IoT or the Internet of things is everywhere. We are surrounded by it and immersed in it. A stream of interconnected and interrelated devices, digital machines, objects, and appliances surround our lives today. IoT has enabled us to remove the dependency on human-to-human & human-to-computer interactions. With machines communicating with themselves over assigned Internet Protocol, IoT is the crowning achievement of the Emergent Age. And businesses are no exceptions. IoT in business is growing at an exponential rate and is expected to surpass $2.4 trillion annually by 2027, with over 41 billion connected devices.
Imagine a world where you can relieve yourself of all trivial tasks. From waking up in the morning to receiving weather reports, IoT can help you switch on the lights, monitor your vitals, and whatnot. Then why not let IoT do some of your work? This is indeed in action, as many businesses are leveraging IoT to rid themselves of trivial tasks so that they can focus on what matters to them the most. But like every great boon or discovery, IoT is a double-edged sword. While IoT in business can lead to reduced operating costs, new consumer insights, identify business growth opportunities, and streamline workflows, IoT at the same time can lead to compromising data privacy & security, technical complexities, unemployment, and a mechanical lifestyle dependent on machines and things.
So, where do we lie in this spectrum? Do the positives outrank the negatives or are we to become the slave of technology that we created to master? Honestly, it is not as dire as one would seem to think! Responsible usage, limited screen time, and a balanced approach are what we need to consider. Caution is advised but so is the ability to adapt. The road to a successful technology is always under construction and IoT exemplify it.
Internet of Things or IoT is an ecosystem for smart appliances, devices, machines interconnected over Internet. As per Statista, by 2025, we are expected to have 21.5 billion units connected via IoT. As of 2022, the global IoT security market has grown to $5.09 billion, a compound annual growth rate (CAGR) of 31.7%. The pandemic has driven industries to transform like never before, which has increased the demand for IoT solutions.
IoT in business is characterized by two main features:
1. Automation: IoT enables direct communication between devices without any human interference.
2. Connectivity: Globally connected networks allow easy access to a wide range of information.
IoT also leverages numerous other technologies like AI, Big Data, Machine Learning for data transfer, analysis, and response among multiple devices. Due to the IoT’s rapid growth, companies and workflows have begun to include it, mostly for its smooth automation and carefully chosen connectivity.
Let’s take a quick look at the Advantages of IoT.
IoT is extremely useful in tracking and monitoring. Because the devices constantly ingest data from all sources, right from tracking to monitoring to reporting and surveillance, IoT is perfect.
Because the technology is still emerging, there are numerous aspects that can be improved upon.
IoT can be a boon or a bane dependent on various factors. IoT requires considerate usage, proper implementation, regulated guidance, and above all, an ethical approach. If all of these are maintained, then IoT in business can work wonders.