IoT Definition: what does it mean? 

IoT is the Abbreviation of Internet of Things and it’s defined as a network of so many connected devices that comprise of software, sensors, hardware, electronic components and unique IDs identifiers that helps all these inter-connected multiple devices to effectively communicate across the network map, transfer information, receive data and transmit it to the entire massive network system of all connected devices. IoT devices interact and operate independently without necessarily requiring any form of human-interaction in order to transfer data across its entire massive network system.

How does “IoT” work?

IoT systems typically consists of installed internet gadgets and hardware built sensor gadgets that’re connected through wired or wireless networks to computing systems that analyzes the data and perform actions based on predefined rules or triggers.

Here's how this robust IoT systems works.

A device sensor (or group of many connected sensors) gathers information and transmits it to a computer or the network cloud database. The information is analyzed and transmitted back out to an actuator, which then triggers a physical action. This action can be anything from activating a webcam to adjusting the thermostat in your house.

What's interesting about this process is that most people have already played some role in it. For instance, when a user connects a smart device with the home Wi-Fi network. Once connected, he/she can easily control all home internet-connected devices from any part or region of the world by turning on lights, operating a security system or changing the temperature on the thermostat. These devices connect directly to each other through a local network that also connect with outside networks, allowing them to efffectively communicate.

Applications of IoT

No doubt you've heard about IoT devices such as smart thermostats or connected cameras. But there are lots of other ways to use IoT technologies for home or business. Here's a list of some interesting ways people are using IoT technologies today:

IoT application and uses in today’s world

Over the years IoT developers have advanced and industrialized machines with cutting edge technology that have allowed them to run and operate smoothly. Good examples of IoT applications in today’s world can be found at Smart-homes, connected cars, smart cities, Data analysis centers, smart grids, smart farming, improved connected healthcare system, IoT connected factories, IoT sensors, etc. 

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Modern IoT connected homes

In a modern home IoT application, connected devices might send notifications and alerts when doors are left unlocked or when appliances are broken down by intruders. IoT is fundamentally changing the way we think, work, live and play. Devices are now becoming more connected every day, and it's all enabled by the advancement of the Internet of Things technologies.

Smart Watches

A smartwatch is a wrist worn device usually resembling a traditional watch but with advanced computing capabilities. Smart watches typically include features like the ability to track steps taken and conversations, and monitor heart rate. They may also act as a phone extender allowing users to make calls directly from the device without having their phones on hand. Most smartwatches are compatible with both Android and iOS devices and can connect wirelessly via Bluetooth technology or NFC (near field communication).

Connecting cars

IoT devices are allowing users to monitor their vehicles from anywhere in the world. Drivers can remotely turn off the engine if their car is stolen or check fuel levels without having to stop by the pump first. Vehicle-to-vehicle communication is allowing cars to receive information about road conditions and traffic so you don't get stuck in a traffic jam unnecessarily.

The Internet of Things has opened up a world of possibilities in industries as diverse as healthcare, agriculture, mining and manufacturing. It has enabled smart cities to become a reality and created new opportunities for business. IoT also has the potential to reshape our economy, create entirely new industries and transform existing ones, driving efficiency and productivity through automation and intelligent data analytics.

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Business application of IoT

For example, Walmart has installed sensors on its refrigeration units that can detect temperature changes within one degree Celsius, alerting workers whenever a unit's temperature rises above or drops below a certain threshold. This allows them to keep products at optimal temperatures and prevent food from spoiling. Data from IoT devices is also helping Walmart improve its shipping process and reduce costs by streamlining truck routes and optimizing fuel consumption, according to a recent analysis done by some internet data analysts. 

By collecting IoT data from IT devices, IoT sensors and using machine learning tools, Walmart is able to use real-time information about the status of its refrigeration units and trucks to improve the efficiency of its operations. However, there are many other ways that IoT data can be used to drive more efficient business processes across industries. 

IoT data is set to change the way we interact with the world around us. However, despite this potential, there are still numerous problems to overcome. Organizations must consider how to manage data flow and security in a system comprised of multiple different devices. In addition, protecting consumer privacy and ensuring that IoT products deliver on their promises are key challenges facing companies developing connected devices. In the future, IoT technology will enable us to do everything from streamlining business operations to creating smart cities. Understanding how these technologies work and what they bring to the table is key for anyone looking for an edge in today's competitive market.

IoT in Artificial Intelligence field

With AI and machine learning, computers and machines can mimic the ability that humans have for logical thinking, decision making, and forward planning. The only difference is that machines can process much more data because they are freed from human limitations such as partial attention, fatigue, indecisiveness, or any other factor that affects human behavior or decision-making. The Internet of things technology has continued to rapidly advance connected computers systems with AI and IoT features that outperform most human capabilities while still providing reliable smart technology.

The potential benefits of IoT adoption for Businesses:

  • Improved profitability: By using data acquisition and analysis, the IoT allows companies to improve their processes and boost productivity, which translates into improved profitability and more digital transformation. It also allows them to have a better understanding of customer behavior and needs, providing them with an opportunity to introduce new product or service offerings that meet these requirements.
  • Reduced operational costs: With the IoT, businesses can monitor their assets remotely and identify issues before they become problems. For example, Intel estimates that self-driving vehicles could reduce fuel consumption by up to 90 percent. Similarly, connected sensors enable autonomous control over lighting, HVAC systems and other building controls in smart cities, resulting in reduced energy consumption and lower operational costs.
  • New revenue growth and streams: companies can create new revenue streams by leveraging predictive analytics to provide customers with new services or support existing ones. Additionally, they can use the Internet of Things to improve the customer experience, such as by enabling customers to order products automatically when they need them rather than going out looking for them. 
  • Better customer service: By using real-time information about customer behavior or needs collected from connected devices, Businesses can offer better services or products that meet those needs more quickly. This helps businesses to build customer loyalty and brand trust.
  • Improved employee productivity: As smart devices become more prevalent in the workplace, employees can be automatically prompted to take action without having to wade through reports and emails looking for information. This extensively helps companies and businesses to implement digital transformation that boosts overall productivity. 
  • Enhanced IoT security: Businesses rely on IoT devices to monitor their premises using CCTV cameras and detect intruders using motion sensors in order to keep their data safe from any breaches or cyberattacks.
  • Improved decision making: Businesses can rely on IoT devices such as smart meters to gather accurate data that they use in decision making.

The IoT represents a huge opportunity for businesses. In order to take advantage of it, they need a way to access, analyze and utilize this data. The right approach will depend on the unique needs of each business, but there are some general best practices that can help a start up to get started. These practices include:

  • Data acquisition. All data must be acquired by IoT sensors before it can be used for anything else. The first step is gathering information from connected devices, which may require building or maintaining a network infrastructure or working with an existing provider like a cellular carrier or satellite service.
  • Data storage and analysis. Once a company gets the data, it need a place to put it and a way to make good use of it. This could be as simple as storing it on an external hard drive and viewing it in Excel spreadsheet, or as complex as using machine learning algorithms to analyze every detail for patterns and meaning. Either way, finding an efficient solution that works for a company is very crucial when dealing with large volumes of data over time periods spanning months or years — not just days or weeks!

As the Internet of Things (IoT) continues to expand, so do the opportunities for organizations to become more data-driven. Many businesses are already leveraging their IoT devices to capture and analyze data in real time in order to improve their operations.

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Why IoT connected devices have become increasingly popular 

  • Improved safety and security: IoT allows users to control their home security systems remotely. Users can check what is happening at home through their smartphone. They can also turn on and off lights, locks, and cameras remotely.
  • More convenience: IoT can help connected users turn on and off appliances, lights, TV, and even coffee machines from anywhere in the world.
  • IoT helps to save energy: IOT devices helps to save energy by monitoring how energy is being consumed and remotely switching off appliances that are not in use.  

Role of Wireless Technology in IOT: Why does IoT matter?

The IoT is made possible by wireless technologies. These include Wi-Fi, LoRaWAN, Bluetooth, LTE-M, and other low power wide area network (LPWAN) solutions that are enabling long-range connectivity for IoT devices. Thanks to these wireless technologies, it's now possible for "things" to be connected over long distances without the need for extensive wiring or expensive infrastructure upgrades. These emerging wireless technologies are becoming more and more secure — making it possible for users to connect with confidence knowing that all their data is protected from malicious third parties. 

So why should people care? Why does IoT matter? Why is this all important? What is going to happen if people start using more IoT devices? Below are a few key points that illustrate out a better idea of why the Internet of Things matters.

1. Connectivity

The first reason of why does IoT matter is that it provides people with more connectivity than ever before. Since there are so many internet-connected devices available, consumers will be able to connect with each other and their various devices in a way that’s never been possible before. This can lead to better communication and efficiency and make life easier for everyone involved.

2. Automation

Automation is another reason of why does IoT matter. As more IoT devices are created, consumers will be able to automate more parts of their lives than ever before. This can help them save time, money and energy and increase their productivity levels. The Internet of Things matters because it will be the most significant evolution of the internet since its inception. It is going to be a major driver of economic growth and social good. And it’s about to happen at an unprecedented scale, with nearly 40 billion more IOT connected devices by 2029.

Some of the impacts will be direct and clear — for example, in healthcare, where connected medical devices will improve patient care. Others will be more indirect, such as when IoT-enabled maintenance dramatically reduces downtime on industrial machinery or equipment. But across all industries, businesses and cities, IoT is going to transform how we live and work in the decades ahead.

Bottom Line: IoT promises to make everyday objects more efficient

Many of the things we use today still work fairly well, but they rely on manual intervention. They don't really "talk" to each other and they don't learn from us as we use them. However, the IoT will allow everyday objects like light bulbs, thermostats and refrigerators to be connected so that they can interact with each other and improve their own efficiency. For example, your refrigerator could monitor how much food you have in it and then let you know when you're running low on certain items. Or even better: It could automatically send an order for those items directly to the grocery store.

Research & analytics team

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Why IoT Matters in Today’s Modern World