Internet Of Things (IoT): Explanation, Benefits, and Endless Possibilities

If you’ve been lurking around tech corners long enough, there is a good chance are that you’ve come across the term "Internet of Things". However, there’s also a realistic chance that you aren’t quite sure what it actually means. Take a closer look at our article to develop a better understanding of this groundbreaking tech concept.

Internet Of Things Explained

What Is The IoT (Internet Of Things)?

The term ‘IoT’ is defined as the use of network sensors embedded in physical devices to allow for control and monitoring. Honestly, this definition can be obscure, so to put it in a nutshell, the IoT is an ecosystem where all the connected devices can communicate with each other via the internet.

Things can now access and share information via the internet just like we can. High tech devices powered by Artificial Intelligence (AI) can even be programmed to search for information without any outside interference. IoT technology allows devices to control other devices and provides us with a chance to control these devices more effortlessly.

How Many IoT Devices Are There?

Nowadays, there are more IoT devices than people on this planet. In fact, according to SafeAtLast statistics, the first time that the number of IoT devices exceeded the world’s population was back in 2008. IoT evolution has come a long way since, and the number of IoT devices is projected to exceed a staggering 75 billion by 2025 — fueled by the advances in the fields of Big Data, Artificial Intelligence, and the plummeting costs of storage, computing, and connectivity.

Examples of IoT applications include connected vehicles, entertainment, home automation (smart home devices), wearable gadgets, robotic vacuums, refrigerators, or ovens that use Wi-Fi for remote monitoring.

Which Industry Will Benefit The Most?

According to the estimates, the biggest user of IoT devices is the business/manufacturing industry. Namely, 40.2% of IoT devices are being used to control robotic machinery, obtain diagnostic information about equipment, and deliver real-time analytics of supply chains.

For the healthcare industry, the possibilities are even more extensive. It’s predicted that the IoT can help cut down costly clinical and operational inefficiencies by 25%, summing up to a total of $100 billion per year. Furthermore, scientists have developed a smart bra that can detect early stages of breast cancer, with an 87% correlation to a verified, clinical diagnosis. The IoT represents the frontier within healthcare, a sector that is all about helping people.

IoT technology is responsible for the most massive economic growth in history. Namely, it’s predicted that by 2020, global spending on IoT technologies will exceed $1.3 trillion.

Advantages of Incorporating Internet Of Things Into Our Lives

1. Financial Benefits

It’s common knowledge that people are continuously looking for ways to either make more money or to cut down the costs and save whatever money they have. IoT based solutions could prove useful in this ever-lasting quest.

Take a smart thermostat, for instance. This device allows you to adjust the temperature of your home through a “simple” smartphone app. IoT devices can help you cut down energy consumption and costs. This is but one way of how we can benefit from energy-saving and thus money-saving properties of IoT.

2. It Can Help Us Save Time

In today’s day and age, time is essential, for both individuals and enterprises alike. IoT products and solutions help streamline business processes which can ultimately increase productivity. With more time comes more money and opportunities.

Saving time off your daily chores means that you get to spend more quality time with family and friends. It’s in the nature of smart home technology to help you save time at home.

3. It Can Improve Our Safety And Security

Smart security products in conjunction with IoT services will lead to a much safer world. Both businesses and people enjoy the safety it provides. Smart security uses all kinds of sensors, lights, and cameras to create a wholesome security strategy to protect people and their belongings from being stolen.

Mind-Blowing Possibilities

The Internet of Things is just starting to emerge as the groundbreaking technology that has the potential to reshape our world in unimaginable ways. Despite still being in its infant stage as a tech phenomenon, the IoT’s rate of expansion, its ingenuity, adaptability, and scope are mind-blowing.

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