Internet of things will enable the devices to sense their environment, gather data and share that data with other devices over the network without human intervention. Every such device will have an IP address and a unique ID for its identification, so that it can be connect to an online network and communicate with other devices or controllers or humans.
The Internet of things is not a new concept and has been there since long time though it’s more prominent now with the decrease in the costs and increase in the availability of software and hardware. With the immense cost reduction in smart devices and network services with greater coverages, people have unlimited access to the internet.
Over the past 10 years prices of sensors, bandwidth and processing have dropped tremendously, sensor prices dropping to an average of 60 cents from $1.30 and bandwidth prices dropping to nearly 40 times while processing costs have gone down by a factor of 60X according to surveys.
The IOT applications range from wearable devices, building and home automation, smart cities, smart manufacturing, health care and automotive etc. Apart from these there are numerous other types of devices in many other domains that are being connected to the internet. Philips has introduced a light bulb that can be controlled from your Smartphone, which is similar to the Apple’s iBeacon technology. Nest’s “learning” thermostat and Google’s Driverless or driver-augmented vehicles that use sensors and cloud connectivity to make intelligent decisions are other examples of IOT in action.
There are over 12.5 billion devices connected to internet in 2010, and it is predicted that the number will cross 20 billion by 2015. This trend shows that on an average the rate at which devices are getting connected to internet is 5-7 billion every 5 years.
SAS, Cisco, Duke Energy and AT&T are some big patrons of the Internet of Things (IoT), commonly known Industrial Internet. Apart from that over seventy-five percent of global business leaders are exploring the economic opportunities of IoT, according to a report from The Economist. All this attributed to large amount of $2 trillion growth in IoT opportunity for Industrials by 2020.
It is not so hard to contemplate the amount of revenue Internet of things can generate due to the variety of fields it is applicable to; the numbers are in billions and trillions. Any industry for that matter can gain from Internet of things because one way or other they can be a part of it, internet of things has attracted many eyes in recent past opening doors to more innovation and more ways of generating global economy.
On one hand where we are worrying about the jobs that are destroyed by technology, according to ABI Research the number of developers involved in IoT activities will reach 1.7 million globally by the end of 2014. While today there are just 300,000 developers contributing to the IoT, a new report from VisionMobile projects predicts 4.5 million developers will be involved by 2020, reflecting a 57% compound annual growth rate and a massive market opportunity.
Unlike other technologies Internet of things not just generates revenue it saves a lot of it as well. With the wide application of sensors and actuators that will automatically sense the environment and change their behavior based on that, many situations leading to accidents can be avoided without human intervention.
Verizon is saving more than 55 million kWh annually across 24 data centers by deploying hundreds of sensors and control points throughout the data center, connected wirelessly.
These savings would not just be for the big industries, common users can also make a lot of savings with internet of things. For example, when you are out of house and you mobile senses that you left your gas open it can shut it off automatically without you need to be even aware of it. The sensory system inside the house can sense the environment and inform the central system which in turn can either take action on its own or forward information to the user.
But when so much data is being captured on daily basis, it becomes a problem to save it and keep it safe. A study by HP found 70% of the most commonly used IoT devices contain security vulnerabilities. Unfortunately there have been no long term solutions identified to the security and data management associated with Internet of things. It would ultimately need tools that can mine the good data out of the huge inflow of data from a wide variety of applications. An intelligent unit to decide what data to keep and what to discard will act as ultimate filter for the information generation system which will enable decision making by smart devices.
Even when 100 ‘things’ are coming online every second (Cisco, July 2013), there are about 44% of business executives who have not heard of IOT. Many people who are using smart phones or internet daily are not aware of Internet of things even though they are using it in one way or other and are big contributors.
But that doesn’t mean that they are not ready to embrace the technology. 60% of Americans are willing to share data from their car with the vehicle’s manufacturer. And not that they don’t know about the IoT security 69% of U.S. consumers think they should own the personal data on all Internet-connected devices they own.
As such most of the data analytics come from US it is not the only nation that is aware of IoT, the UK government recently approved 45 million pounds (US$76.26 million) in research funding for Internet of Things technologies.
According to a report released by GSMA over the summer, 27% of all global machine-to-machine (M2M) connections are in China, while all of Europe has 29%, and the U.S. has 19%. In the decade leading up to 2020, China’s government has committed to spend $603 billion for M2M connections.
Like all other technologies Internet of Things promises a lot of things and the future looks almost good for it, but like all other technologies there are concerns around it. Because of the wide variety of applications that IoT provides it can be seen that it will provide an overall growth, however the data that these widely ranging applications would bring needs to be taken care of too or it may become the ultimate reason for the failure of IoT.
Originally posted 2015-04-16 14:50:26. Republished by Blog Post Promoter