The use of internet is increasing at a very fast speed and on a very large scale. The Internet is making our work easier than ever before. We are increasingly using devices that are connected to the internet in some way - smartphones, home automation systems, GPS systems in cars etc. This is where IoT comes into picture.
IoT stands for Internet of Things. In simple words, Internet of things is the combination or system of devices that are connected to the internet. In other words, it is the network of devices that are embedded with sensors, electronics, software, connectivity etc. that enable these devices to connect and exchange data and information. IoT improves efficiency, and reduces human efforts. IoT extends internet connectivity over standard devices like laptops, smartphones, PCs etc to any range of non-internet physical devices. The devices using IoT can interact and communicate with each other over the internet and they are remotely controlled and monitored. The word 'thing' in IoT can be anything like a heart monitor embedded in a human being or a device with inbuilt sensors. The devices that are connected through IoT are assigned with a unique IP address and they collect and transfer data over the internet without any manual intervention.
Here's the top industries leveraging the increasing use of these interconnected devices
Automobile industry
It is one of the industries that benefited after the introduction of IoT. Car GPS system and self-driven cars are some of the examples of IoT in the automobile industry. IoT allows automobile companies to update the software and respond to real-time mechanical issues by enabling data communication system. IoT helps to improve vehicle performance. We can avoid accidents or safety hazards by using IoT in the automotive industry.
Manufacturing
IoT is not a new concept for the manufacturing industry. Many manufacturing plants are using machine learning and smart sensors in their manufacturing process. Manufacturing units are using IoT in order to optimize their manufacturing process, monitoring and maintenance of equipment. IoT in manufacturing is used to track factory assets increase analytics functionality. Now manufacturing companies are working on 'smart manufacturing' pattern to enhance the productivity and efficiency of manufacturing operations.
Agriculture/AgroTech
IoT is also being used in agriculture industry nowadays. The agriculture sector is using IoT devices or equipment that is connected through IoT such as smart water control pumps, chemical level monitors etc. These smart equipments are used to check soil and air quality fit for agriculture. IoT in agriculture allow making real-time changes and thus raising effectiveness in the process. Farmers are using IoT technique in order to produce more and fulfill the demand of growing populations.
Healthcare
IoT has increased the lifesaving potential in the healthcare sector. It helps to improve the quality of life of patients by enabling self-monitoring and management of health. For instance, the hospital staff gets alerts for repairing and maintenance of medical equipment such as MRI machine, ventilator machine, cardiac monitor and other devices by connecting them to the internet. It proves to be very helpful as working medical equipment can make difference between life and death.
Hospitality
The introduction of IoT has changed the traveling experience of people. The hospitality industry is also using IoT to improve the experience of their customers. They have started to use facial recognition systems that allow the managers to know their customers before arriving and check-ins. Sensors and emotion recognition cameras are the great innovation of IoT that help the hotel employees to capture the emotions of their guests and to know whether they are hungry or not and then recommend them food according to their choices and preferences. This will help the employees to make the custom meals available to the customer before they ask for it.
Retail
The retail sector has been changed as a result of IoT. It has changed from physical shopping to E-commerce shopping. Now people prefer to do online shopping rather than visiting stores. With the introduction of IoT in the retail sector, supermarkets are also altering their retail approach. For example, retail stores are using Bluetooth beacons in their stores to reach their customers. These Bluetooth beacons enable stores to provide location-based services to their customers. Once the customer linked with retailer app they are able to receive information regarding specific product and discount on their mobile phones.
Finance
Finance industry is also enjoying the benefits of IoT application in banking and finance. IoT has increased the security of both the bank and the customer as well. It has introduced many transformations in banking sector like mobile banking, ATM, Smart cash points etc. It has also allowed the customer with money transfer, cash deposit, and other financial transaction through mobile or laptop over the internet.
Transportation
IoT technology is being used in the transportation and logistics industry to provide better business experiences. GPS tracker is one of the examples of IoT solutions in the transportation industry. With the help of GPS tracker, the customer can keep an eye on the product that has to be delivered to him by connecting GPS tracker with a navigation system in his mobile phone. He can trace the location of the transportation medium. Shipping vehicles are connected with sensors to monitor temperature that helps the companies to ensure that their cargo is arriving in a safe condition. IoT solutions are also used to monitor how safely a driver is driving the vehicle.
Energy & Utilities industry
Energy and utility sector is also using IoT technology to get better results. IoT devices are used by oil and gas companies to measure drilling lines. These devices optimize the process and minimize the expenditure by measuring the speed of the drilling procedure. Smart energy grid is a popular innovation that relies upon IoT devices that ensure the communication between energy grid and consumer over an internet connection. Use of IoT technology in the energy sector not only save the money but also save time and energy.
Smart homes & buildings
IoT has a great impact on residential and commercial real estates industry. The introduction of a smart building is connected with IoT solutions. The home automation system, smart door locks, smart heating systems, security camera, and lightings are some of the examples of IoT in the real estate industry.
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