The Internet of things (IoT) is relatively a new concept which is slowly but surely making a place for itself in the business world. The Internet of Things is changing everything specifically in the workplace. There is no sign of IoT slowing down and if things remain the same for a few years, IoT may become the most important thing for businesses in the future.
What is the Internet of Things (IoT)?
It refers to a system of devices connected to the web and to each other such as coffee makers, light switches, fridges, garage doors, wearable devices, tablets, smartphones, headphones, washing machines, etc.
You can operate Smart toasters from your mobile phone with fine-tuning features for the perfect toast; central heating that can be turned on from the comfort of your car on your drive home from work.
How IoT Will Change Businesses in The Future?
By 2020 it is predicted that there will more than 25 billion web-connected devices. And, this is just a conservative estimate. Some experts even believe the number could be as high as 100 billion. If it is 25 billion or 100 billion, the number of devices that’ll be connected to the web by 2020 is significant enough for everyone to consider the impact IoT will have on businesses in the future.
In 2015, the amount spent by business on the internet of things rounded up to $700 billion and by 2019 this number is expected to increase to $1.3 trillion. Further, by 2020, IoT is expected to generate an additional $344 billion in revenues and lower costs by $177 billion. In fact, few U.S based organizations are already seeing an improvement in performance due to augmented reality and internet of things.
Over time, the internet of things will provide you with many little pieces of data and by putting together these pieces of data/ information you get a clear picture of your customers and/or the audience which you want to target in near future. To make sure that the resources of your organization don’t go to waste you need to combine the IoT with tools that help you to improve your targeted efforts.
Below are some of the ways that it will transform everyday life.
Ease Our Carbon Footprint
Internet of Things will give greener living accessible to all. Through the intelligent programming, we can use smart devices to control energy consumption and make choices that are friendly to the environment.
IoT will contribute a lot in the healthcare sector because experts believe that new technology will help in improving drug management. It will also give enhanced patient experience and reduced errors in hospitals/clinics.
Smarter & Safer Cities
Can you visualize cities where parking is led by smart parking technology, where traffic lights are managed by traffic flow intelligence, where roads are a dream to drive on? Machine knowledge will make our towns, cities, and suburbs much safer for pedestrians and motorists.
As everything is connected to the internet so it’s obvious that Internet of Things will increase in our day to day life and most of the technology needed for it has already been made. The IoT holds the potential to usher in sweeping changes in the way we work, play, entertain, farm and pretty much almost everything we do. India, with its strong network of software, engineering and manufacturing expertise is an excellent place to profit from the opportunities ahead, while also gaining from the productivity, cost savings and lifestyle improvement benefits.