Internet of Things (IoT) is all about connecting machines and systems together via sensors, so that meaningful information from these systems can be collected and actions taken to enhance human productivity and efficiency.
Next decade prediction - IoT takes the meaning of inter-connectivity to a whole new level: We're talking about IOT driving the proliferation of connected devices from around a billion today to over 50 billion.
IoT isn’t just driving technological transformation; it’s also pushing a major business shift.
We have many cool projects under our belt: from flying drones without GPS, to reading sensor data in adverse conditions, we are ready for the next technology-enabled device.
You have the ability to collect and analyze data, and then share that data with other devices.
For example, you’ll know if a machine is not working properly or needs a part replacing.
A business owner is often expected to be in 10 different places at the same time.
IoT enables you to turn equipment on and off, adjust levels and monitor activity, no matter where you are physically located.
Connected devices allow you to monitor levels of usage and automatically make adjustments, so you have better understanding and control over costs.
For example, research carried out by Vodafone in 2015 highlighted that smart street lighting and smart in-building energy management systems in local government buildings could provide potential savings of over £400m.
Constant customer feedback and reliable real-time data is the key to product improvement.
It is estimated that up to 20% of product manufacturers will utilize real-time information from IoT as a closed-feedback loop to product development and future improvements.
1 connected device per person today, 10 connected devices per person in the near future
This technology trend is for us to lead an environmentally cleaner, more productive and better life.
Development of low-bandwidth, low-power consuming devices will further drive the costs down.
As usage grows and IOT networks become more pervasive, costs of the sensors and such connected devices will drop.
Connected devices will give businesses the opportunity to do three things: attract new customers, reward loyal ones and find out more about the behaviour of people in and around their premises.