To understand the Internet of things, let’s split the words. The “Internet” is the usual internet that we use in everyday life and the “Things” can literally be anything, for example, a person wearing a smartwatch or a falcon with an implanted geolocation tag.
IoT or Internet of Things definition encapsulates all objects with computing devices and is also connected via the internet. These devices can share information over the internet and perform actions with or without human-to-human and human-to-computer interaction.
Back in 1999, when the term IoT was first put forward by Kevin Ashton, it seemed like one of the Sci-Fi movie techy stuff. But it has become a reality quickly.
Statistics show growth in the IoT Industry
- The 2023 estimated spending on the Internet of Things related project is $1.1 Trillion US Dollars.
- The number of connected devices is going to triple from 2019 to 2030 and is projected to $15.9 Billion US Dollars.
- The Industrial Internet of Things (IIoT) is growing exponentially. As of 2021, the global market size is $263 Billion US Dollars which is expected to increase to $1.11 Trillion Dollars by 2028.
- Smart home devices are very lucrative among all IoT devices and data suggest the same. By the year 2025, we expect the total spending to reach $176 Billion Dollars. In 2020, the spending was plunged because of the worldwide pandemic, but in 2021; the consumers started spending again.
- Another huge statistic related to the IoT data suggests that by the year 2025, the amount of data generated by the IoT devices will reach 73.1 ZB (zettabytes).
Internet of Things Examples and Trends in 2022
5G means greater data transfer speed, but how is it helpful with IoT? It’s clear that 5G provides a more secure connection and a faster data rate. For optimal performance, IoT devices need nothing more than a high data rate.
5G will empower various IoT-based technologies like self-driving cars and AI-powered robotics in factories. A good 5G infrastructure can help build a powerful IoT ecosystem in which we can connect billions of devices and the data rate, latency, and cost will be optimized.
2. Internet of Things (IoT) in Healthcare
Healthcare is one of those sectors that has seen exponential growth in the past two years. The pandemic has made it necessary for all healthcare providers to be at their A-game. And unsurprisingly, IoT has played a huge role in enhancing the healthcare sector and it’s going to do a lot more.
Let’s have a look at the few IoMT (Internet of Medical Things)
- Fitness band and tracker
- Blood pressure monitor
- Heart rate monitor
- Insulin pumps
- Oxygen pumps
All devices mentioned above are connected via the internet and share crucial information with doctors so that they can better understand the condition of their patients. The whole point of IoT devices is to work well autonomously and improve the life of the end-users.
3. IoT for Enterprises
The major roadblock in Enterprises IoT is its steep learning curve. Businesses need to learn about the Internet of Things technology before implementing them in their regular day-to-day operations.
Fortunately, there is a solution called Bundled IoT. It is a turnkey or market-ready solution that can be implemented and used within a shorter span of time. There are many providers in the market that provide customized solutions as per the specific requirements of businesses.
A few examples of Bundled IoT solutions are:
- Data Center Infrastructure Management (DCIM)
- Telecommunication Asset Performance Management
- Data collections and remote monitoring for the pharmaceutical industry
- Smart Building Asset Performance Management
Group VP of Oracle Communications, Andrew De La Torre said “enterprises are investing in the form of off-the-shelf IoT solutions with a strong desire for connectivity and analytics capabilities built-in.”
4. Edge IoT
The traditional cloud computing technology can’t keep up with the increased number of IoT devices. And due to this, the Quality of Service is downgrading as well. But with 5G on the verge and edge computing, we can expect a major improvement in the performance.
Do you know why Edge Computing and IoT work perfectly in tandem? For this, you need to have a basic understanding of edge computing.
As per the basic working principle of edge computing, the working servers are near to the end-users in edge computing as compared to traditional cloud computing. Because of this, latency is quite low and end-users get the best experience.
There are many people who believe the internet of things or IoT is going to change the paradigm just like the internet did at the end of the 20th century. Apart from this, there are a few major cyber security concerns related to IoT. IoT is one of those technologies which has become reality very quickly on top of that, IoT unification with the metaverse will surely be sky shattering.