How IOT is revolutionizing different industries

Safalta expert Published by: Tushar Joshi Updated Sun, 26 May 2024 10:30 PM IST

Highlights

IOT (internet of things) is transforming the world by connecting everyday objects to the internet and creating a network for collecting data. There were over 16.7 billion IOT devices globally in 2023, with a predicted surge over 27 billion by 2025

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IOt is basically a network of all the physical devices that includes sensors, software, and other tech that allows them to share and exchange data between each other over the internet, and that is only the core concept of IOT. If we talk about the components of IOT,. We see many objects in our day-to-day lives with built-in sensors and processors, and they collect all the data, for example, temperature, pressure, and motion. Now, talk about connectivity. All the devices that are connected to the internet using various different sorts of technologies, like bluetooth, wifi, or cellular networks, fall under the same umbrella.

Source: Safalta

Now, if we talk about the data platform, all the collected data is sent to the central platform, where it is stored, analyzed, and then visualized. And the collected data is used by the applications to control the devices and also automate the given task. The future of IOT is filled with exciting possibilities with the advancement of technology and the adoption of technology in various other sectors. As we can see from the integration of IOT with artificial intelligence, the devices that not only collect the data but also learn from it will become decisive in near future We can see devices that can easily identify potential malfunctions and will send you alerts before it cause any problem. It is also a device that will suggest all the recipes you need on a dietary basis . and we can also see the current network is also struggling due to the ever-growing population of internet users and increasing numbers of devices, so there will be an upgrade to the current networks. Which will not only provide faster data transfer but also support massive connectivity.

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TABLE OF CONTENT

  • Transforming industries with IOT

  • Benefits of IOT

  • Future of IOT

  • The immense potential of IOT 

 

Transforming Industries with IOT

The IOT (internet of things) is a network of interconnected devices that communicates and shares data over the internet without human intervention. In simple terms, IOT connects everyday objects with the internet, which enables data collection, analysis, and automation to improve efficiency in various aspects of life. It can also make a huge impact over modern business like healthcare, which is also getting smarter day by day Devices like fitness tracker are just the beginning. It might be possible in the near future that, with the advancement of technology, wearable devices could measure your vitals and send you an alert about your overall health. General Electric also uses ioT sensors in jet engines that help monitor performance and predict potential issues, which ensures safety too. Even companies like Bosch use IOT in addition to analytics to find faults and then optimize the production process with efficiency. IOT in transportation is also transforming, along with other sectors, with the advancement of technology. Companies like Tesla use a network of sensors and cameras to collect real-time traffic data, which is used in self-driving features and improves overall safety on the roads. Cities like Los Angeles started using IOT to manage their traffic, which adjusts their traffic lights based on real-time traffic flow and helps to prevent congestion, which also does the same a lot of time. Retail shops also started using IOT for a better and more personalized shopping experience For example, Amazon Go stores use cameras and sensors to track customer purchases, which also helps eliminate the need for checkout lines, which helps create personalized shopping lines. IOT is also helping the agriculture sector to cultivate sustainability; it is helping farmers check the moisture level in the soil with the help of sensors, which helps reduce water waste and promote crop growth. Drones are used to check the field to identify pest-prone areas, which improves crop yield. These are some of the changes across different industries.

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Benefits of IOT

As we talked about the use of IOT in various sectors and how other sectors and organizations are leveraging the benefits of IOT in different ways, now we are talking about the advantages of IOT, which are as follows:

  •  Efficiency: There are a plethora of advantages to using IOT, but if we talk about the most important one, it is centered around efficiency, and the rest of the benefits are interconnected with it, like if there is efficiency, then there will be reduction in the cost too.

  • Automation: as we can see, the world is shifting towards IOT, which has also enabled automation in various different sectors, and another major advantage of IOT is that it is helping to transform the way devices work. For example, in manufacturing, automation is showing different levels of capabilities that a human cannot offer, like how machines can now assemble parts with more speed, resulting in fewer errors during the assembly. In addition to that, automation also enables the factory to work longer hours without fatigue, and robots can also detect faults much faster than humans. Other examples of automation include smart traffic management that improves traffic flow and quickly routes emergency vehicles throughout the city, which is life-saving.

  • Predictiveness in maintenance: is  another important factors which can be counted as a major benefit of using IOT It involves ongoing monitoring of systems and processes to identify the key indicators of all the problems before they result in downtime or complete system failure. Traditionally, when the equipment broke down, operations came to a halt or a system disaster would occur, and everything from financial losses to environmental damage and also the loss of public trust happened.

  • Improvement in process: improving process is one of the major advantages of IOT, as it impacts every aspect of an average bottom line. And utilities also offer excellent opportunities for process improvement, enabling companies to remove truck rolls to remote sites, which identify the location in which services are needed. One of the examples to explain how IOT is helpful in process improvement is that a manager of an oil field needs to make sure distributed oil tanks have adequate dosing chemicals. If an IOT solution is designed to report the dosing of the oilfield, it can allow personnel to monitor the tanks using their devices, like smartphones, wherever they may be

  • Reduction of cost: cost reduction is perhaps also one of the major benefits of IOT, as when the organization can improve system uptime and processautomation, reduce the risk of failure and loss of revenue and, in addition, give better decision-making and reduce the dependency of using resources, the result is efficiency and cost savings

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Future of IOT

Internet of things has not only emerged as one of the leading technology around the world but it has also gained a lot of popularity in a very short period of time. Also, the rise of artificial intelligence and machine learning has made the automation of IOT devices easy, and to give the devices proper automation, artificial intelligence and machine learning are combined. It has been proven to be one of the best tool in healthcare industry, too, with advanced healthcare facilities for patients, doctors and researchers In addition to this, these facilities also include smart devices for tracking health, managing patients, and reducing the unnecessary burden on the healthcare system. With the blend of IOT with the healthcare industry, there is a reduction in manual errors and also a reduction in the cost of treatment because manual treatment requires a lot of expensive equipment along with hospital charges, which is quite expensive. Not only in the medical field, IOT is also transforming the field of agriculture With the help of drones, monitoring crop health has become much easier, as has the spraying of pesticides, which is also done with the help of drones. IOT has also transformed the automobile industry, as engineers have started successfully designing self-driving cars like Tesla, and combining AI with the cars helps to reduce manual errors and ensure a safe drive.

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Potential of IOT

In the above paragraphs, we have read and gathered knowledge about various aspects of IOT and its immense potential in different sectors, so till now we have got to know that the potential of IOT is immense and that in the upcoming future it will reach new heights. IOT is also gaining people's trust. For example, retailers can use IOT sensors to track customer behaviour and also send them targeted promotions. Today, metro cities are using IOT for better traffic management, reducing energy consumption, and optimizing waste collection routes.
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IOT has the potential to improve our lives in various different ways and in many different sectors, which will not only increase efficiency and productivity across industries, from smart cities to healthcare, but also revolutionize other fields like healthcare with monitoring and data-driven treatment, which will reduce the hefty fees of the machines. Overall, the future of IOT is extremely bright, but with the advancement in technology, there are some drawbacks like security, privacy, and standardization issues, and if we address these issues, we will be able to unlock the full potential of this transforming technology.

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What is IOT?

IOT (internet of things) is a network of physical devices that includes sensors, software, and sharing data over the internet.

What are some examples of IOT?

Some examples of IOT are smartphones, fitness trackers, security cameras, and sensors in machines.

How can IOT improve our lives?

IOT can improve efficiency, automation, and convenience in many ways.

Industries that benefit from IOT?

Healthcare, manufacturing, agriculture transportation, etc are some industries that benefit from IOT

What are some concerns about IOT?

Some of the concerns with the advancement of technology are related to privacy and security.

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