When we talk of the expanding range of tech in our daily lives we cannot forget what connects or in other words binds them all together. Basically, the internet of things (abbreviated as IoT) is the network of devices, appliances and other items and the communication between these devices through the internet. It is an ever-growing network. With the help of IoT we can improve the efficiency of our systems, reduce human exertions and even gain economic benefits.
How much can IoT expand?
Analysts at ReportsnReports the worldwide market for IoT is expected to reach $185.9 billion by 2023. According to Cisco IoT is expected to generate $14.4 trillion in the next ten years alone. Also, the number of connected devices is estimated to reach 20.6 billion by the year 2020. With its expansion, IoT is transforming our lives through our smart devices. Here are just seven ways in which IoT based electronics projects are changing our lives.
1: Smart Home:
The first place we want to limit exertions is perhaps our home. Imagine waking up to your coffee already being brewed at 7 sharp. Or your lights being automatically turned off the moment you step out of your house. Simply put, IoT is helping to make our lives more convenient and easier. All of this is from the root of smart home automation. The smart home technology itself is expected to grow to approximately $20.9 billion by 2020. The main aim is to save time, energy and money. From smart home automation companies like Creston, Savant, and RTI to smart home brands such as Next, Amazon, and LG are just a few aiming to make your homes smarter.
Now, if we’re talking about saving energy, the first idea is to create devices that are compact and yet can carry out all our functions. Wearable devices are in such a large demand in the market and their demand is just increasing as the devices are constantly being developed to be more compact, lighter, and obviously more accessible. According to Scalar Market Research, the total market worth of wearables was worth $28.89 billion in 2016 and is expected to grow up to $71.23 billion by 2021. The key market players are Google, Apple, and Nike just to name a few. They are making devices such as smart watches, sleep sensors, augmented reality headsets with many applications including fitness and wellness, safety and security and lifestyle.
3: Industrial IoT (IIoT):
IoT is also playing a very active role in the industrial sector. The main focus is to improve operational efficiency. It is to connect things inside and outside the factory and to improve the monitoring of operations. It includes asset monitoring, remote control of connected machinery used in industries such as drills, forklifts, cranes etc. Production floor monitoring, remote PLC control, automated control systems. According to IndustryARC the industrial IoT is projected to reach $123.8 billion by 2021.
4: Smart Cities:
While we are smarting our homes, the innovation of IoT has expanded to improving our cities by improving infrastructure, transportation systems, and by creating cost-effective municipal services. Smart city initiatives are underway all over the world started by government agencies. Some of the most popular applications include smart traffic i.e.; parking systems, traffic monitoring, smart bus lanes etc. other applications include street lighting, environmental monitoring, and surveillance for public safety.
5: Connected Cars:
The Internet of Things is also breaking grounds for car manufacturers by upgrading the traditional car. Essentially, the connected car is a revolutionary way for us to drive as we stay in touch with the world around us. It focuses on optimizing the cars internal functions and keeping in view the comfort of the passengers onboard. We are already familiar with services such as Uber and OLA which generate data to help manage their activities. Then we have major brands working to revolutionize automobiles such as Tesla, Apple, BMW, and Google etc. Some applications we focus on in this area are real-time tracking, monitoring of sensor readings and remote control of vehicles. SNS research shows that the annual revenue of connected cars services is expected to reach nearly $40 billion by 2020.
6: IoT in Agriculture and Farming:
The global population is expected to reach 9.6 billion by 2050. In order to feed such a large population, we need to find ways to innovate and improve our agriculture sector. This is where we talk about IoT and how it has affected our agricultural sector. Basically, it focuses on improving the system so we can grow more food that is sustainable and healthy. In IoT based smart farming, the field is monitored by sensors for light, humidity, temperature and soil moisture etc. and the irrigation systems accordingly.
7: IoT in Smart Retail:
IoT is also a great upgrade to the retailing systems. The retail system has a large range with new trends, new brands being introduced daily. Hence, introducing IoT into this system is only improving them. The applications it holds includes RFID tracking chips, equipment maintenance, and smart transportation. Not only this with smart retail you can detect market trends and user interests. Combining all these and analyzing you can provide customers with the products according to their preferences. Retailers will also be able to remain connected with their customers through smartphone applications.
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