 4 parts:
1. Sensors/devices
Sensors or smart devices send data to the cloud.
2. Connectivity and data collection
Data is passed from a device or sensor to the cloud via some type of connection. The manner in which these devices connect varies according to their intended use. Today, the most common methods are: – HTTP/S
– Bluetooth
– RFID readers
– FTP
And a host of new communications protocols specific to IoT.
Through one of the methods listed above, data is passed to a gathering point at a data center or within the cloud.
3. Data Processing and/or Machine Learning
After the IoT device collects data from its surroundings data and aggregates the information within a data center or cloud, software processes it. The device can decide to perform an action like sending an alert to a user or automatically adjusting a sensor without user intervention.
As data is assembled, many IoT devices can learn about user preferences and automatically adjust to match those preferences. The combination of data processing and machine learning is what makes some IoT products smart devices.
The fact that IoT devices can learn without programming is incredibly valuable.
Think of the smart thermostat that automatically adjusts itself to the ideal indoor temperature or the smart refrigerator that does not just notify you that you are low on a certain grocery item, but automatically orders a replacement.
4. User Interface
While automation continues to revolutionize how we interact with IoT devices, there are some decisions or actions that need to be enabled by a traditional user interface. A user may want to adjust the temperature of a thermostat using his or her smartphone or check the IoT security camera they have installed in their house using the same phone. If user input or intervention is required, an IoT user interface enables the user to respond accordingly.
Why is IoT important?
Simply put, the Internet of Things is a vast network of connected devices that is constantly expanding. Today, there are more than 50 billion IoT devices deployed. This massive network of devices, in turn, generates and communicates data with other connected devices or systems. The ability for consumers or businesses to access raw data, gain insight, and make intelligent decisions based on the story the data tells is essential to the IoT’s value. The benefits of IoT are wide-ranging and more and more companies have begun to realize the potential applications for business. There are also risks and downsides, however, revolving around Internet of Things security and standards.
While the majority of IoT devices are currently consumer-based, such as smart TVs, vehicles, wearable exercise monitors, and even refrigerators, businesses are also taking advantage, via security cameras, smart building infrastructure, connected electric meters, industrial control systems, GPS systems, and RFID chips to name a few use cases.
Due to the abundance of wireless networks, it is now possible to connect just about anything, making it “smart,” and with data-generating sensors, creating a new intersection between the digital and physical worlds. Processors are more affordable than ever before.
Fun Facts about IoT
Whatever the Internet of Things (IoT) is today could be much different just weeks from now. And predictions about the size and the impact that IoT will have on business vary greatly. After all, the extent to which IoT is forecast to impact society is constantly changing in scope – usually in terms of how much further that extent is estimated to be.
That’s because IoT has always fluctuated with other technology. The Internet of Things expands with the cloud, expands with network capabilities, scales with data analytics tools, and so on. LG introduced an internet-connected refrigerator in the early 2000s that was essentially a $20,000, 350-pound computer with limited capabilities. Fast-forward through many variations of the IoT refrigerator to 2020, where Samsung’s smart fridge not only tracks stored contents and expiration dates but also connects to an app with voice-recognition to help order new items.
Here are some interesting facts about the internet of things:
1. The IoT market worldwide $2.99 trillion in 2014; $8.90 trillion in 2020
What it means: Well, the $6 trillion surges speaks for itself: There’s a need for all things IoT. Demand has also increased in tandem with product IoT technology advancements. Data integration from different cyber, physical, and social means in IoT allows for smarter app and service development.
Source: Statista Worldwide Internet of Things Market
2. The global number of connected devices 2018: 23.14 billion ⇒ 2025: 75.44 billion
What it means: Devices are continually offering better design, implementation, and operation for connected systems and ecosystems. And with services growing and as more apps emerge, costs for devices drop while the production jumps.
What it means: What is RFID? It stands for radio-frequency identification. So, what’s that got to do with IoT? Since these tags provide real-time insight into the movement of goods and have an effect on the efficiency and transparency of global trade, IoT has propelled them to the forefront of the supply chain and logistics industries. In order to track a product’s location and provide visibility into its transfer, RFID tags are embedded with specific information and attached to objects. The size of the global RFID market is the source.
4. Worldwide spending on third party connectivity for IoT $742.6 million in 2018 and $1.18 billion in 2020
What it means: Investors will keep pouring cash into IoT projects, which has not only unlocked opportunities for connected business partners but also calls for all devices to be connected at some point.
Revenue from Third-Party IOT Connectivity
5. Number of M2M connections 2018: 1.5 billion ⇒ 2020: 2.6 billion
What it means: M2M (machine-to-machine) technology enables devices to communicate and connect with one another without or very limited human interference. And as stated before, devices will continue to be developed to connect and communicate with other devices in an automated way, sharing information and data.
6. B2B IoT market size 2015: $195 billion ⇒ 2020: $470 billion
What it means: The B2B market segment is projected to drive significant revenue and includes system integration, data services, and analytics, networks, devices, and legacy embedded systems. With the explosion of data and data sources through the B2B ecosystem, organizations will continue to base integration on technologies that deliver multi-enterprise collaboration to maintain communication among partners, customers, suppliers, data lakes, and other external networks.
Source: IOT of Industrials
7. IoT investment by businesses 2015: $215 billion ⇒ 2020: $832 billion
What this means is that there has been spending on everything IoT-related. So, predicting a $600 billion boom over five years isn’t surprising. Investing in the Internet of Things—from smart home appliances to tools for work automation—is almost a given for businesses that want to grow and improve their bottom line.
8. IoT spending in the transportation and logistics industry 2015: $10 billion ⇒ 2020: $40 billion
What this means is that technological advancement will undoubtedly continue to help transportation and logistics businesses improve their profitability, productivity, and overall operations efficiency. RFID adoption, often in conjunction with traditional line-of-sight technology offers a potentially data-rich supply chain that leads to insight-based decision making. However, new data sources present new challenges when it comes to accessing, ingesting, and utilizing the data for business purposes. Integration solutions currently hold a lot of promise for assisting with IoT challenges. With a mix of existing legacy technology and IoT-specific applications, enterprises can leverage edge computing and data that are transported to a centralized cloud network to enable decentralized, multi-enterprise communications that are vital supply chain and logistics companies.
9. Projected IoT economic impact
$3.9 trillion to $11.1 trillion by 2025 What it means: The fact that these estimates differ by more than $7 trillion demonstrates the scope of unknown factors influencing the success and extent of the Internet of Things’ adoption. At the high end, $11.1 trillion dollars represents around 11 percent of the world economy, underlining the massive scale of its ultimate impact. The McKinsey forec
