EXPONENTIAL MARKET
The term “Internet of Things” has become really popular in the last few years, and it seems like we’ll be hearing about it even more in the future. But like other trendy phrases, many people are confused and wonder, “What is this, and why should I care?” So, let’s dig into what the Internet of Things actually means. We’ll also explore various applications of IoT, and how different industries are using this concept. What is astonishing is that the IoT market is expected to grow by 22% and reach a value of $525 billion by 2027, according to IoT Analytics’ Global IoT Enterprise Spending Dashboard.
A QUICK RECAP
After reading our article Security by Design, you’d have a pretty good idea about what the Internet of Things is. For newbies to the technology, let’s have a quick recap. A simple definition of IoT is this:
“The IoT is a network of Internet-linked devices, vehicles, and appliances that can collect and share data without the need for human interaction.”
IoT AND BIG DATA
IoT devices are pretty nifty. They gather information and send it to a central data server where it gets processed and used for all sorts of handy tasks. It’s not just businesses that benefit from IoT, but also governments, organizations, and regular folks like you and me. You’ll find all kinds of devices that are IoT-ready, like smartphones, laptops, coffee machines, and refrigerators – some even order replacement water filters automatically – Google Home, Apple watches, Fitbits, and more. Basically, if a device has sensors and an Internet connection, it’s part of IoT. People often talk about IoT and Big Data together because IoT generates loads of data, just like Big Data does. You could say that all the information from the Internet of Things is considered Big Data, but not all Big Data comes from the Internet of Things.
IoT IN DAILY LIFE
The Internet of Things has found its way into many aspects of our lives. Thanks to IoT, we can keep tabs on lost pets, secure our homes with advanced systems, and stay on top of appliance maintenance schedules. For consumers, IoT brings convenience by enabling restaurant reservations, exercise tracking, and monitoring overall health. They can even receive store coupons simply by passing by a business. Businesses leverage the technology to monitor supply chains, gather insights into customer spending habits and feedback, manage inventory levels, and predictively maintain their machines and devices. IoT brings us a whole new level of efficiency and productivity.
IoT TECHNOLOGIES
The explosion of IoT solutions can be credited to awesome technological advancements. We’ve got these inexpensive and energy-efficient sensors everywhere now. And thanks to wireless networks and the cool new cellular networks, we’ve got all the high-speed bandwidth needed to run a top-notch Internet of Things system. Machine learning algorithms have become complex and advanced, making data analysis lightning-fast. And cloud computing makes it a breeze to store, transfer, and analyse data. It’s all these amazing things coming together that have made IoT such a big hit.
GLOBAL CONCERNS
The world is facing serious challenges, and it’s time for all industries to turn to IoT for solutions.
- Take ‘The Climate Pledge’ where big players like Mercedes Benz, Amazon, Microsoft, and Unilever are teaming up to achieve zero net carbon emissions by 2040. They’ve been driven by the increasing wildfires and floods caused by extreme weather events. To make it happen, companies are investing in IoT-based energy and resource management.
- Governments are also realizing the need to cut down on fossil fuels. Companies like Ford are going all-in on electric fleets, leading to investments in smart grids and smart city planning.
- The pandemic has pushed us to adopt remote work, telemedicine, and automation of many tasks. Cloud vendors like AWS are catching up by focusing on IoT cloud services, offering communication services and tailored solutions for IoT systems.
All these factors are sparking a wave of applications in the IoT space, from experimental to well-established ones, set to shake up various industries. Let’s take a look at five of the top applications in our world today.
ENTERPRISE SOLUTIONS
In large enterprises, there are dedicated IT teams responsible for building, maintaining, and monitoring the technology infrastructure.
- When it comes to security, an IoT-powered solution leverages real-time data to proactively mitigate cybersecurity attacks. It can even prepare incident responses and security policies based on network activity, ensuring a robust defence.
- Another valuable application of IoT is utilizing customer analytics for informed decision-making. Enterprises now have access to an unprecedented amount of real-time data, enabling them to make data-driven choices like never before.
- ITIL (Information Technology Infrastructure Library) comprises best practices for managing IT assets and services. These practices focus on aligning IT services with business requirements. With the increasingly complex enterprise infrastructure, where devices communicate with each other, it is crucial to strategically consider IoT integration into the ITIL framework, enriching the library with valuable insights from IoT data.
SMART HOMES
One of the coolest things about IoT is how it’s transforming our homes into smart havens. Sensors everywhere, controlling the lights, managing resources, and keeping your place secure. It’s like having your own mini smart city right at home. Every single second, we’re seeing 127 new smart home devices connect to the internet. You’ve probably heard of some popular ones like Google Home, Philips Hue Lighting System, or Amazon Echo Plus. With IoT, you can bring all your home gadgets together, from air conditioners and lighting to locks and thermostats, and control them all from your trusty smartphone. Convenience at its finest!
ZUCKERBERG’S JARVIS
It’s mind-blowing to think that by 2023, an estimated 309 million homes worldwide will be rocking these smart systems. Let’s take a peek at Mark Zuckerberg’s setup, for example. He’s got his own IoT-based smart home system called Jarvis. It’s super high-tech, using fancy natural language processing to understand voice commands. He’s even got internet switches to control appliances. Jarvis takes care of things like adjusting room lighting based on who’s there and playing personalized tunes to set the mood. And let’s not forget the top-notch security. Facial recognition lets the family know who’s at the door. How cool is that?
SUPPLY CHAIN MANAGEMENT
Supply chain management (SCM) is all about making sure goods get from point A to point B smoothly. It involves managing inventory, fleets, vendors, and maintenance. During the pandemic, supply chains were hit hard, so businesses started looking for ways to make things run better even from a distance. That’s where the Internet of Things (IoT) comes in.
- The IoT is used in SCM processes in many ways. Shipping companies use trackers to keep an eye on their stuff and find the fastest, most fuel-efficient routes. They can also monitor things like container temperature and humidity using IoT.
- With IoT, managers can make smarter choices about how things get from place to place, making the supply chain more reliable and resilient.
- Real-time fleet management keeps everything on track and lets people know if there are any problems along the way.
IoT in fleet management connects vehicles, managers, and drivers, making sure everything runs smoothly. It also takes care of things like vehicle health and following regulations.
BETTER HEALTHCARE
The Internet of Things (IoT) is changing the game in healthcare by creating a more efficient connection between patients, doctors, and pharmaceuticals. Instead of just reacting to medical issues, we can now be proactive.
- Doctors can attach sensors to patients at home, allowing them to monitor their health remotely. If any parameters go haywire, doctors are immediately alerted, and they can take pre-emptive action. This is especially helpful for high-risk patients, like the elderly or those with chronic diseases.
- IoT also makes it easier to manage patient medical records and access them. Real-time data is available across different departments, making collaboration and decision-making faster and more effective.
- Traditionally, research was based on data collected in controlled environments or after the fact. With IoT, we can gather real-time data on a large scale, which can greatly improve the quality of research and lead to new breakthroughs.
- IoT even plays a role in the pharmaceutical industry. It helps optimize the manufacturing process, which ultimately leads to lower drug prices. Plus, it enables intelligent inventory management, making sure we always have the right medicines in stock.
IIoT – INDUSTRIAL INTERNET OF THINGS
The Internet of Things (IoT) revolutionizes the factory floor by giving physical devices a digital edge. Industrial IoT (IIoT) takes IoT to the factory level, often known as the fourth wave of the industrial revolution or Industry 4.0.
- In most factories, maintenance management relies on enterprise asset management (EAM) and computerized maintenance management systems (CMMS). By integrating IoT-enabled sensors, these systems can extend the lifespan of machines and ensure their availability and reliability.
- Real-time device monitoring enables predictive maintenance and optimal machine health. Condition-based maintenance (CBM) is a maintenance strategy that monitors the health of assets and performs maintenance only when necessary. the Internet of Things makes CBM possible, resulting in cost savings.
- The aggregated data from monitoring helps optimize product development and quality testing. It has the potential to improve various operations, from packaging to overall management. IIoT can also automate many manual maintenance tasks, leading to streamlined mass production.
Real-world applications of IoT don’t end there. You can add to the list wearables, hospitality, insurance, online shopping and warehouse automation, navigation systems like GPS, environmental uses, traffic monitoring, water supply and waste management. While this list is impressive and with an estimated 42 billion inter-connected devices by 2025, IoT still has its shortcomings, particularly in the cybersecurity arena. That’s something we’ll be delving into next week, so watch this space!
GETTING YOU READY
After reading all this, you might be revved up and keen to add the Internet of Things to your business resume. But first, some food for thought:
- Is the infrastructure affordable?
- Have you considered the security implications of IoT?
- How secure are your legacy devices?
- Does your vendor have experience in your industry?
- What level of support will your devices have?
- Can IoT be easily integrated into your existing technology and systems?
By the looks of things, you’ll need to deal with those sooner rather than later as IoT secures its foothold in the corporate world. And this is where I can help. I have over 20 years of experience in professional business IT support for SMEs, specialising in cybersecurity and risk mitigation. I can also offer world-class cybersecurity advice and get your systems and business ready for a whole new world of IoT. Get in touch today and let’s make sure you don’t get left behind.