Internet of Things is a vast variety of things encompassing machines, humans, animals, objects etc. all transferring data on an inter-related network without requiring any human-human or human-computer interaction.
It can easily be derived that IoT has increased our efficiency and taken it off the chats in terms of saving of time, accuracy and precision. Started with simple machine to machine (M2M) communication it was the great potential in this that it has so rapidly expanded to now being an irreplaceable part of the industry, it has creeped into the manufacturing, consumer, enterprise and separate IoTs are present for each and more.
Another basic example to highlight its present would be the concept of “Smart homes” be it Amazon or other companies all are offering a continuous array of devices to add to your house that would automatically take care of your various needs like adjusting the thermostat. Playing music, recording a T.V show, setting an alarm etc. These devices are some of the “things” in the IoT and constantly record and analyse data to identify customer needs, patterns and then act accordingly.
Companies are actively using IoTs to monitor their business processes, improve and adopt new business models and enhance customer experience by making it more immersive and with the least possibility of human error. This leads to the conclusion that not only are our lives irreplaceably dependent of the Internet of Things but it is also one of the greatest source of income for companies involved in providing these services, and this is the case when the IoT ecosystem is new and underdeveloped but with more and more investment flowing in, its exponential expansion is now a reality. In fact, companies have gone on to predict both the near and distant future of IoT and both seem to be shining extra-ordinarily.
Companies like IHS Markit believes the number of connected IoT devices will increase 12% annually to reach 125 billion in 2030. While McKinsey & Company estimates IoT will have an $11.1 trillion impact by 2025 and Brain & Company believes that the revenue generated from IoT hardware and software shall not fall short of $450 billion by 2020.