The Internet of Things (IoT) has to do with the network of objects fitted with sensors and powerful software primarily to connect and exchange data with devices via the internet. IoT has not been in use that long but the concept has been in existence since as far back as the 1800s.
Although this concept has been since the 1800s, its first clear use was not until the early1980s. Local programmers would try to connect to a Coca-Cola machine placed at the Carnegie Mellon University to make sure there were cold drinks available before heading over to get some. The Internet of Things still was not official until 1999.
Today, the Internet of Things is everywhere thanks to the growth of wireless networks and systems. Devices and appliances with a simple on/off switch can now send and receive information from other connected devices over the internet. This concept of IoT is very broad and can be confusing at times. For better understanding and clarity, you check out what is the Internet of Things by Sumatosoft as well as other resources online.
Growth and Development of IoT
Since its official recognition in 1999, the Internet of Things has experienced phenomenal growth in its application and is now finding its way into mainstream use. In 2018, IoT installed devices reached 23.1 billion, a figure that is expected to rise to 75.4 billion in 2025.
This growth is credited to the increased number of consumer applications mostly through smart TVs, watches, fridges, and vehicles. Consumers from North America, China, and Western Europe are known to be the biggest users of gadgets that support this technology. They account for 67 percent of IoT installed devices worldwide making them a driving force for IoT growth.
In developing countries, however, the Internet of Things is experiencing significantly slower growth due to several factors. These factors include but are not limited to poor internet support infrastructure, slow internet speeds, and availability of affordable devices that support this type of technology.
On internet speed as a factor of slow growth in these regions, the average mobile internet speed in African and Middle Eastern Countries is 4.4Mbps compared to 16.6 Mbps in the U.S., and other developed countries.
Growth of IoT in Business
In the last five years, this technology has grown in its application across various business sectors. Between 2014 and 2019, the use of this technology in business increased from 13 to 25 percent and in 2023, the number of IoT connected devices is expected to rise to 43 billion, almost three times the number in 2018. This continuous increase in supported devices creates better opportunities that companies can profit from.
The Internet of Things has greatly improved the way business is done. Some of the areas it has helped businesses include:
The Internet of Things has helped companies to swiftly collect and process data accurately, and with minimal human intervention through smart devices equipped with sensors and complex programming designed for a specific purpose. Check this article out to learn more about smart devices.
2. Better Consumer Experience
Thanks to IoT supported devices, companies now have access to more data that can be used for market research. Research carried out with these data can be used by businesses involved in sales of products to design or redesign such products to give consumers a better experience.
3. Smarter and Better Security.
It has helped smoothen out various areas of business enterprises and security is one of those areas. With sophisticated smart security devices, security in business premises has been greatly improved. IoT enabled gadgets like cameras that run on artificial intelligence are capable of distinguishing authorized workers from visitors and can provide real-time footage of a business’s surroundings. Also, investing in network security design is essential to help you protect and counter possible attacks on your data.
4. Smart Offices
Smart devices equipped with sensors and detectors enable factories and offices to regulate energy usage to ensure power is only utilized when needed. Companies can also control office temperature and lighting through smart lights and temperature regulators. Visit https://www.openpath.com/smart-office-guide to learn more about smart offices.
5. Inventory Management
The cost of managing inventory for businesses has drastically reduced. This is possible because IoT devices and software installed in warehouses are perfectly capable of taking stock of inventory and giving near real-time feedback.
Statistics show the steady growth of this technology in various aspects of human lives and predict that this growth will steadily increase in the future. With information like this, business owners ought to invest in IoT technologies that make work easier, smarter, and faster.