INTERNET OF THINGS
What is the Internet of Things (IoT)?
- The Internet of Things (IoT) refers to the connection of devices (other than typical fare such as computers and smartphones) to the Internet.
· The Internet of Things, commonly abbreviated as IoT, refers to the connection of devices (other than typical fare such as computers and smartphones) to the Internet.
The Internet of things (IoT) describes physical objects (or groups of such objects) with sensors, processing ability, software, and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks. Internet of things has been considered a misnomer because devices do not need to be connected to the public internet, they only need to be connected to a network and be individually addressable.
The field has evolved due to the convergence of multiple technologies, including ubiquitous computing, commodity sensors, increasingly powerful embedded systems, and machine learning. Traditional fields of embedded systems, wireless sensor networks, control systems, automation (including home and building automation), independently and collectively enable the Internet of things.
In the consumer market, IoT technology is most synonymous with products pertaining to the concept of the "smart home", including devices and appliances (such as lighting fixtures, thermostats, home security systems, cameras, and other home appliances) that support one or more common ecosystems, and can be controlled via devices associated with that ecosystem, such as smartphones and smart speakers. IoT is also used in healthcare systems. There are even connected footballs that can track how far and fast they are thrown and record those statistics via an app for future training purposes.
There are number of concerns about the risks in the growth of IoT technologies and products, especially in the areas of privacy and security, and consequently, industry and governmental moves to address these concerns have begun, including the development of international and local standards, guidelines, and regulatory frameworks.
- From fitness trackers to smart heating systems, the Internet of Things (IoT) describes the growing network of internet-enabled devices.
- It's also enabling smart cities and, in future, driverless cars.
- Along with other emerging technologies such as AI, the IoT is part of the Fourth Industrial Revolution.
- COVID-19 has accelerated the use of IoT technologies, but questions around governance remain.
Global Technology Governance Summit
In a nutshell, the Internet of Things is the concept of connecting any device (so long as it has an on/off switch) to the Internet and to other connected devices. The IoT is a giant network of connected things and people – all of which collect and share data about the way they are used and about the environment around them.
A brief history of the IoT
The concept of adding sensors and intelligence to physical objects was first discussed in the 1980s, when some university students decided to modify a Coca-Cola vending machine to track its contents remotely. But the technology was bulky and progress was limited.
The term ‘Internet of Things’ was coined in 1999 by the computer scientist Kevin Ashton. While working at Procter & Gamble, Ashton proposed putting radio-frequency identification (RFID) chips on products to track them through a supply chain.
He reportedly worked the then-buzzword ‘internet’ into his proposal to get the executives’ attention. And the phrase stuck.
Over the next decade, public interest in IoT technology began to take off, as more and more connected devices came to market.
In 2000, LG announced the first smart refrigerator, in 2007 the first iPhone was launched and by 2008, the number of connected devices exceeded the number of people on the planet.
In 2009, Google started testing driverless cars and in 2011, Google's Nest smart thermostat hit the market, which allowed remote control of central heating.
What are Other IoT examples?
Remote monitoring
Monitor almost any kind of asset—including heavy machinery, vehicles, and even livestock—almost anywhere, either continuously or at regular intervals. By tracking location, performance, condition, or environmental factors, the insights you gain from IoT-connected things may help you:
- Reduce your service costs and refine your business processes.
- Understand how your products are performing to provide a better experience for your customers.
- Increase the number of appointments per day, cut fuel costs, and reduce wear-and-tear by using machine learning capabilities to route freight or vehicles more efficiently.
Know where your resources are at any given moment—down to which vehicle they’re on—for improved field service, stronger security, and increased employee safety.
Predictive maintenance
Similar to remote monitoring, predictive maintenance incorporates machine learning software that analyzes data to predict outcomes and automate actions. Predictive capabilities allow service providers to move beyond the traditional reactive and scheduled maintenance business model and use their data to identify issues before they become critical. This gives technicians the opportunity to intervene before customers even realize there's a problem. Armed with this information, you're able to:
- Figure out what mechanical or operational conditions are causing failures or slowdowns.
- Better predict what spare parts to keep in your inventory before repair issues arise.
- Move beyond a break/fix business model by preventing equipment failures through preventative maintenance.
Facilities management
This IoT scenario is focused on monitoring your buildings, infrastructure, and other spaces, allowing you to improve energy efficiency, space utilization, productivity, and safety using the data you collect. The insights you gain may help you:
- Save money by automating lighting or optimizing heating and cooling cycles.
- Increase employee or occupant satisfaction by keep equipment running or ensuring that supplies are stocked.
Manufacturing efficiency
What is the internet of things used for in manufacturing? Every business is different, but many manufacturing processes share a common pathway from raw materials to finished products. With IoT, it's possible to learn from your own systems find new ways to manage your processes and product quality with data from your devices and sensors. With these data insights, you're able to:
- Identify bottlenecks that reduce efficiency, enabling you to improve your process.
- Reduce downtime caused by unplanned maintenance or equipment failure.
- Eliminate substandard materials, parts, or errors before your product is complete.
- Reduce downtime caused by unplanned maintenance or equipment failure.
Connected products
Connected products have smart, connective components that allow data to be exchanged between the product and its user, manufacturer, or environment. Related IoT solutions may help you build smart factories with new functionality, greater reliability, and higher product utilization. Using connected products, you're able to:
- Streamline the development and maintenance of your products.
- Provide more secure, connected experiences for your customers.
- Create new lines of business with managed service and support.
- Monitor how products perform to improve design, manufacturing, and reliability.
How does it work?
Devices and objects with built in sensors are connected to an Internet of Things platform, which integrates data from the different devices and applies analytics to share the most valuable information with applications built to address specific needs.
These powerful IoT platforms can pinpoint exactly what information is useful and what can safely be ignored. This information can be used to detect patterns, make recommendations, and detect possible problems before they occur.
For example, if I own a car manufacturing business, I might want to know which optional components (leather seats or alloy wheels, for example) are the most popular. Using Internet of Things technology, I can:
- Use sensors to detect which areas in a showroom are the most popular, and where customers linger longest;
- Drill down into the available sales data to identify which components are selling fastest;
- Automatically align sales data with supply, so that popular items don’t go out of stock.
The information picked up by connected devices enables me to make smart decisions about which components to stock up on, based on real-time information, which helps to save time and money.
With the insight provided by advanced analytics comes the power to make processes more efficient. Smart objects and systems mean you can automate certain tasks, particularly when these are repetitive, mundane, time-consuming or even dangerous. Let’s look at some examples to see what this looks like in real life.
Internet of Things
From soil moisture sensors being used to optimize farmer's yields, to thermostats and thermometers, the Internet of Things (IoT) is transforming the way we live and work.
Billions of networked 'smart' physical objects around the world, on city streets, in homes and hospitals, are constantly collecting and sharing data across the internet, giving them a level of digital intelligence and autonomy.
Around a quarter of businesses were using IoT technologies in 2019, according to McKinsey, up from 13% in 2014.
And already, there are more connected devices than people in the world, according to the World Economic Forum's State of the Connected World report, and it is predicted that by 2025, 41.6 billion devices will be capturing data on how we live, work, move through our cities and operate and maintain the machines on which we depend.
The digital transformation that is taking place due to emerging technologies, including robotics, the IoT and artificial intelligence, is known as the Fourth Industrial Revolution .
What is the World Economic Forum doing about the Fourth Industrial Revolution?
The World Economic Forum was the first to draw the world’s attention to the Fourth Industrial Revolution, the current period of unprecedented change driven by rapid technological advances. Policies, norms and regulations have not been able to keep up with the pace of innovation, creating a growing need to fill this gap.
The Forum established the Centre for the Fourth Industrial Revolution Network in 2017 to ensure that new and emerging technologies will help—not harm—humanity in the future. Headquartered in San Francisco, the network launched centres in China, India and Japan in 2018 and is rapidly establishing locally-run Affiliate Centres in many countries around the world.
The global network is working closely with partners from government, business, academia and civil society to co-design and pilot agile frameworks for governing new and emerging technologies, including artificial intelligence (AI), autonomous vehicles, blockchain, data policy, digital trade, drones, internet of things (IoT), precision medicine and environmental innovations.
Everyday uses
Connected devices fall into three domains:
I. consumer IoT, such as wearables,
II. enterprise IoT, which includes smart factories and precision agriculture, and
III. public spaces IoT, such as waste management.
Businesses use IoT to optimize their supply chains, manage inventory and improve customer experience, while smart consumer devices such as the Amazon Echo speaker, are now ubiquitous in homes due to the prevalence of low-cost and low-power sensors.
Cities have been deploying IoT technology for more than a decade - to streamline everything from water meter readings to traffic flow.
"Many cities now leverage license plate readers, traffic counters, red light cameras, radiation sensors and surveillance cameras to manage day-to-day operations."
In medicine, the IoT can help improve healthcare through real-time remote patient monitoring, robotic surgery and devices such as smart inhalers.
The future of IoT
The range of potential IoT applications is "limited only by the human imagination" - and many of these applications can benefit the planet, as well as its people.
A 2018 analysis of more than 640 IoT deployments, led by the World Economic Forum in collaboration with research firm IoT Analytics, showed that 84% of existing IoT deployments address, or have the power to advance, the UN's Sustainable Development Goals.
These include promoting more efficient use of natural resources, building better, fairer “smart cities”, and developing clean, affordable energy alternatives.
IoT smart roads that connect with self-driving cars could improve driver safety and optimize traffic flow, potentially reducing the average commute time by 30 minutes. Emergency responder times could also be cut significantly.
Real-time crime mapping and predictive policing tools could also help prevent crime. McKinsey estimates that using data to deploy scarce resources more effectively could save 300 lives a year in a city with the population and profile of Rio de Janeiro.
Weighing the risks
But for all the benefits, IoT technologies can also be misused and risks include security and privacy issues, cyber crime, surveillance at work, home or in public spaces and control of mobility and expression.
The Forum's State of the Connected World report identifies a 'governance gap' that needs to be closed between the potential risks and society’s efforts to safeguard against them through laws, industry standards and self-governance approaches.
"Effective technology governance mitigates risks and reduces the potential harms to society while also helping to maximize the technology’s positive impacts."
World Economic Forum - what-is-the-internet-of-things/
What is an Internet of Things device?
Any stand-alone internet-connected device that can be monitored and/or controlled from a remote location is considered an IoT device. With more smaller, more powerful chips, almost all products can be an Internet of Things devices.
What is the Internet of Things ecosystem?
All the components that enable businesses, governments, and consumers to connect to their IoT devices, including remotes, dashboards, networks, gateways, analytics, data storage, and security is part of the Internet of Things ecosystem.
Other Internet of Things terms & definitions:
- Entity: Includes businesses, governments, and consumers.
- Physical layer: The hardware that makes an IoT device, including sensors and networking gear.
- Network layer: Responsible for transmitting the data collected by the physical layer to different devices.
- Application layer: This includes the protocols and interfaces that devices use to identify and communicate with each other.
- Remotes: Enable entities that utilize IoT devicesto connect with and control them using a dashboard, such as a mobile application. They include smartphones, tablets, PCs, smartwatches, connected TVs, and nontraditional remotes.
- Dashboard: Displays information about the IoT ecosystem to users and enables them to control their IoT ecosystem. It is generally housed on a remote.
- Analytics: Software systems that analyze the data generated by IoT devices. The analysis can be used for a variety of scenarios, such as predictive maintenance.
- Data storage: Where data from IoT devices is stored.
- Networks: The internet communication layer that enables the entity to communicate with their device, and sometimes enables devices to communicate with each other.
IoT predictions, trends, and market
Insider Intelligence forecasts that there will be more than 64 billion IoT devices installed around the world by 2026. Additionally, companies and consumers will spend nearly $15 trillion on IoT devices, solutions, and supporting systems from 2018 through 2026.
What are the industries affected by IoT?
While we can expect IoT to affect every industry one way or another, there are several environments within the three groups of consumers, governments, and ecosystems will benefit the greatest from the IoT. These include:
- Manufacturing
- Transportation
- Defense
- Agriculture
- Infrastructure
- Retail
- Logistics
- Banks
- Oil, gas, and mining
- Insurance
- Connected Homes & Smart Buildings
- Food Services
- Utilities
- Hospitality & Healthcare
- Smart Cities
What are the major IoT companies?
There are literally hundreds of companies linked to the Internet of Things, and the list should only expand in the coming years. Here are some of the major players that have stood out in the IoT to this point:
- Intel (INTC)
- Ericsson (ERIC)
- Microsoft (MSFT)
- Amazon (AMZN)
- Google (GOOGL)
- IBM (IBM)
- Cisco (CSCO)
- Verizon (VZ)
- AT&T (T)
- GE (GE)
- Fitbit (FIT)
- Garmin (GRMN)
- Honeywell (HON)
- BlackRock (BLK)
What are IoT platforms?
One IoT device connects to another to transmit information using Internet transfer protocols. IoT platforms serve as the bridge between the devices’ sensors and the data networks.
The following are some of the top IoT platforms on the market today:
- Amazon Web Services
- Microsoft Azure
- ThingWorx IoT Platform
- IBM’s Watson
- Cisco IoT Cloud Connect
- Salesforce IoT Cloud
- Oracle Integrated Cloud
- GE Predix
IoT security & privacy
As devices become more connected thanks to the IoT, security and privacy have become the primary concern among consumers and businesses — but it’s not slowing IoT adoption.
However as more connected devices pop up around the globe, cyber attacks are also a growing threat. Hackers could penetrate connected cars, critical infrastructure, and even people’s homes. As a result, several tech companies are focusing on cyber security in order to secure the privacy and safety of all this data.
More to learn
The Internet of Things (IoT) is powering transformation for enterprises, consumers, and governments. Emerging tools and technologies like smart speakers, machine learning, and 5G are enabling huge gains to efficiency and more control at home and in the workplace.
Andrew Meola| Insider Intelligence internet-of-things-definition/
How can it help your business?
IoT enables your organization to analyze and act on data, allowing you to make smart decisions in real-time. With the timely and relevant insights about your business and customers that come with these new sources of data, there's great potential for industries of all kinds—including manufacturing, transportation, energy, agriculture, retail, and government—to operate more efficiently and provide new value to customers by implementing the right IoT solution.
What is the Internet of Things used for?
These insights can be used to transform your business and lower costs through improvements like reduction of wasted materials, streamlined operational and mechanical processes, or expansion into new lines of business that are only made possible with reliable real-time data. Create a real competitive advantage by using IoT to turn your data into insights and turn those insights into action.
What is IoT beneficial for?
Organizations that invest in the Internet of Things are able to deliver more value, including more personalized customer engagement, less waste of materials and labor, and increased operational efficiency. As data is collected and analyzed, new trends may even reveal new revenue opportunities. Because of these benefits, trends indicate that IoT use is both rapidly diversifying and becoming more commonplace.
Secure your IoT solutions
What is Internet of Things security and how is it different from regular cybersecurity? In short, IoT cybersecurity adds an extra layer of complexity as the cyber and the physical worlds converge. For this reason, it's important to monitor everything connected to your IoT solution and make sure to have threat monitoring in place to get alerts and address threats quickly.
Take your IoT solutions from device to cloud
Build according to your needs with solutions for devices at the edge, in the cloud, and connected to your line-of-business systems. Edge computing lets data to be processed closer to where it's generated, enabling you to analyze that data closer to real-time. Cloud computing is a model in which servers, applications, data, and other resources are integrated and provided as a service over the Internet..
Of IoT decision-makers surveyed:
91%
have adopted IoT in 2020
90%
believe IoT is critical to their company's continued success
64%
plan to implement even more IoT in the future
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