IOT refers to a technology that connects sensors and devices to the internet, collects their data and automates processes and decision making. Simply, put, the Internet of Things is the future of technology that can make our lives more efficient. This growth comes on the back of increasing adoption on the Internet of Things (IOT) by consumers owing to increasing internet penetration, rising smartphone usage and expanding social networks, said a report published by media agency WATconsult, a part of Dentsu Aegis Network.
Why is the Internet of Things important?
IoT is changing the way we live. It is pervasive and fundamentally changing the way we live. Beyond our homes, connected technologies are improving lives, monitoring air pollution, making cities safer through advanced surveillance. and even helping you find a parking spot. The real value in IoT lies in real time actionable insights from the data to better solve problems.
You might be surprised to learn how many things are connected to the internet, and how much economic benefit we can derive from analyzing the resulting data streams. Here are two Examples of IOT:
- you are low on milk. when you’re on your way home from work, you get an alert from your refrigerator reminding you to stop by the store.
- Your home security system, which already enables you to remotely control your locks and thermostats, can cool down your home and open your windows, based on your preferences.
IoT can depend upon the cloud computing technology. Cloud-Based applications are the key to using leveraged data. The Internet of Things doesn’t function without cloud-based applications to interpret and transmit the data coming from all these sensors. The cloud is what enables the apps to go to work for you anytime, anywhere.
IoT is currently growing at a good rate of 45% and that will continue till 2020. Between 2020 and 2025 will be the period which will see a mass movement towards IoT. The intention to use latest IoT devices like streaming devices (23%), voice assistants (23%), smart trackers ((22%), VR headsets (20%) and smart eyewear (19%) among others, is also seen. However, the IoT market currently suffers from a number of challenges in India, including lack of High-speed wireless data connectivity, poor consumer awareness and high manufacturing costs unlike software companies, IoT companies require hardware facilities, physical sales channels and certifications.
Of all the technology trends that are taking place right now, perhaps the biggest one is the Internet of Things; it’s the one that’s going to give us the most disruption as well as the most opportunity over the next five years.