How Internet of Things (IoT) is Changing the World?
Hello guys, in this tutorial, I am going to acknowledge you about how the Internet of Things (IoT) is changing the world and many more important things related to IoT.
Internet of Things (IoT)
The Internet of Things (IoT) is a system of interconnected computing devices, digital machines, objects, sensors, actuators and Network Connectivity that enables these objects to transfer data over a network without requiring human-to-computer interaction.
The, 2017 brought us transformation and excitement for us in the IoT space.
It’s really a true transformation in IoT world. We have seen till now in every industry invest in IoT, and leading industries are quickly moving and growing to implement IoT solutions that drive the bottom line.
Consumer products, like wearables and connected electronics, are mainly a large part of the market so far. But International Data Corporation (IDC) estimates more than 80 percent of IoT spend through 2020 will be on B2B applications and use cases.
For that Reasons, IoT will be one of the primary drivers of the digital transformation in 2018 and in future also. Using IoT, successful and MNCs companies will create a self-learning environment.
In turn, those will drive digital disruption in the physical world. New business models and Projects will emerge, along with changes in work processes, productivity improvements, cost containment and enhanced customer experiences.
With all these Points, I want to share what I believe and think will be the top Three IoT trends in 2018-19.
#1 Digital Twin (Trending)
What is Digital Twin?
Digital Twin is a key or we can say a tool to improve operations with digital data.
Digital Twins are the next step in the world of IoT. In short, the digital twin is a virtual doppelganger of the real-world things. In a software-everywhere world, Digital Twin technology will help organizations bridge the divide between the physical and digital data.
How does a digital twin work?
The smart components that use sensors to transfer data about real-time status, working condition, or position are integrated with a physical item. Digital twin components are connected to a cloud-based architecture system that receives and processes all the data through the sensors. This input is analyzed against business and other contextual data.
#2 Blockchain (Trending)
In the year 2018, Blockchain will play a vital role in enhancing security, making transactions more seamless and creating efficiencies in the supply chain.
I expect the coming year will be one in which we see companies start to leverage blockchain in Two key ways:
- Build trust – Blockchain can help build trust between the people and parties that transact each other. It reduces the risk of collusion and tampering.Several records of transactions and data from devices stored on the blockchain provide proof and command the necessary trust for businesses and people to cooperate.
- Reduce costs – Blockchain enables Peoples and others to reduce monetary and time commitment costs by removing the “middle man” from the process. Transactions and other device data are now set forth on a peer-to-peer basis and eliminating most legal or contractual costs.
#3 Security (Trending)
As we rely on connected devices to make our lives better and easier in 2018-19, security is a must. All participants in the IoT environment are responsible for the security of the devices, data & solutions. This means every person either he/she is manufacturers, application developers, consumers, operators, integrators and enterprise businesses should all follow best practices.
IoT security requires a multi-layered approach. From a device point of view, it starts with design and development. Hardware, firmware/software & data must stay secure through the entire product lifecycle. It’s the same approach whether you’re a security analyst or operations person responsible for IoT solutions.
IoT’s full potential will only be reached if security challenges are addressed. That requires a combination of interoperability, education & good design—and a proactive, not reactive approach to designing security features.
#4 Smart City (Trending)
2018’s Smart City of IoT Projects will focus on improving the lives of people that live in the world’s biggest metropolises.
This technology will help to streamline transportation, by collecting massive amounts of data regarding traffic, parking lots, and public transit.
#5 The Retail Industry (Trending)
In the Latest trend, IoT projects will have the biggest influence on the retail industry.
Major retailers like Walmart, FoodBazar, BigBazar etc. have already started using Machine Learning and IoT technology to improve their customer experience and increase their sales — both online and in-store as well.
We have measured three things till now: What people search for on ‘Google’, what people talk about on ‘Twitter’, and what people write about on ‘LinkedIn’. The highest score received a rating of 100%, is the “Internet of Things”(IoT). Rest people search for various technologies related to Android App development, IOS app development, and so on.
Needless to say that the current hype around the Internet of Things (IoT) is huge. It seems like every day a new company announces some IoT enabled product. And with it some prediction of where the market is going. Instead of making yet another biased prediction, we measured what the really popular Internet of Things applications are right now.
Smart and Connected devices that are already transforming our world and the competitive forces in business. To demonstrate how fast this sector is growing and what an impact it will have on our lives and business, I have rounded up 10 of the most mind-boggling IoT numbers and stats that prove that the phenomenon is here and here to stay:
- Many of the people 87% have not heard of the term ‘Internet of Things’(IoT).
- ATMs are considered some of the first IoT objects and went online as far back as 1974
- If we talk about 2008 or before, there were already more objects connected to the Internet than people.
- This year, we will have 4.9+ billion Connected things.
- And some predict that by 2020, the number of Internet-connected things will reach or even exceed 50 billion.
- for the future point of view, at least one billion vehicles will be connected to the Internet, giving us completely new possibilities for vehicle services and automated driving.
- In fact, we already have cars that can drive on their own – Google’s self-driving cars currently average about 10,000 autonomous miles per week.
- And one more thing, Internet-connected clothing is coming. We predict that 10.2 million units of smart clothing will ship by 2020, compared to a meager 140K unit in 2013.
- Today, the market for Radio Frequency Identification (RFID) tags, used for transmitting data to identify and track objects, is worth $11.1 billion. This is predicted to rise to $21.9 billion in 2020
- Having a connected kitchen could save the food and beverage industry as much as 15-16% annually.
Government regulations on IoT
One of the key drivers of the IoT is data. The success of the idea of connecting devices to make them more effective and efficient is dependent upon how the data is access to and storage & processing of data.
For this purpose, companies working on IoT collect data from various sources and store it in their cloud network for further processing. This leaves the door wide open for privacy and security dangers and single point vulnerability of multiple systems.
Some of the examples of legislation that is relevant to privacy and data collection are the US Privacy Act of 1974, OECD Guidelines on the Protection of Privacy and Transborder Flows of Personal Data of 1980, and the EU Directive 95/46/EC of 1995.
Looking forward to 2018
I am expecting these Three things to play a major role in IoT enterprise in the coming year. And I fully expect other trends will emerge that aren’t even on the horizon yet because IoT is evolving so rapidly that there’s always something new!
If we talk about 2018, I hope you’re as excited about the IoT world as I am. And if you have thoughts on these or other trends that you believe will drive IoT transformations, let me know. I’d enjoy hearing from you!