Recent projections of the economic and social benefits of connected IoT technologies suggest that their technological and economic impacts will be significant. Morgan Stanley predicts that driverless cars will save $1.3 trillion a year in the US economy and that they will penetrate every market, saving $5.6 trillion a year in the world. It is estimated that between 50 and 100 billion devices will be connected to the emerging IoT by 2020.
The Internet of Things ( IoT ) refers to billions of physical devices around the world connected to the internet to collect and share data. Thanks to the advent of super-cheap computers and the ubiquity of wireless networks, small pills are now possible as part of the IoT platform to turn into large airplanes by connecting different objects, adding sensors to them and a degree of digital intelligence to devices that were mute before, enabling them to communicate with data in real time without humans. At the heart of all this are the people who use the applications and services that devices and things enable, and their unprecedented integration by the globally emerging IoT.
The Internet of Things is a system of web-connected devices designed to promote efficient machine-to-machine communication with the ultimate goal of streamlining the daily human experience. It makes the fabric of the world around us more responsive by merging the digital and physical universe. IoT platforms are equipped with sharp data-gathering technologies, local and global networks that offer a vast landscape of interconnected digital computer devices that communicate via Internet connections.
In its simplest scenario, the Internet of Things (IoT) is defined as a network that connects easily identifiable devices (things) to the internet and allows them to collect, send, store and receive data. Simply put, the term IoT refers to the fact that the word “Internet” normally refers to extensive networking of computers, but today devices of all sizes and shapes – from cars to kitchen appliances to industrial machinery – are interconnected and exchange information on a global scale. The Internet of Things, as it is commonly called, is home to billions of physical devices that share at least one common feature in their connection to the Internet.
From a health-care perspective, the Internet of Things (IoT) can be viewed as devices that gather health-related data about individuals, including computer devices, mobile phones, smart tapes, wearables, digital medicine, implantable surgical devices, and other portable devices that measure health data connected to the Internet. IoT platforms and systems are wireless, interconnected and networked digital devices that can gather, send and store data over a network without the need for human-to-human or human-computer interaction. IoT promises many benefits that streamline and improve healthcare by predicting health problems, diagnosing, treating and monitoring patients in hospitals.
After years of hype, anticipation and steady proliferation, the Internet of Things (IoT) seems to be poised to move into the mainstream of business use. The number of companies using IoT technology has increased from 13 percent in 2014 to 25 percent today. The worldwide number of IoT platforms and connected devices is expected to increase to 4.3 billion by 2023, a tripling compared to 2018.
This proliferation has given impetus to the development of the technologies that underpin the Internet of Things (IoT). Several analyses have tried to separate and isolate the total number of specific categories of IoT devices connected over the next decade. Machina Research reported that 7.2 billion connected consumer electronics devices worldwide will be in use by 2023, while Business Insider Intelligence (BII) estimated that a total of 23.4 billion IoT platforms or devices will be connected in 2019, largely driven by the enterprise and manufacturing sectors.
Business Insider Intelligence (BII) provides historical and projected data on the number of IoT devices installed compared to PCs, smartphones, tablets, smart TVs, wearables and smart cars and counts the IoT from 2010 to 2019 as shown in the table below. The IoT aims to expand data collection, smart networks, predictive analytics, and deep optimization of connected people, all kinds of physical objects, information technologies, and IT platforms around the world. Through advanced data analysis, IoT-enabled devices and sensors can help to reduce air pollution in our largest cities, improve agricultural and food supplies, and detect and control deadly viruses.
Growers around the world are using the Internet of Things to reduce their water and fertilizer consumption, reduce waste and improve quality and yield of their products – from large agricultural groups to small organic farmers. Cities are a major contributor to climate change and are already feeling the effects of rising sea levels and severe weather events. They are a great incubator for IoT-based systems that make urban life attractive, such as faster and more convenient transport systems, safer street lighting and energy-efficient buildings.
In recent years, edge computing has been on the rise, and the growing scope of IoT technology makes this step even more pronounced. As a fusion of technologies driven by the new technological-industrial revolution, IoT platforms play a major role in making production more efficient, less risky, and more profitable. Industrial IoT increases efficiency and productivity through data integration and analysis in ways that were previously not possible due to networked manufacturing processes.
Edge computing also makes device AI a more realistic proposition, as it allows companies to use real-time data sets without having to view terabytes of data in real-time in a central cloud. In terms of IoT usage, devices that do not have any type of web connection (such as It is becoming cheaper and easier to connect technical devices to the Internet of Things, and by adding devices, the Internet of Things can be made accessible to pretty much everything.
The Industrial Internet of Things (IoT) or the Fourth Industrial Revolution (Industrie 4.0) is the term used to describe the use of IoT platforms and technology in business environments. The concept is the same as for consumer IoT devices at home, but in this case it is about a combination of sensors, wireless networks, big data and AI analysis to measure and optimize industrial processes.
LORAWAN defines the communication protocols and system architecture of the network and the physical level of the LORA Alliance to enable far-reaching communication connections.