IoT is no longer a nascent dream. By 2020, IDC predicts there will be 30 billion connected 'things' and a revenue opportunity of $1.7 trillion for the ecosystem.
The Internet of Things is a network of physical objects - vehicles, machines, home appliances, and more - that use sensors and APIs to connect and exchange data over the Internet.
The IoT depends on a whole host of technologies ? such as application programming interfaces (APIs) that connect devices to the Internet. Other key IoT technologies are Big Data management tools, predictive analytics, AI and machine learning, the cloud, and radio-frequency identification (RFID).
Cloud-based IoT platforms and architecture connect the real and virtual worlds. They help companies manage IoT device connectivity and security - as well as collect device data, link devices to backend systems, ensure IoT interoperability, and build and run IoT applications.
In manufacturing, the IoT becomes the Industrial Internet of Things (IIoT) - also known as the Industrial Internet or Industry 4.0. The IIoT uses machine to machine (M2M) technology to support everything from remote monitoring and telemetry to predictive maintenance.
Smart devices generate a massive amount of IoT data that needs to be analysed and leveraged in real time. This is where predictive and Big Data analytics come into play. Machine learning is also used to add context to data - and trigger actions without human intervention.
Automatic product replenishment? Subscription services? Apps? The IoT is disrupting traditional business models and creating massive opportunities for companies to create new services based on real-time sensor data and information.
One of the biggest benefits of the IoT is the efficiency it can offer. Many companies are using it to automate business and manufacturing processes, remotely monitor and control operations, optimise supply chains, and conserve resources.
Wearables and other IoT-enabled devices are boosting workforce productivity and job satisfaction in many verticals. The technology is helping employees improve decision making, automate routine tasks, fast-track communication, and more.
From integrating customer care with actual product performance and usage, to delivering highly personalised products and services, the IoT offers many ways to create more compelling customer experiences across digital and physical worlds.
The Industrial Internet of Things (IIoT) is completely transforming the way products are made. Manufacturers are using the IIoT and M2M communication to drive industrial automation, predict and prevent equipment failures, improve worker safety, and much more.
Intelligent transportation systems are moving people and cargo from A to Z all over the world. Thousands of IoT sensors are used on planes, trains, ships, and vehicles to optimise everything from engine performance and safety to logistics and supply chain management.
Car manufacturers and tech companies are using the IoT to help drivers in connected cars (or smart cars) avoid accidents, predict maintenance issues, find parking spots, and more. The IoT and machine learning are also bringing self-driving cars to the market.