Though still an emerging concept, the Internet of Things (IoT) has already started showing its influence in our daily lives in a big way. When put into the simplest words, the IoT is the network of billions of worldwide devices with some kind of in-built intelligence and capability to communicate and exchange data through the Internet. In fact, it has an immense hidden potential to transform our lives because it will connect us in ways we cannot even imagine yet. Without a second thought, it can safely be presumed that in the next few years IoT will change the very way we live, interact or even do business.
Here are some focus areas which will highly be impacted by the Internet of Things in coming time:
Today, the IoT and wearables are completely transforming the entertainment and healthcare industries. Almost all wearables, including smartwatches, VR headsets or fitness trackers use the IoT to better our lives. The wearable technology market grew from 23 million units in 2014 to 123 million units in 2018, a jump of more than 500% in 4 years period. Growing further, the market for wearables is expected to reach 411 million by 2020.
Our Sweet Homes
Although the IoT will show its influence on almost every aspect of our lives, however, it’s the day-to-day life and daily used items where changes will be more noticeable initially. Be it air conditioning, lights, refrigerator, electricity meters, CCTV camera, voice assistance devices, or even your car, everything is going to be connected to the internet and thus IoT, making you an integral part of this vast networking.
Efficient and Smarter Cities
Anywhere in the world, cities are indeed more inclined to try and adopt new technologies that make the lives of their citizens more attractive and convenient. The IoT will play a huge role in creating energy-efficient buildings, fast and convenient transportation systems, and automated street lighting. The technology will also help monitor traffic congestion, open parking spaces, as well as air pollution and noise levels in cities. In fact, many global cities have already included the IoT in their infrastructural plans, and most have been successful in reducing traffic jams, pollution, and water and energy wastages significantly.
Innovation in Business Models
It’s not that IoT will only affect our personal lives, but the technology has the potential to reshape the way we conduct business. As a result, most enterprises today are revisiting and replanning their business strategies based on the new possibilities that IoT offers. In fact, the technology is already being utilized by businesses to analyze consumer behaviors through data and then incorporate changes accordingly to improve their services.
Undoubtedly, the IoT has continuously been growing at a rapid pace, and it has been predicted that by 2020, more than 50 billion devices will adopt the technology. Therefore, it’s high time that businesses recognize the importance of the Internet of Things and learn to harness the data created by it to further optimize their processes, and thus the profit.
MYZEAL I.T. Solutions develops advanced mobile and web application based on the IoT. We design and develop smart apps for wearables, household automation, as well as business automation.