Internet of Things (IoT) is a network of physical objects interconnected through various network technologies. These physical objects communicate among themselves and also with the external environment whenever necessary through embedded sensors, actuators, and other devices that can collect or transmit information about the objects. Internet of Things (IoT) facilitates an interconnection of end-user devices and the underlying communication devices. This network combines hardware, embedded software, communication services, and IT services to create smart communication environments. This technology is applied as smart homes, smart shopping, smart transportation, and smart healthcare. Internet of Things (IoT) components include RFID, WSN, NFC, cloud services, gateways, data storage and analytics, and visualization elements that help in efficient monitoring and management of numerous interconnected devices.
Geographically the regions covered by Internet of Things (IoT) are America, Asia-Pacific and Europe, the Middle East and Africa. The leading competitors in the global Internet of Things (IoT) are Alcatel-Lucent, AT&T, Cisco Systems, Ericsson, Amazon Web Services, Apple, ARM Holdings, Bosch Software, Innovations, Freescale Semiconductor, General Electric, Google, Huawei Technologies, IBM, Intel, Microsoft, Oracle, PTC, Qualcomm and Samsung Electronics.
According to the research report “Internet of Things (IoT): Technology, Outlook & Significance 2017”, for the implementation of the Internet of Things (IoT) in any organization, Wi-Fi, mobile computing and network sensors are very crucial. Installing Internet of Things (IoT) will help the firms to track delivery, inventory, personnel management and infrastructure management, along with business benefits such as process automation, profitability enhancement and optimum utilization of workforce. The Internet of Things (IoT) is creating new opportunities in business such as new business models, real-time information, and diversification of revenue streams, global visibility and efficient, intelligent operations
The Internet of Things (IoT) helps organizations to create new value streams for customers, introduce processes that speed time to market, decides market performance, and answer rapidly to customer needs. Incorporation of Internet of Things (IoT) in organizations can capture more data related to the ongoing processes and products in a timely fashion creating new revenue streams, improves operational efficiency, and increases customer loyalty. The technology of Internet of Things (IoT) makes it easier for enterprises to view and establish business regardless of location, which includes tracking effectiveness and efficacy from all the supply chain. Today’s smart grid technology supplied to utility companies allows organizations to access autonomous information, make on-the-fly decisions on pricing, logistics, sales, and support deployment, etc.
The leading companies are developing the next generation applications that will address specific business needs from the wealth of data that will involve Internet of Things (IoT). We will be able to witness the new generation of applications such as predictive maintenance, loss prevention, asset utilization, inventory tracking, disaster planning and recovery, downtime minimization, energy usage optimization, device performance effectiveness, network performance management, capacity utilization, capacity planning, demand forecasting, pricing optimization, yield management and loading balancing optimization.
Majority of the health organizations are incorporating the Internet of Things (IoT) to lower medical costs and increase efficiency of health care. This technology offers more ability to accurately monitor patients who receive remote medical care and also offers the disabled individuals greater opportunities for independence outside of health care facilities. The Internet of Things (IoT) technology in the healthcare industry includes glucose monitors that track blood sugar levels continuously, remote vital signs sensors, radio-frequency identification tags that allow medical professionals to track patients and medical equipment, and smart pillboxes that monitor patient subjected to treatment and create reminders for patients to take their medication.
Home automation technologies involve Internet of Things (IoT) aligned with the use connected cameras and sensors to track and relay information to a user’s smartphone or other interface. Internet of Things (IoT) technologies incorporated in home automation helps consumers to lock or unlock their doors, activate or deactivate alarm systems, adjusting lights as per consumers’ particular moods and better energy efficiency, turn appliances on or off, order groceries and supplies, and regulate home temperatures. All of these home Internet of Things (IoT) features can be accessed from anywhere with an internet connection by using voice commands or a simple interface on a smartphone. This technology is more useful for disabled individuals and can be essential for them to maintaining a safe, healthy, enjoyable home life.
The increasing demand for the first generation of Internet of Things (IoT) products such as fitness bands, smart watches, and smart thermostats, for instance will increase drastically as component technologies evolve and their costs decline. The increasing demand for the first generation of Internet of Things products such as fitness bands, smart watches, and smart thermostats, for instance will increase drastically as component technologies evolve and their costs decline. The population worldwide will demand for smartphones with the rise of smartphone usage. The market trend of Internet of Things includes expansion of mobile network infrastructure worldwide.
Internet of Things (IoT) provides security for the sensitive materials that contained facility’s medical records and requires security from hackers and other IT breaches. The most innovative technologies in smartphones and tablets has suggest limited knowledge of Wi-Fi and Bluetooth technologies beyond the consumer electronics space for better results. Few applications of Internet of Things (IoT) include installing sensors in cars, physicians can use the information collected from wireless sensors in their patients’ homes to improve their management of chronic diseases.
The growth in Internet of Things (IoT) will witness an increase in number of smart connected devices. The major market challenge of the Internet of Things is the concerns over data protection and security. In the developing economies there is a rising demand for Internet of Things (IoT) with the rising technology and developments. It was estimated that the Internet of Things (IoT) industry will grow at a positive rate and the market for connected devices will grow drastically by the year 2020.