Who would have thought that humans would make such progress in technology and automation that our household items would become smart and our businesses so modern and robust? With Industry 4.0 at helm, AI-led automation, simulation, predictive analytics and smart manufacturing has become the norm in businesses.
Since its inception in 1999 when Kevin Ashton first coined the phrase, IoT has covered a lot of ground. Development in various technologies like RFID, BLE, QR Codes, Barcodes, LoRaWAN, Wi-Fi and internet has truly evolved Internet of Thing into internet of everything.
The Internet of Things (IoT) has had a huge impact on both businesses and homes. In the area of business, IoT has provided a brilliant opportunity to optimize business processes while increasing productivity, revenue, and business profits. The constant connectivity that IoT enables, combined with data and analytics, provides new opportunities for companies to innovate and create products and services, as well as to increase the efficiency of operations. IoT can also help marketing businesses with targeted advertising by studying the impacts of ad campaigns and consumer interests and engagement.
In homes, smart IoT devices such as an application or voice assistance can help businesses directly communicate with end-users regularly while offering an invaluable source of information for better business analysis.
Internet of Things
Internet of things or IoT is a technological model where physical objects are connected to internet through means of various technologies like RFID, BLE, NFC, Wi-Fi, and sensors etc., capable of sharing data and communicating with each others. IoT makes devices smart. for example, smart light bulbs can be controlled using a mobile app or voice command, you can track individuals and objects using RFID or GPS tag and generate tracking data as well.
Here are some impacts of IoT on business and home:
1. IoT can speed up industries, increase revenue, change the way people used to work, and even lead to the emergence of new business models.
2. It has a potential economic impact of $3.9 trillion to $11.1 trillion per year by 2025, across a range of industries including healthcare, manufacturing, and retail.
3. IoT also provides new opportunities for companies to innovate products and services, as well as to increase the efficiency of operations.
4. Since the 2010s, IoT has emerged as one of the most significant trends in the digital transformation of business and the economy.
5. IoT can be used in human health, with devices that monitor or maintain health and wellness, assist in managing diseases such as diabetes, and more.
6. People can install devices such as automated vacuums, home voice assistants, Kitchen appliances, smart water taps, or security systems that are developed using IoT.
7. Retail environments can use devices to facilitate self-checkout, extend in-store offers, or help optimize inventory.
8. Offices can use IoT for energy management or building security.
9. Standardized production environments such as manufacturing plants, hospitals, or farms can use IoT to gain operating efficiencies or optimize equipment use and inventory
10. Custom production environments like mining, construction, or oil and gas exploration and production can use IoT for predictive maintenance or health and safety efforts.
11. Vehicles can use IoT for condition-based maintenance, usage-based design, or presales analytics.
12. Factory settings could generate $1.4 trillion to $3.3 trillion by 2030 with IoT applications.
13. IoT economic impact in human health settings could reach around 14 percent of the total estimated value.
14. Businesses can easily track changes in their inventory via an automated system through IoT mobile app development.
15. It also enables businesses to save their employees time and utilize it somewhere else to achieve more productivity with inventory management.
16. IoT can help with enhanced Customer Service & Retention.
Internet of Things (IoT) has been an extremely popular technology with 15B connected devices at present. The no. of IoT devices is expected to cross 29B by 2030. From retail, education, healthcare and smart homes to supply chain, logistics, manufacturing, IoT has the potential to revolutionize how we look at businesses, business operations, customer retention and living itself.
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