IoT refers to the network which includes different physical objects and the objects or things have software, sensors and various other technologies embedded within them to make connections and exchange data via the internet with various devices as well as systems. The devices could be objects that are meant for serving ordinary household purposes or sophisticated tools meant for industrial purposes. Today around 7 billion IoT devices that are connected are in use and the number is expected to rise to 22 billion by the year 2025.
Internet of Things is gaining popularity due to a number of reasons. One reason is better connectivity of the sensors with different devices and also to the cloud for transference of data in an efficient manner. Machine learning brings with it a bundle of opportunities and pushes the very boundaries of IoT. Also the data that IoT produces fosters the further development of technologies like machine learning.
The technology of IoT has been implemented in the industry with special mention in the field of instrumentation. IIot or Industrial IoT is often called the fourth wave of industrial revolution. Industrial IoT finds use in a number of applications which includes supply chains that are digitised and also smart to carry on with the activities, in the development of smart cities, smart power grids and so on.
In the field of business applications, IoT finds a whole lot of uses. IoT has enabled an effortless merging of the physical world of business with that of the digital one and this has led to saving of time and creation of value. The technology is being used to develop new models for businesses and streams of revenue for bringing in more profit. It is also helping to enhance productivity and make the operations of business more efficient. Management of business is being taken to the next level, thanks to the technology of IoT.
In the manufacturing segment of the industry, the use of sensors is prevalent. Sensors can detect when the output of production gets compromised. Alerts from the sensors enable manufacturers to have a quick-check and take corrective action. This in turn leads to reduction in the costs of operations and makes way for better performance management. On a similar note, sensors are also capable of detecting failures in vehicles that are already moving on the road. This can alert the driver and also provide recommendations. The pharmaceutical industry, the food and beverage industry all benefit from the technology of IoT where sensors help in the detection of changes in the temperature conditions and provide alerts accordingly. In the retail industry, IoT helps to improve the experiences of the customers, and brings about optimization of the supply chain.
Statistical study shows that there will be around 41.6 billion devices that will be connected by the technology of IoT by the year 2025. The automotive industry is to make the most of this technology.
The technology of IoT helps to make our very environment which includes our homes as well as our offices smarter and also measurable. In the case of smart cities, the spread of sensors in a city enables the fetching of a better idea as to what is actually unfolding in real time. The project of the development of smart cities forms an integral part of IoT. The technology aims to connect the devices that generate data like security cameras and those that contain big infrastructure networks like those that control the traffic lights and insert intelligence further to the system.
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