Revolutionary technological advancements have taken the entire world by a storm. Amongst several other sectors, it is the business arena reaping the benefits of tech innovations the most. From integrated business functioning to cloud computing, there has been a revolution in the business world. And the consequences have been quite impressive. Businesses have become more productive than they were a few years before.

The latest addition to this list of extraordinary tech innovations is termed as Internet of Things or IOT. By establishing strong connections between numerous devices over the virtual platform, IoT apparently makes it easier to carry out crucial business functions.

From connecting security cameras and sensors to production machines and vehicles, IoT integrates every operation within your existing business framework. What you achieve as the result is a superbly connected and highly functional enterprise.

If market predictions are anything to go by, then you can expect to have nearly 14-billion connected things and devices by the end 2022. It is this prediction that arouses a crucial thought in our minds. Is the ‘Internet of Things’ or IoT worth the popularity and buzz it’s enjoying. Or is it just another simple tech discovery?

Discovery or innovation

Most of us don’t possess a crystal clear idea about integrated business functioning. We often fail to comprehend the true connotation of ‘connected devices.’ Developing an idea about these two critical business aspects will help you dive deep into this discussion.

According to the technical definition of ‘Internet of Things’, it is the technology that connects various devices within your enterprise, thus resulting in smooth business operation. And the most intriguing fact is that IoT proves to be beneficial for business owners as well as consumers.

Here’s how.

Benefits for businesses

Connected devices offer you access to crucial business data. And by now, we all know the significance of data analytics. As a passionate entrepreneur, you will have the opportunity to delve deep into new insights provided by these data sets, thus opening up new avenues for unique business models, new insights, as well as revenue streams.

Business owners will also have the chance to create new products and services capable of complementing their existing business technology. Some of the other advantages include:

1. Business-customer interactions: IOT plays a highly significant part in revolutionizing business-customer interactions. Customers and businesses no longer meet just at the sales point but engage in a productive relationship over a long period. As long as the consumer places reliance on your services and uses your products, this relationship continues.
2. Using connected devices personally: Using IOT devices personally, will also bring about numerous benefits. Consumers will enjoy a highly comfortable, secured, and entertaining life with connected devices. Cost savings, proper resource allocation, and efficiency gains are some of the exclusive benefits ensured by IoT.

Final thoughts

IoT takes the machine-to-machine or M2M concept even further. While M2M solely focuses on device connections, IOT takes it further by connecting things, users, and enterprises along with it. With such features, we can reliably tout IOT as the next big thing in the tech arena.

Of late, Internet of Things or IOT is capturing the entire buzz in the virtual arena. Whether it’s about IOT’s role in revolutionizing the tech landscape or about its contribution to the service arena, this particular innovation is getting people to talk and how!

IOT or Internet of Things emerges as one of the latest tech innovations in the digital landscape. With enterprises investing in collaborative business technologies, this particular innovation has gained immense popularity.

Take a quick look at the following article, as it discusses the 12 most incredible facts about Internet of Things.

•       Huge popularity

From big business establishments to SMEs, everyone seems to embrace the IOT technology with open arms. With market giants considering IOT as an integral part of their business operations, this particular innovation seems to have a bright future. According to reliable stats, almost 96% of entrepreneurs or senior business leaders are planning to use this technology in the next three years.

•     Unlocking exceptional opportunities

Internet of Things will not alienate your business operations. Rather, it will integrate into your existing business processes, thus unlocking new opportunities for better performance. And that’s what even senior business executives believe.

Almost 30% of C-level executives believe that IOT is capable of generating huge revenues.

•       Huge ROIs

As a passionate business owner, you will surely wish to have huge returns on investments. And what better than an integrated business technology can make that happen for you. IOT has successfully ensured huge ROIs for 94% of entrepreneurs. That’s enough to believe in its power and significance.

•    Revolutionizing customer service

By connecting critical business operations, IOT will enhance the efficiency of your customer service and support. Business owners will earn better opportunities of customer management.

•       Reduced downtime

Internet of Things will ensure speedy operations within your enterprise. With IOT, you will experience a 35% cut-down on downtime and 25% on asset maintenance.

•      Saving operational costs

Internet of Things not only connects devices but also establishes connections between vehicles. According to market reports, you will have the chance to save approximately $970 on vehicle costs per fleet.

•      A great impact

With almost 38% of enterprises placing trust on IOT, it will inevitably have great impacts on the business world, in the next 3 years.

•   Upgrading the infrastructures

There is no denying that IOT has established itself as one of the latest tech innovations. If market predictions are anything to rely on, then almost $41 trillion will be the expenditure for improving IOT infrastructures over the next 20 years.

•     Increasing GDP

A technology possessing the power to enhance a country’s GDP will be of paramount importance for the nation. Statistics and market predictions state, IOT will contribute close to $10 to $15 trillion to global GDP.

•   Boosting data traffic

Embrace IOT and witness data traffic increase by 22 times, within the year 2020.

1. 11.  Possibilities in the past

IOT had some great possibilities in the past too. Although the concept gained popularity now, the first inception was way back in 2014, when there were just 0.06% of devices and things to be connected.

1. 12.  Foreseeing the future    

Internet of things seems to have a bright future. By 2020, connected sensors will be responsible for generating large amounts of data.

With these 12 interesting facts on Internet of Things, there’s no reason to be apprehensive about its importance.

How often have you thought of a fully automated life? How often have the biggest sci-fi movies kept you on the edge of your seats? How often have you wished your regular devices to run all the errands for you?

Too many questions, right? However, finding appropriate answers to these queries will help you participate in this discussion.

Today we look at the latest tech innovation known as IoT or ‘Internet of Things.’ And it happens to play a significant role in transforming business operations as well as human lives.

Let’s delve deep into the nuances and get knowledgeable on how IOT is revolutionizing our lives.

What is IOT?

Beginning with a proper definition will be the best thing to do. Internet of Things or IOT is a highly significant development in the virtual arena, which successfully connects devices, things, and objects over the internet. While discussing its features, you will come across two crucial aspects.

• M2M technology: IOT is established on the basic principles of M2M, which ensures vertical interactions between objects and devices. Internet of Things takes this concept forward and connects objects with users, enterprises, and other things.
• Information Transformation and analysis: IOT promotes the idea of information transformation via the virtual platform. Information change takes place from devices to servers leading to perfect analysis.

Identifying the changes

By connecting users, devices, things, and people virtually, Internet of Things will revolutionize both businesses and daily operations. Most importantly, IOT plays a highly significant role in transforming our regular lives.

The technology has the power to boost the performance of devices; we use regularly. You might wake up one morning to find your thermostat, wristwatch, and Smartphone functioning in a unique manner.

Revolutionizing lives and industries across verticals  

As one of the high-end and powerful tech innovation, IOT leaves no stone unturned in transfiguring operations across industry verticals. Some of the prime industrial sectors reaping the benefits of this technology are:

I.            Transport sector: The transport industry is integrating IOT into their existing operations. Car manufacturers will use Internet of Things and build self-driving vehicles. That will bring about some crucial changes in the transportation sector.

II.            Social media: IOT or Internet of Things enables robust connections amongst users and brands via social media platforms. The technology facilitates better collaboration and communication amongst users and their chosen brands.

III.            Business arena: By connecting numerous objects and devices within your enterprise, IOT will also ensure lucid business functioning.

Role in data analytics

Since we are talking about business data, it will be imperative to mention data analytics. One of the prime features of IOT is its contribution in big data analytics. By combining various data sets in a unified data environment, IOT will facilitate the successful conversion of data into intelligence, and further into critical business insights.

Concluding note

Let’s turn to statistics before we conclude. According to reliable market stats, IOT or Internet of Things will reach an estimated value of $1.9 trillion USD, by the end of 2020. Such predictions are enough to establish its importance. With such widespread popularity, it won’t take much longer for IOT to achieve unsurpassed success.

Marie Moe, a research scientist from the SINTEF ICT exclaims that it’s about time that “hospitals start worrying about computer viruses and not just the regular germs”. We are into the age when pacemakers can be controlled and monitored from outside and sensors that can read your heart rate, diabetes levels and other vital functions. It’s not just medical devices that pose a threat but the more the idea of automation itself. When air conditioners know when people would leave the house and when they would be getting in, they can also expose some serious private data to cyber criminals. Same is with automated cars. To address these issues, all types of smart device makers are working on the liabilities, trying to make them much secure, but in the world of internet, every new day is a fresh start for hackers too.

The disadvantages of IoT can have three definite implications:

Privacy

NASAs spying revelations has exposed more amount of information accessible to its government and hackers alike. It might not be a comforting though when you know that there could be someone who has access to your personal details like the places you have been in, the people you talk to over phone, the amount of time you spend at any place, etc.

The risk of a widespread malware

With the whole world and most of its human residents connected to the same platform called internet, it would take just a single click to evade the globe. The results can range from minor inconvenience to widespread corruption. Now, to fight back in such a situation, it would again take a worldwide sweep of every device that has been infected.

Intrusion

It may very well happen when brands and manufacturers would be offering daylong advertisements and offering on your smart TV screen, refrigerators, dryers and dishwashers. These marketers will use data that is generated you your own residence to share a product relevant. The choices will seem forced rather than self-made decisions.

And then there could be these:

ü  You don’t want your health information to reach the insurer but being unhealthy, your premiums go up!

ü  You don’t want to submit your finances or your whereabouts and the government authorities might have a means to tag you to be a criminal and tap into your phone!

The world of automation is exciting but some would rightly say that we mustn’t lose our human side to it. “We might not still be living in dystopia but we are pretty sure that some have already opted for the starter kit”. Cyber security is biggest kinds of threat today – the government uses it, the banks use it, the hackers use it and even the terrorists use it to their devastating ends. Weighing the rightful adoption of connected devices is the best we can do. As they say they “with great powers come great responsibilities”. As humans, we must understand the implication of everything we bring into our life and limit their use to convenience they are supposed to provide.

Just a decade back, we were used to computers being networked but now that time has come when everything gets networked, and this ‘everything includes your cars, watches, TVs, diabetes calculators, treadmills and even pens. Devices like the Apple iWatch or Google’s FitBit are rising in popularity and more people are allowing themselves to be connected to the internet via these devices. The resultant advantages include convenience, safety, security, analytics driven automation, better monitoring and much more.

From the first internet connected toaster that was invented in 1989, we are aiming a stage where small sensors can go into our body and clean us cancer cells. Today, our devices aren’t just steel and plastic boxes that are wired for functionality but elements that can actually interact with us and each other. Air conditioners of today are capable to gauge the required room temperature and operate themselves. They interact with vehicles and prepare themselves before we are home!

The dilemma of security

As the famous dialogue goes “with great powers come great responsibilities”, the logic is the same with IoT when it comes to security. Along with the numerous benefits of IoT, there still some risk lurking behind. Smart devices give more chance to hackers and cyber criminals and it will again be the job of us humans to use the technology responsibly.

In the coming years IoT will be influencing every industry, from marketing to healthcare, from schools to researches. Here are 10 facts that would showcase the growing importance of IoT in our lives.

1.     ATMs were the first IoT devices to go online

2.     In 2008, we already had more interconnected devices than people in our planet. By 2020, the number of interconnected devices would cross the mark of 50 billion.

3.     Last year, we had nearly 1.4 billion smartphones shipped across the globe and this number is expected to cross 6.1 billion by 2020.

4.     IoT would connect several devices we have in our homes, ranging from smart refrigerators to smart thermostats. To this end, Google has already purchased Nest Labs, the smart thermostats make for a whopping $3.2 billion and Samsung acquired Smart Things, a connected home device manufacturer for $200 million.

5.     By the end of 2020, interconnected vehicles will open up several new possibilities in automated driving and in-vehicle services.

6.     In 2015, the worldwide market of wearable increased by 223%, wherein FitBit shipped over 4.4 million devices while Apple sold 3.6 million of its watches.

7.     We will also get to wear smart clothing by 2020 and this will certainly be an overwhelming advance.

8.     The RFID (Radio Frequency Identification) market is currently worth $11.1 billion and in 4 more years would increase to a $21.9 billion market.

9.     By 2024, there would be 27 billion machine to machine connections and China is expected to take a leading share of 21%.

10.  Lastly, we also have rumors of interconnected kitchens that would help the food and beverage industry to save as much as 15% of the current waste.

The above data around Internet of Things sounds pretty interesting for anyone, but this is just a small part of the bigger world we are stepping to.

The Internet of Things (IoT) is here to change our world for the ‘awesome’! IoT has been the best definition when we talk about this “connected world” of ours. With millions of devices connecting people and their experiences to the internet, it has made it easier to track, analyze and bring out new inventions like never before. However, the sad part if 87% of the “internet educated” mass (us) don’t quite understand what IoT stands for.

The ‘movement’, as we would like to call it, deserves attention and here are the things you need to start off with:

1. By the year 2008, there was more number of devices connected to the internet than the total population of the world! It is also estimated that by 2020, the number of devices connected to the internet will cross 50 billion and IoT will be the reason for $19 trillion in cost savings and profits.
2. By 2020, we will have more than 6.1 billion smart phone users – almost all with IoT potential in some form or the other
3. The adoption of Internet of Things has been rather slow with only 50% of Americans knowing that smart refrigerators and smart thermostats are already in use.
4. The IPv6 standard for Internet addresses ensured that there are as many numbers of internet addresses as there are atoms in our earth! This would mean that companies can develop small devices capable of online connections, without running out of IP Addresses.
5. One of the major parts of IoT is Connected Homes. By the year 2019, we will have 1.9 billion devices connecting homes and this will result in a $490 billion growth in revenues.
6. As of today, only 7% of US consumers own a wearable device but in the period of the next one year, this value would have crossed 28%.
7. By 2020, 20% more US consumers would own a smart refrigerator or smart watch.
8. Again, by 2020, 14% of global consumers would own some kind of internet-connected clothing.
9. Internet of Things is more than devices and gadgets. A Dutch company has been using sensors on animals to tell farmers when they are pregnant or sick. Each animal (cow) fitted with this sensor sends around 200 MB of data annually.
10. 60% of Americans are already sharing car data with their manufacturer in lieu of free maintenance sessions. This has also opened up a huge window of opportunity for advertisers.
11. By 2020, Gartner Research suggests that 20% of the vehicles on our roads would be giving off information to a central database via some kind of wireless connection. Sierra Wireless is already in function for manufacturers like Toyota, Volvo, Tesla, BMW and Ford.
12. Another interesting product of Internet of Things is Autonomous Vehicles. Recently, an unmanned Audi A7 drove for more than 550 miles between San Francisco and Las Vegas. The brain for the drive was NVIDIA processors!
13. 2008 was the year when Proteus Digital Health was approved a patent that concerned swallowable pills having sensors embedded inside it. The sensor would now be transmitting data whenever the user takes his/her medication. This way, family members were informed about the intake schedule.
14. China dominated in IoT with more than 27% of machine-to-machine connections.
15. Connected kitchens will help save as much as 15% of the current costs in food and beverage industry.

Phew! That was incredible! Stay tuned for more exciting trends around this technology in the coming days.

Sources:

1. http://www.wired.com/insights/2014/11/the-internet-of-things-bigger/
2. http://www.forbes.com/sites/bernardmarr/2015/10/27/17-mind-blowing-internet-of-things-facts-everyone-should-read/#25fe82831a7a

The “Internet of things” is large number of smart devices and objects which work on connected internet networks. These are completely integrated with sensor detectors and also allow automation as well as remote access. The search engines like Google are flooded with a number of search requests to know the most latest buzz word on the block “IoT”, the short for Internet of things, which is connecting the real world with the virtual world.

Detecting and easing troubles of life is the underlying motive behind the rapid developments in the IoT Analytics by the IoT developers. The time is not far when the people will be flabbergasted to have a car with Internet connection and also have smart fridges which will sense and inform the need for refilling the milk container in 2016. Below are some interesting IoT developments trends in store in 2016.

1.     Superior Robotics

The bigger and better revolution inducing sophisticated mechanisation of work is becoming possible with the advanced Robotic technology empowerment in 2016. The robots unable to walk or do the complex human functions at the nascent stages of development now use indisputable technology for its construction and will be used to perform a number of industrial works like packaging. Robots with set perfect algorithms also will outperform humans in household duties like cleaning rooms, cooking. The IoT analytics inbuilt allow robots to teach the other robots too. 

2.     The accelerating developments in hologram technology  

The dextrous IoT developers have made the hologram technology more impressive in 2016. The real looking 3D images of objects, human figures in high definition which float in the air will now be massively being used in many multimedia movies. The 2016 is seeing the advances in the hologram projection with the help of smart phones.

3.     High demand for Wearable tech smart devices

All the imaginations of human beings are actually becoming a reality with the latest IoT developments in the wearable tech devices. Besides the smart watches, the 2016 IoT trend is catching up for smart clothing and shoes.

4.     3D Printing advancements

3D printing printers are becoming a cheap and easily available to masses with the structural changes evidently happening in 2016.  3D printing has evolved now as cheap metal powder, inks and furnaces will be used rather than the exorbitant priced laser beams. This metallic 3D printers result in 3D prints are offering lot of flexibility for prototyping as the mental prints can be transformed into various shapes before sintering of these metals take place.

5.     IoT sensors for Industrial machinery

IoT are powering a number of Industrial sectors with IoT sensors in 2016. They can collect a lot of data from sensors which are placed on manufacturing equipments. This data collected can be used for production analysis.

6.     The cloud connection in home security systems and software applications

Low cost surveillance and security systems remain the focus in 2016. The home security cameras will become cheaper as the storage of the camera data will be done over the cloud rather than on servers in 2016. The multiplying number of applications will also be connected to cloud to derive benefits of speed, space.

The moment we hear about “Internet of Things”, there seems to be a sense of excitement and confusion at the same time. The buzzword has been here for a few years now but it is already redefining our digital experiences. Afterall; gadgets and internet acting on their own, demand due attention. According to Gartner, Internet of Things will account for more than 25 billion devices by 2020 and each will have significant impact on the way we live, work and entertain ourselves. The “Judgment Day” is certainly a reality when machines will communicate better and more over the internet than us humans. This will include everything from Smart Refrigerators to wearable devices that will help us move, exercise, communicate and deliver.

However, when on one hand this innovation is quite compelling, two major elements continue to wary CIOs all across – security and storage. Internet of things is based on data – a large amount of it. They are programmed to calculate things that the human brain isn’t capable of. Today, more than 10 billion devices are connected to the internet including PCs, phones, watches, air conditioners, vehicles, biometric logins, etc. IBM reports that a vehicle connected to the internet can generate more than 25 GB of data per hour. With so many things being done with the help of data and numbers, CIOs need to immediately prepare for the data hurricane coming our way. Further, the means of storage that we have today (including the vast cloud platform) will not be enough for the vast quantities that Internet of Things are going to program and operate upon in near future.

This would be the right time when CIOs sit together and chalk out the strategies to the impending data concerns. They should largely be working on:

Storage

IoT will be producing data in not just huge volumes but in a variety of formats. Current solution will include setting up a Hadoop platform or deleting/formatting disks and replace it with new data. However, erasing data isn’t an attractive solution. New ways need to be found to deal with the data differences.

Categorizing & Classification

Though CIOs might not be interested in all of the data that is inbound, it might also be the part that would trigger new insights tomorrow. It is necessary that all the data that comes in is properly classified and a means is developed to retain raw data/information for the future.

Duration of storage

There is no way to figure out how long it would take a data bank of today to impact decision making in the far future. CIOs need to be concerned about the duration they keep a specific set of data and in a specific format.

Secure disposal

Data and information can make or break a business. Even if a past database isn’t worth a dime for your business, it can be catastrophic if placed in the wrong hands. In the near future, every device can be remotely identified and this adds to the concern of data security.

At present, IoT is in a stage where ‘internet’ was in the year 1984 – no encryption, no security and no authentication. However, this won’t be a lasting environment and CIOs need to quickly change the way they see ‘data’.

Future homes will probably be smart places that realize your expectations and work accordingly. From the light switching off the moment everyone steps out of the door to programming the air conditioner according to the usual time of your arrival, devices will begin to understand rather than require being operated manually. This would be a scenario where Internet of Things (IoT) could be leading us soon.

The concept of IoT was initiated in 1999 but today it is becoming the mainstay in our homes offices, vehicles, travel and healthcare. Calculating the current rate at which devices are getting connected via internet, ABI and Gartner predict that by the year 2020, the world will be connected with more than 30 million devices, working simultaneously to combine data and artificial intelligence to make out life more convenient and comfortable. The first clues towards this end are certainly portrayed by the increasing usage of smartphones and its implication in every activity we do.

The Internet of Things and us Humans

Though most believe otherwise, the implication of IoT would be more that being able to control or manage our devices. We can already connect our air conditioners back home from our smartphones, sitting at our office desk. There will come a time when office biometrics don’t just resister our attendance but also initiates email accounts, logs into ERP systems and other work apps automatically. Thus, the moment we take our seats at our desks, the work pages would already be open in the screen.

Back in November 2014, Gartner had estimated that by the end of 2015 our life will already be connected to 4.9 million different “things”. This is a 30% increase within a single year. The number of new devices supporting the concept of IoT will grow from $5 trillion to $7.1 trillion in value according to IDC (device analyst firm) between 2014 and 2020. Another sector that would be benefitted most would be the smart homes. To this end, we already have devices like HoloLens from Microsoft that would completely change the concept of living.

Concern about Data Security

However, along with the advantages comes a major concern from the consumer side. Since our completely lifestyle will take a digital turn, there could be greater risk of data privacy and security. We have already been through this problem when smart LED bulbs leaked out Wi-Fi passwords. If this remains unsolved, it could lead to disasters. In January 2015, the Federal Trade Commission (FTC), US produced a report that addresses these privacy issues. At the core of the report is a belief that the IoT has integrated privacy and security at its outset, rather than focusing on it as an afterthought. Further, the report recommends minimization of data feed which would prevent keeping data beyond the exact needs, anonymous and encrypted databases and high end network security. ARM and Intel are already working on security measures to define new devices but there is plenty left to be done before we can leave our worries to the ‘machines’.