The Internet of Things (IoT) is being hailed as the next frontier in the digital revolution, and with good reasons. To begin with, IoT can help companies increase productivity, cut costs, offer new products and services, and deploy new business models. As the world moves towards converging technologies, analysts predict that billions of devices will be able to communicate with each other—an ability that has the potential to dramatically enhance the quality of living and change the way we experience products around us.
IoT is defined as a worldwide network of “things” that include identifiable devices, appliances, equipment, machinery of all forms and sizes with the intelligence to seamlessly connect, communicate and control or manage each other to perform a set of tasks with minimum intervention.
The goal of IoT is to enable things to be connected anytime, anyplace and with anything or anyone. IoT is not a single technology, but a concept. IoT research has its roots in several domains including radio-frequency identification, machine-to-machine communication and machine-type communication, wireless sensor and actuator networks, ubiquitous computing, and the Web of Things. This is perhaps one reason that analysts also prefer to call it the Internet of Everything.
IoT is increasingly gaining momentum. There is an increase in adoption of this next-generation technology due to the increasing urge for continuous connectivity, availability of versatile low-cost sensors, improved infrastructure with ongoing deployment of LTE (long-term evolution), Wi-Fi and small cell networks, huge volume of data and benefits of remote information and control, according to consulting firm EY. With its innate monitoring and analytics capabilities, IoT enables ubiquitous connectivity for businesses, governments and consumers.
It helps the businesses in transforming existing processes (through improved productivity, better supply chain management, efficient asset utilization and analysis-based maintenance) and developing new business models (by enabling anything-as-a-service). It also enables faster decision- making, reduction in costs (fuel costs, employee cost, maintenance cost and human error costs) and enhanced customer base with improved experience, according to EY
IoT is defined as a worldwide network of “things” that include identifiable devices, appliances, equipment, machinery of all forms and sizes with the intelligence to seamlessly connect, communicate and control or manage each other to perform a set of tasks with minimum intervention.
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