What is Internet of Things (IOT)?

The Internet of Things (IOT) is a technology that interrelates any computer device, mechanical device, and animal with bio-chips, people with unique identification numbers (UID) and their ability to transfer data on a network without any human being involvement, or human to computer interaction.

An IOT could be anything is it, a health device like glucometer, a vehicle with automated built-in sensors, domesticated animals of farms, or wildlife animals with bio-chips can easily transfer data to a particular monitoring system with any manual involvement.

How IOT works?

An IOT is a group of web-dependent on smart devices that use embedded processors, and other hardware communicators, which send, collect or act upon on the data they get from the entire environment. IOT enabled devices collect the data from the main gateway where the data is sent by the cloud is analyzed. These interconnected devices act upon the data received between them, these devices work without any human intervention, however, the humans have the power to communicate with the devices.

These web-enabled devices works on the protocol of IOT applied systems to communicate, and getting connected with each other.

How Important is IOT in our lives

IOT technology will enhance the living standards of people by gaining complete control over the day to day devices they use normally, IOT can be proved to be extremely useful in businesses as well, this technology will enhance the capability of workforce, real-time insight look of how the machines and logistical departments works in tandem.

IOT will reduce the labor costs by implying automated processes, it will be beneficial in cutting down the amount of waste, and also enhancing the quality of products subsequently, it also helps in transparency in customer interactions. IOT has lot of scope in various sectors of our industries like health, manufacturing, finance, and retail. It massively helps in reducing the overall time and expenditure incurred in the processes of the business. Similarly in unorganized sector of farming it can accurately evaluate the crop yield, and also predict the risk factors associated with the sector.

Benefits of IOT in industries

IOT can be extensively helpful and beneficial in various sectors of industries.

  • Improving customer relationship with improved interactions
  • Overall monitoring of the industrial processes
  • Reduce the amount of time and expenditure
  • Improves the productivity of the employees
  • Getting better revenue generation

IOT will definitely a tool for improvising the processes of business modules in different sectors.

Future feasibility of IOT technology

Internet of Things have massive growth prospects in the coming future, it’s a kind of technology that will be extremely useful and beneficial for future generations. According to estimation, the hardware requirements for IOT will be around 450 billion dollars by end of 2020.

With revenue estimation of more than one trillion dollars by mid of this decade, IOT is the next big thing in technological world. Around 20 billion interconnected things will work on IOT enabled technology, which is valued around 3.7 billion dollars. IOT technology is new age technological innovative solutions to enhance and ease out the living standards of the people around the world.

Read more New Technology Blogs from JustFinder