The Internet of things(IOT) is the network of physical devices, vehicles, home appliances and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these objects to connect and exchange data. Each thing is uniquely identifiable through its embedded computing system but is able to inter-operate within the existing Internet infrastructure.The figure of online capable devices increased 31% from 2016 to 8.4 billion in 2017. Experts estimate that the IoT will consist of about 30 billion objects by 2020.It is also estimated that the global market value of IoT will reach $7.1 trillion by 2020.The IOT allows objects to be sensed or controlled remotely across existing network infrastructure, creating opportunities for more direct integration of the physical world into computer-based systems, and resulting in improved efficiency, accuracy and economic benefit in addition to reduced human intervention. When IoT is augmented with sensors and actuators, the technology becomes an instance of the more general class of cyber-physical systems, which also encompasses technologies such as smart grids, virtual power plants, smart homes, intelligent transportation and smart cities.
How does it work?
Devices and objects with built in sensors are connected to an Internet of Things platform, which integrates data from the different devices and applies analytics to share the most valuable information with applications built to address specific needs.These powerful IoT platforms can pinpoint exactly what information is useful and what can safely be ignored. This information can be used to detect patterns, make recommendations, and detect possible problems before they occur.For example, if I own a car manufacturing business, I might want to know which optional components (leather seats or alloy wheels, for example) are the most popular. Using Internet of Things technology, I can Use sensors to detect which areas in a showroom are the most popular, and where customers linger longest;Drill down into the available sales data to identify which components are selling fastest;Automatically align sales data with supply, so that popular items don’t go out of stock.The information picked up by connected devices enables me to make smart decisions about which components to stock up on, based on real-time information, which helps me save time and money.With the insight provided by advanced analytics comes the power to make processes more efficient. Smart objects and systems mean you can automate certain tasks, particularly when these are repetitive, mundane, time-consuming or even dangerous. Let’s look at some examples to see what this looks like in real life.