The age of the Internet is taking on a new form, one that connects the physical or real world with the virtual world. Boundaries are blurring fast and are opening up new avenues in technology-led lifestyles. This is being called Internet V.2, where data is not just created by us humans, but also by your coffee pot, your smartwatch, your fridge—in short, by everything around you. Let’s get to know this technology phenomenon that has the power to change the way we live our everyday lives.
The acronym IoT—or the Internet of Things—refers to the networks connecting real objects that communicate with virtual applications, creating a flow of data and information between man and machine. The result is a “connected,” “smart” world. IoT has made the entire world a very useful repository of data, erasing the borders across physical realms. The word was first coined by Kevin Ashton, who is a digital innovation expert. Today, it has been exalted to prima status, with technology experts and common man going gaga over the power of data and its application in bettering everyday life.
Industry experts have proclaimed IoT as the Next Big Thing. In 2012, IBM predicted mindboggling numbers to the order of one trillion connected devices by 2015. Ericsson suggests more realistic figures, declaring a growth potential of 50 billion connected devices by 2020. Cisco followed suit, agreeing to the numbers in a published white paper. Current statistics lie between 6.4 billion connected devices (Gartner) and 9 billion connected devices (IDC). This shows that we still have a long way to go. Here is a realistic assessment of the IoT genre, which outlines the more “current” and happening applications of the IoT.
1. Smarter homes: Amazon’s Echo speakers are a hallmark of smart homes, with the 2016 holiday season seeing a nine-fold growth of these smart appliances. Smart home technologies will gain importance in 2017, according to a Smart Home Technology Survey. The survey reports that 70% of people who bought their first smart home device are likely to buy more.
2. Wearables: Another business arena where smart devices will make an impact is wearables. The year 2015 saw sales of 78.1 million wearables, a figure that is expected to grow to 411 million by 2020. From fitness trackers to smartwatches to VR headsets, this is a genre that is redefining convenience and lifestyles.
3. Connected cars: Experts say that by the year 2021, 82% of cars will be connected to the Internet. This will pave the way for new navigation tools, app integration, and even self-drives. The auto industry presents a huge opportunity for the IoT.
4. Inventory management: IoT will find a lot of applications in business, particularly in supply chain. Inventory management will become smarter and automated by leveraging the data generated by the manufacturing machines. This degree of automation led by the IoT will crunch the buying cycle, thereby reducing the time-to-market, and will thus help appease customer demands faster and more efficiently.
5. Work models: IoT will not only improve production and business, but will also directly improve our lives. With the high degree of connectivity, it will become easier for organizations to implement new working models—remote working, telecommuting, on-the-go mobile working, etc.
6. Change in consumer models: As smart devices find favor with consumers, the latter will expect things to become smarter by the day. This calls for ongoing innovation to come up with more useful connected appliances, gadgets, furniture, and so on.
The above examples show that there’s lot of promise for IoT. However, no technology is without its disadvantages. Such a widespread network of connected devices will be more susceptible to cyber attacks because of the many loopholes. IoT is still in the nascent stages of development, and a lot needs to be done to fortify its experience for end users. The idea is to learn from data as fast and as securely as possible, so as to create an unparalleled user experience.
