Internet of Things (IoT) and Its Applications in Today's World

The Internet of Things (IoT) is quite a vast concept, but we can summarize it as an ecosystem that consists of smart objects with networks, sensors and processing technologies. It integrates and works together to create an environment providing smart services to end-users.

IoT is an emerging technology platform that enables various devices around us to communicate with each other through sensors, connected via the internet to make our lives easier.

This emerging spectrum of IoT cloud applications has its presence in multiple sectors. Currently, the applications of IoT cover adverse areas including manufacturing or the industrial sector, agriculture, the health sector, smart cities, security, and emergency services among many others.

IoT enables the development and deployment of smart devices to solve real-world challenges and issues. Hence, most of us today are surrounded by various 'smart devices' like smart homes, smart cars, smart televisions, smartwatches, etc. that are helping us make our lives easier and smoother.

Another example of achievement in IoT is the Smart Health Sensing system (SHSS). It is a compact intelligent device that monitors our health. This device is predominantly used within the healthcare industry in hospitals and especially in trauma centres to monitor the critical health conditions of patients.

It goes without any doubt that this combination of internet and smart devices has entered into our routine lives and has been positively impacting them.

Digital transformation, faster connectivity, and developments in machine learning and artificial intelligence have helped IoT applications to set their deep roots in our lives as well as industries in the future. As of now, IoT technology is at its golden age. A Microsoft report of 2019 estimated that more than 94% of organizations be using IoT by 2021. According to Statista, in 2017, the technology reached USD 100 billion in market revenue for the first time and it is expected to rise to about 1.6 trillion by 2025.

IoT applications have become an important aspect of our lives and industry functions, however, there are many challenges and scope for this spectrum. With huge data creation and the exchange of large data on a daily basis, security has become a crucial matter nowadays. Data security and privacy issues are the most important parameters to develop confidence in IoT Systems.

Hence, the IoT industry is expected to concentrate on security to meet the complicated challenges in the coming years. In the coming years, the industry is expecting an increase in security-centric smart gadgets and automatic capacity to scan networks for IoT gadgets. The amazing combination of Artificial Intelligence and IoT with the enhanced role of data analytics will undoubtedly deliver amazing and more impactful solutions.

As already established, IoT technology is one of the most prominent technology trends to have emerged in the past few years. Through the years, IoT has been shaping many business activities, technological functions, and consumer trends. The global Covid-19 pandemic was a big roadblock for many industries and IoT was a major driving force during this time.

With the use of Siri, Alexa, Google Home, and other household IoT-enabled applications, IoT has become one of the most important aspects of our daily routine. Moreover, these devices have become a part of our new normal work culture i.e., Work from Home.

Features like automated scheduling and intelligent advanced calendar tools in these devices have helped to manage all work-related activities without compromising on personal time. Plus, your overall productivity during Work from Home has been enhanced with interactive video conferencing and virtual meeting rooms.

The global pandemic has created a huge need for advanced healthcare facilities. Today, the healthcare sector is fully utilizing the benefits of IoT technology and efficiently working with it. The output of the business is reflected in the form of customer satisfaction, quality service, 24*7 availability, and off-clinic patient monitoring. and various other benefits.

With the help of smart gadgets and connected devices, we are expecting safer and more efficient stores and supermarkets. Additionally, retailers can not only create innovative use cases to enhance customer experiences but also reduce operational costs. They can gain an advantage in their business with:

• Better supply-chain management with GPS sensors and RFID tags.

• Smart inventory management based on customer-buying behaviour to avoid overstocking, stockouts, and shrinkage.

• Retailers can automate inventory visibility with IoT and also develop procurement planning.

• Automate and even personalize checkouts for customers.

In the coming years, with the emerging usage of technology and smart devices, we can expect more smart city initiatives globally. A smart city is largely dependent on the flow of information and actionable insights from real-time city data. Here is where IoT technology can help with numerous city functions such as:

• Intelligent monitoring of traffic on the road to avoid roadblocks and easy commutes.

• Scheduling of public transport can be improved with smart GPS.

• Sensors and RFIDs can help with better management of civic amenities like recycling centres and segregation of waste.

One sector that has a large scope for IoT is the automotive industry. Internet of Things applications can be utilized in the process of achieving V2X technology i.e., Vehicle to Everything technology. Other uses can include:

• Predictive maintenance of the automobile to reduce the risk of malfunctioning of the vehicle; and wear and tear of the parts.

• In-car infotainment powered by 4G/5G wifi for hands-free navigation and access to Google assistance or Siri.

• Compliance with environmental and traffic rules for safety.

The Internet of Things application has strong capabilities to improve and strengthen the current agriculture sector. As per a report by Statista, the use of IoT in agriculture is set to grow worldwide. Reports suggest that the IoT market size for the agriculture sector in 2018 was 14.79 billion USD, but it is projected to reach 30 billion USD by 2030. Here are a few IoT use cases in agricultural processes:

• Agricultural Drones for imaging, mapping, and surveying the farms.

• IoT sensors can help farmers get accurate information on greenhouse conditions like temperature, humidity, lighting, etc.

• Just as in crop monitoring, these IoT sensors can also perform real-time cattle monitoring.

The advancements in IoT are propelling us farther than ever thought possible. Therefore, it is necessary to invest more in this technology and advanced tech projects. There is a need for a comprehensive IoT framework, machine learning, artificial intelligence, and embedded systems to improve our business activities and function in today’s interconnected world. By taking the most advantage of this powerful technology we can reap the advantages of smart functionality, features, and productivity from the connected IoT ecosystems.