Internet of things (IoT) is one of the latest trends within the technology field since it is rapidly changing the ways of how different industries conduct business. People consider IoT as a brain without any sense, which means that devices worldwide are linked to the internet, allowing automation, data collection, and remote access to devices easy. Studies show that the IoT market is predicted to grow positively from 170 billion dollars in 2017 to 560 billion dollars in 2020.
Nowadays, most devices contain sensors or touchpads, which are considered embedded systems since they are essential for any IoT application to carry out any task. Most companies are currently implementing IoT since it impacts various industries making their work more comfortable and efficient.
Industries that IOT Impacts
With the help of robotics, software, and sensors, many manufacturing companies use IoT to optimize their workflow and process. Once the embedded system is fully operational, IoT will help multiple devices or machines produce an excellent product output. Devices can collect data of other devices’ status if they fail, which would allow fail-safes to be put into place for automated maintenance and recovery. All the devices within a manufacturing company exchange data are transferring it to analytics data with the help of IoT, allowing people to get better insights on how well the factory is performing and improvements required to boost the performance.
The agriculture industry has evolved from becoming a manually managed industry to an automated managing industry with IoT assistance. Research proves that sensors and smart linked to IoT would help farmers keep track of their crops and livestock, calculate data on-farm resources, and allow drones to survey the farm. The requirement for food is increasing exponentially, making it challenging to manage the farm, but with the assistance of IoT, farmers could work more efficiently, keeping up with food demand.
The development of houses is growing day by day as per the requirements and population growth making it difficult for workers to keep up, but many devices and machines have been created to drive the development of houses much easier which are operated with the help of IoT. Besides the development of homes, many companies have helped create a fully automated smart house, making it easier for individuals to operate any device or equipment within the house through IOT such as television, smart door locks, etc.
People will soon get to experience a better side of hospitality with the rapid change of technology, considering IoT. Many hotels have started to use facial recognition software to help them identify customers before they check-in to the hotel. Another use of the facial recognition camera is to identify the guest’s emotions to inform the hotel whether the guest is hungry, happy, or angry to serve them better. There are devices within a guest’s room that are automated, making it easier for them to control with the help of IoT.
Technology has brought a new meaning to the retail industry since IoT has made it easier for people to purchase any products online through e-commerce applications or websites rather than physically going to the store. Other than e-commerce, new devices are being introduced that could function only with IoT, like augmented & virtual reality, allowing the customers to try different clothes or accessories that would look like they are physically shopping.
Along with population growth, the healthcare industry is overgrowing, and new advancements in technology are operated with IoT assistance, which is a massive asset for the healthcare industry. Most hospitals have to monitor the health condition, which could get hard at times, but IOT makes real time tracking of patients much more manageable for hospitals to respond appropriately since there are smart devices that inform doctors about situations like heart, diabetes, and asthma attacks. All the patient data can be stored online within the cloud to acquire any patient information immediately. Tracking the patient becomes a smooth process for doctors since they are alerted about the patient regarding any matter. In case hospitals lack specific technology or devices, then different biotechnology consulting firms are available to assist hospitals on such issues due to their vast reach of resources. IoT is a technology that has proven to shape the face of healthcare.
These are times when people’s finances are unsafe or difficult for them to manage, but technology has made it possible by solving these issues. IoT has introduced Fintech, where people can access their finances through online banking for purchases or storing their money. New technological currencies are being introduced other than cash like bitcoins or cryptocurrency to make transfers or purchase items. With the help of IoT, both consumers and banks can secure the finances more efficiently.
Technology has a significant impact on various industries, especially IoT since it helps us connect with devices that allow multiple businesses to grow. Other than drives, the general population could benefit from IoT.