Connectivity is the game changer of this decade. There are more devices getting connected (to each other) than ever before. While in 2008, the number of devices connected to the internet was more than the population of the planet; the number has since trebled. And in 2020, it is estimated that there would be more than a billion such connected things. The market size itself is expected to be $ 8.9 trillion. This is half the size of the US economy alone. The Internet of Things (IoT) will undoubtedly change everything and will be a new construct in the information and communications technology world.
What does IoT do?
Internet of Things (IoT) in essence builds a world where things can communicate with each other and provide desirable results to the end user. We have smart devices such as heart implant monitors for checking heart rate, smart goggles that provide user information about the artefacts in a museum, beacons that aggregate information and relay those through mobile apps. With IoT the consumer gets pertinent information real-time anywhere, anytime. IoT helps customers become smarter about their assets, workforces and workflows. It enables them to monitor their processes while at the same time using the information to make smarter business decisions.
Things in the Internet of Things
Things in the Internet of Things include ever day devices such as beacons, phones, wearables that are connected via the internet and which collate, communicate, and compute data residing in the cloud to user inputs that enrich the quality of life of the consumer without incurring expenditure.
The coming of the second wave of IoT
While the first phase of IoT dealt with industries that were more machine to machine (M2M) oriented such as power, oil and gas the second phase of IoT is more consumer oriented. IoT has modernized the retail, hospitality, healthcare and entertainment sectors in a major way. Rich notifications (audio/video/text), real-time analytics, Big Data, and gamification engage end users by providing rich content and notifications.