The Internet of things (loT) is when physical devices, such as buildings, vehicles and other items are embedded with sensors, software, electronics and network connectivity, which allows these objects to collect and exchange data, thus “internetworking.”
Some estimates predict that the future number of devices on the loT network will be approximately 40 billion, while other studies estimate this to be in the trillions. Using the conservative estimate, this equals about 30 devices for every active social network user worldwide.
Devices on the loT can range from Boeing aircraft jet engines to everyday devices that millions of Americans use, such as refrigerators, washers, dryers, home thermostats, lighting, car tires, toaster ovens, and more!
The economic impact of loT expanding is significant. Experts anticipate that the total value and economic benefit will exceed $1.9 trillion in 2020.
loT can help individuals, as well as businesses and society as a whole. Examples of current loT systems include home security systems that allow people to monitor their systems through their Smartphones. Some new cars have embedded technology that immediately calls 9-1-1 should the system detect that the vehicle has crashed, which ensures that help gets to the crash as quickly as possible.
The medical field is toying around with devices that can track people’s vital signs. This would ultimately notify patients if they have serious health conditions and need to seek immediate medical treatment. This type of loT will help the flow of hospitals and doctors’ offices, as the Internet provides so much health information that many people are scared into believing they require more medical care than what they truly need. This could also save our country millions of dollars in wasted medical expenses. Overall, it would help reduce medical errors, improve the outcomes of treatments, improve disease management, enhance drug management and give patients a more enhanced medical experience.
loT can also provide significant money-savings to households. For example, home appliances can communicate using loT, which can provide more energy efficient operations. Systems can even determine your peak hours of use and reduce consumption during off-peak hours.
Home sleep monitoring systems can also help people stay healthy and feel more rested. This home health improvement could translate into healthier employees, which could boost overall workforce performance and decrease the number of employees’ sick days.
Businesses can also benefit from loT. Machine-to-Machine (M2M) is when devices communicate with each other. loT could allow machines to monitor inventory, track controls, security, energy conservation and even the shipping and location of shipments. This all translates into more efficient business systems, which can help boost profits.
Companies can use loT to track individual consumers, allowing them to target consumer groups based on information they input into devices. This allows consumers to have a more personalized shopping experience and ultimately increases retailers’ sales.
Cisco Systems predicts that loT will grow global corporate profits by 21 percent in 2022. loT data can help businesses realize their true potential and also increase new revenue avenues and tap into innovative opportunities.
The benefits of loT include the following:
- Shorter Feedback Loops - This means that companies will quickly learn about consumer experiences, identify problems and fix faults.
- Responsive Services - With information collected about consumers, programs will quickly learn to respond and anticipate individual needs.
- Enhanced Experiences - Everyday consumer activities, such as cooking or recipe suggestions will be enhanced with links to ingredients and menu plans. This can even tap into medical information and provide suggestions for healthier meals.
- Convenience - loT will enable task automation, which can include checking food and prescription expiration dates, reading energy meters and much more.
- Insight into Behavior - Instead of doctors making assumptions about a patient’s walking or sleeping habits, technology will accurately measure these activities so doctors can make specific patient recommendations.
- Decision-Making Support - Consumers can better act with personal recommendations, which will match them with the best offers.
- Security Issues - Digital keys can allow access to certain buildings and lost objects are easy to track and find. This can even extend to Fido! New technology is allowing owners to track their dogs’ whereabouts and even activity levels.
- Accurate Billing - Billing for energy and water could be more accurate with loT, as it relies on real-time information.
- Remote Control - People will be able to manage their homes when they are gone, as they can check security systems, turn on lights, turn off heat, and more - all via their Smartphones.
IoT will significantly influence home automation. Builders will build smart homes and buildings, which will lead to smart cities. Home Telecom has taken a big leap into the IoT with HomeSmart Home Automation. Learn more here: https://www.homesc.com/home-automation