IoT Improves Business Innovation, Increases Competitive Edge, and Lowers Total Cost of Ownership
The IoT can be defined as web-enabled devices that collect, send and act on data they acquire from their environments using embedded sensors, processors and communications hardware. IoT is one of the fastest growing technologies worldwide. BI Intelligence forecasts the number of active IoT devices to grow to 10 billion by 2020 and 22 billion by 2025.
The Expanding Revolution
One of the major contributing factors to this explosion in devices is the advent of 5th generation wireless (5G) that will transform the connected landscape with a significant leap in available capacity for these networks to transmit data. These wireless “superhighways” will carry all types of new applications allowing for the explosion in devices.
The introduction of electricity brought revolutionary changes to the way people live and work. The advent of 5G will usher in waves of new gadgets and applications, creating a transformation of similar magnitude. Interrelated machines, objects, animals and even people provided with unique identifiers (UIDs) can transfer data over the network without requiring human-to-human or human-to-computer interaction.
In fact, IoT is a central component in what journalists are calling Industry 4.0: a fourth industrial revolution. The first industrial revolution (mechanization through water and steam power) evolved into the mass production and assembly lines using electricity in the second. The fourth industrial revolution takes what was started in the third with the adoption of computers and automation and enhances it with smart and autonomous systems fueled by data and machine learning.
Smart Offices, Classrooms, Buildings, Cities
As artificial intelligence (AI) moves mainstream, the ability to analyze patterns, recognize problems and opportunities, and dictate new strategies will create unprecedented abilities to prevent operational issues, secure information, reduce waste, and improve planning.
Manufacturers are adding sensors to the components of their products so they can transmit data about how they are performing. This can help humans (or robots) spot when a component is likely to fail and to swap it out before it causes damage. Companies can also use the data generated by these sensors to make their systems and their supply chains more efficient, having much more accurate data about what’s really going on.