IoT is increasing at great lengths integrating into our daily lives and the simplest of tasks. Along with the increasing number of IoT devices, the demand for IoT development services is also increasing. In this article, we will tell you about how IoT is shaping the present and paving the way for the modern world.
Introduction to IoT
The Internet of Things abbreviated as IoT is a rapidly expanding network of interconnected devices that has the potential to change how we live and work and make everyday life more efficient and convenient!
IoT is bringing massive positive change to industries such as healthcare, agriculture, transportation, and manufacturing, to name a few.
Here we will enlighten you about how IoT and Artificial Intelligence solutions are affecting our lives and revolutionizing the world around us.
Everyday Life Examples of IoT
IoT is increasingly being used in our environment every day. Some examples of where businesses are constantly using IoT development services are:
Smart Home Devices: Electric Devices (Light Bulbs, AC, Thermostats, etc.) can be controlled by applications built for smartphones.
Smart Cars: Cars that are connected to the Internet can find better routes to destinations and can assess the performance of the engine.
Wearables: Smartwatches along with health monitors are some examples of such devices which can monitor aspects like health rate.
Biometric Security Systems: A lot of security agencies make use of biometric systems to mark daily attendance, and allow access to the authorized person.
Farming: Due to climate, weather inconsistency, and water crises, farmers go through a lot of troubles such as crop flattening, soil erosion, drought, etc. These problems can be easily suppressed by using IoT-based farming systems which can not only forewarn but also create contingency planning as per the need of the farmer
Shopping Malls: The prominent application of IoT can be found in shopping malls. A barcode scanner is used to scan the barcode present on every product. After scanning, it extracts the necessary information and sends the data to the host computer. The computer is further connected to a billing machine that hands over the bill to the customer after proper processing.
IoT for People
Consider the mobility that the IoT brings for professionals, especially for employees who have to spend time outside the office such as sales or technicians.
IoT is proving to be great for businesses working with employees in sectors like these. Employees are the ones to reap the advantages firsthand. IoT implementation at scale helped contribute to improved levels of engagement from employees, leading to:
- Improved productivity
- Improved job satisfaction
- Improved performance and better-serviced customers
- Better connectivity with all the assets
Since IoT has significantly increased the connectivity to and among devices, the communication between these devices is able to assist in anticipating and fulfilling the users’ needs.
In our daily leaves, we get benefits like
- Saving time by automating a lot of daily tasks like online grocery shopping.
- Health awareness and real-time monitoring of body vitals save many lives.
- Increased personal productivity.
- Enhanced safety and security: IoT can help monitor and respond to emergency situations more quickly and effectively, enhancing our safety by detecting and responding to natural disasters, traffic congestion, and other emergencies.
- Environmental benefits: IoT notably helps reduce waste while conserving energy by maximizing resource utilization and decreasing emissions.
- Smart & safer driving: Using the information from the grid, IoT gives us the best routes to our destination and also warns us while taking corrective measures to avoid accidents.
Significance of IoT for Businesses
Let’s take a look at how IoT development services are proving to be significant for businesses.
1. Productivity Enhancement
Mundane tasks can be performed automatically using IoT, which reduces business operation costs.
2. Efficient operation management
Through interconnected smart devices, automation can be achieved in control over multiple operation areas, including inventory management, shipping tracking, and fuel management.
3. Cost-effective operation
Automatically scheduled and controlled processes may have a higher production rate resulting in bigger profits.
4. Improved customer service and retention
The collection of user-specific data taken by using intelligent devices helps businesses to understand the expectations and behavior of customers better. IoT may also improve customer service by facilitating follow-ups.
5. Better business opportunities
Due to the enhanced effectiveness, the organizations that optimize IoT solutions are able to provide a wide range of IoT development services. Also, increase its quality in comparison with its competitors, but at the same price.
6. Compliance Based Industry
In any compliance-heavy Business, such as the medical device and food management sectors where human health is a critical concern, data and insights are mission-critical. This is an area where IoT has proven itself.
With the use of sensors, gateways, intelligence, and the ability to rapidly deliver the right data at the right time, IoT systems enable teams to visualize their systems and get notifications whenever measurements are out of range.
Furthermore, they can create reports faster, without having to perform any manual data entry.
7. New revenue streams
IoT can generate new revenue streams for businesses by enabling them to sell the collected data from connected devices to other businesses. Such as insurance companies.
Future of IoT
It is expected that the IoT industry will stand over worth 1 Trillion dollars by 2024 and will grow by CAGR of 19.67 % between 2021-2030.
About 35% of Organizations in the Western world already use IoT and the percentage is supposed to rise to 44% by 2025.
All things considered, the future looks heavily dependent on IoT technology. We will soon see massive shifts in how our data is regulated and can expect better security legislation. IoT will carry on forming the backbone of several technologies that have the capacity to change the way we all live.
The IoT facilitates a more educated society. A well-learned society generally makes way for improved socioeconomic equity and better democratic power dynamics.
With 14.4 billion IoT devices in use currently and benefits like the ability to improve efficiency, enhanced safety, reduced operational costs, boosted productivity, etc, IoT can and is revolutionizing business across the world.
It is rightfully regarded as one of the most promising digital technologies that will definitely become more widespread and useful in the nearest future.
Even in the current state, the capabilities of IoT and Artificial Intelligence solutions are impressive, and their advantages are tempting.
However, it is important to realize that integration of IoT in an organization would require a lot of skills in order to achieve its benefits without its drawbacks like security flaws, power supply dependence, network dependence, the high skill set for maintaining it, etc.
That’s why the most reasonable course of action is to use the IoT development services of responsible and experienced professionals in order to get an effective IoT solution.