The idea of IoT (Internet of Things) was first unraveled during 1999 by Kevin Ashton who is a famous British technology trailblazer.
He described IoT as advance Internet phenomena which imagine a network of connected objects chained using sensors to enable object discovery and the internet for data transmission.
The IoT these days is very popular and remains in the top 5 list of most discussed topics in the internet arena.
In the time to come, this concept would completely transform the way we are using the internet currently.
Let’s spends a few minutes to read about the IoT concept, its applications and the market opportunities around it.
Internet of Things Applications and Market Review
1. What is the Internet Of Things (IoT)?
The thing out of IoT could be a human with an ICM (Insertable Cardiac Monitor) implant or other life forms injected with bio-chip telemeters.
It could also be a semi-synthetic device which can acquire IP address for data transmission purpose.
And IoT is the network of such objects containing embedded technology to communicate, sense or interact with their internal states or the external environment.
The technology that enables communication between these devices is known as machine-to-machine or M2M. And the IoT products having M2M support are known to be as smart. A few examples of such advanced applications are like Smart Grid and Smart City.
IoT utilizes the IPv6 networking service as the backbone for its solutions. With such a capability, it’s easy to scale up the network capacity by allocating an inexhaustible no. of IP addresses for any amount of objects.
2. Who will benefit from using IoT applications?
Undoubtedly us, the people as we have limited time, attention and on top of these we are not very good at capturing data about things in the real world.
If we had systems that knew everything, gathers data without any help from us, then we would be able to track and count everything and significantly reduce waste, loss, and cost.
Also, if we would know when things need replacements, repairing or EOL (end of life), then such technology would surely make our lives much more comfortable.
All of these are real-time scenarios, but there is even more that IoT solutions can accomplish. One such innovation is the application of IoT in building Smart Homes.
This system plug-in motion sensors to communicate with electric switches and cameras. Also, the door locks and windows have sensors to connect with the alarm sensors. All of this happens without any human intervention.
3. What are the most common IoT applications/products available?
IoT applications are evolving day by day as big companies are showing primary interest in creating such applications.
Here, we are listing a few of them which have already hit the deck.
3.1. Smart Parking
Supposed to monitor the availability of parking space in the city.
3.2. Smartphone Detection
Detect iPhone and Android devices and in general, any device which works with WiFi or Bluetooth interfaces.
3.3. Traffic Congestion
Monitoring of vehicles and pedestrian levels to optimize driving and walking routes.
3.4. Forest Fire Detection
Monitoring of combustion gasses and preemptive fire conditions to define alert zones.
3.5. Air Pollution
Control of CO2 emissions of factories, pollution emitted by cars and toxic gasses generated in farms.
3.6. Potable water monitoring
Monitor the quality of tap water in cities.
3.7. Chemical leakage detection in rivers
Will detect the level of industry leakages/wastes in waterways.
3.8. Water Leakages
Detection of liquid presence outside tanks and pressure variations along pipes.
4. What are the technologies require to built IoT applications?
IoT applications use a stack of technologies to support different situations and requirements. For example, some IoT products will move on to using mobile networks like 3G/4G. Whereas, some of them will still work with the standard TCP/IP or Wi-Fi systems.
Applications designed for automobiles will use a mobile network to operate with the related devices while the TCP/IP and Wi-Fi will probably wind up working for the fixed location devices.
Bluetooth is also an alternative and used in a variety of IoT applications. But it’s suitable for products that can run on less power and remain in limited proximity.
RFID (radio frequency Identification) tags and NFC (near field communication) will also continue to have a presence in the IoT.
However, some of these may have limitations, problem areas, and unique error conditions. But these are technologies where the programmers and testers need to focus on so that they can do their jobs efficiently.
5. Challenges and Barriers to IoT
There are a no. of barriers which can slow down the development of IoT. The big three of them are the deployment of IPv6, power for sensors, and agreement on standards.
5.1. Deployment of IPv6
The world ran out of IPv4 addresses in February 2010. While it hardly had any impact on the general public, this situation has the potential to slow IoT’s progress since the potentially billions of new sensors will require unique IP addresses.
Moreover, IPv6 makes the management of networks easier due to auto-configuration capabilities and offers improved security features.
5.2. Sensor energy
For IoT to reach its full potential, sensors will need to be self-sustaining. Imagine changing batteries in billions of devices deployed across the planet and even into space. It isn’t possible.
What’s needed is the presence of low-powered devices, which need to function for months or years without getting any power recharge.
While the community has put up a lot of efforts to bring new rules. Still, there is more space for development in the areas of security, privacy, architecture, and communications.
Please note that the IEEE is just one of the organizations working to solve these challenges.
6. IoT Market and Future
Undoubtedly, the Internet of Things market is irrupting which any one of us can notice. And the reason for this spike is not very hard to understand. Though, it’s not going to cut down anytime soon.
The electronic components like sensors, networking chips and other technology required to connect to the Internet devices ranging from light bulbs to smartwatches to industrial equipment have all become inexpensive.
As some of the top analysts reported, it would be the largest device market across the industry. Two-thirds of consumers expect to buy connected technology for their homes by 2019, according to Accenture’s group company nearly half of them would spend on wearable technology.
IoT is supposed to add a $1.7 trillion in value to the world economy by 2019. This projection considers the cost of hardware, software, installation, management services, and economic value added from realized IoT efficiencies.
The main benefit of growth in IoT will come from increased efficiency and lower costs. No single company would win in building the IoT, nor will anyone app.
The growth of the IoT market will also depend on the size of the workforce creating value in it. While today there are just more than quarter of a million engineers contributing to the IoT, which is expected to grow up to 4.5 million by 2020, all of this is an indicator of massive market opportunity.
Final Thought – Internet Of Things Applications
Hope, you’d enjoyed reading the summary of IoT applications and the factors influencing our lives. Believe us that IoT has the potential to create value for all which includes the manufacturers, engineers, and consumers.
Next, we know for sure that the developers are fundamental to making IoT a big and profitable market because they create an ecosystem that makes other buyers interested in buying hardware, cloud services or some other value.
Thanks for Reading,