Internet of Things, or in short, IoT, is transforming the way we are living our lives today.
It affects almost every aspect of our lives today.
Whatever we do today using our phones, smartwatches, or laptops generates lots of data. People in business usually use this data to provide us with better services.
Of course, privacy is a burning issue, but that’s for another time now.
Internet of Things provides required data to companies that allow them to boost efficiency and provide better services.
What is the Internet of Things?
Before we go deep into this topic, it is important you first understand the Internet of Things.
In broad terms, everything that is connected to the internet becomes part of the Internet of Things. In more specific terms, ‘smart things’ that are connected with each other using the internet are the Internet of Things.
Caroline Gorski, head of IoT at Digital Catapult explains, “It’s about networks, it’s about devices, it’s about data. IoT brings those networks together. It gives the opportunity for devices to communicate not only within close silos but across different networking types and creates a much more connected world.”
IoT and Business
The Internet of Things has brought a great change in the way we live our lives. Part of this change has been possible due to the business companies that deal in IoT.
So how is the world of business using IoT? IoT is shaking up businesses around the globe. Let’s have a look at some figures.
What’s the potential of growth? Just like AI, the growth potential of IoT is high.
The market of IoT is expected to grow to $520 billion by 2021 – which means more than 100% rise on the $235 billion spent in 2017.
According to a new report by analysts at Market Research Engine, the market of Industrial Internet of Things, IIoT is supposed to surpass $176 billion by 202.
Using IoT to enhance business process
The Internet of Things has several advantages and it can be used well for magnifying the business productivity.
Conglomerate company Honeywell has been focused on the ( Industrial Internet of Things ) IIoT, a network of networks. According to the company, “IIoT uses the internet to connect people, processes, and assets, optimizing business results. It leverages smart connected assets, enterprise integrated automation, secured cloud-based data and advanced analytics to improve industrial automation processes.”
In a nutshell
The most important thing about the Internet of Things is that it is continuously enhancing and expanding.
Just like other emerging technologies, IoT will soon move from the improvement of business processes to customer experience.
It’s also expected that IoT will combine with other technologies like 5G and Artificial Intelligence to enhance telecommunications services.