You may have seen the term IoT used a lot in the last few years, but not be exactly clear what it really is. This is an important subject that we’re going to hear a lot more about in the near future as the IoT becomes an increasingly important part of our lives and the business world.
The Basic Details
The Internet of Things (IoT) is a phrase used to describe the way that devices can connect with each other online. Examples commonly given include refrigerators that go online to replace used items or home security and lighting systems that can be controlled from far away.
Yet, this only describes a fraction of the potential of the IoT. To discover everything about how it can change the world, we need to look first at the way that it’s transforming the business world landscape. By looking back at the history of the IoT, we can see how it’s changing the way we do business and then look forward to what the future will bring.
The History of the IoT
You might be surprised to learn that people have been discussing this way of getting devices to hook up to a network since the early 1980s. The first moves in this direction involved connecting a Coca-Cola vending machine to the ARPANET network. This allowed the machine to carry out tasks such as advising how many drinks it had left and whether they were hot or cold.
The phrase ‘Internet of Things’ appeared a few years after this, with Peter T. Lewis credited with using it at a speech. The subject has been widely discussed since the turn of the century and some estimates suggest that 2008 was a turning point as more devices than people were connected to the internet for the first time. However, it’s worth pointing out that this phrase can appear misleading these days as devices can connect to any network and not just the public internet.
How the IoT has Affected the Business World
While we tend to think of household devices going online as a means to simplify our lives at home, it’s also led to the evolution of smart cities where the authorities can monitor issues such as the quality of the water and the air. In addition, the IoT has also had a massive impact on the business world that not everyone is aware of.
Having devices hooked up to a network is a recommended way of keeping down costs and boosting efficiency in many types of business. One of the best examples of this is in the way that manufacturers can now run slicker facilities with a smart network collecting and sharing data, which leads to a smoother way of controlling inventory and running processes.
The fact that the IoT lets businesses analyze huge amounts of real-time data instantly is one of the key advantages it offers. For many companies, adopting the IoT is a decision that’s far easier to take when they see the productivity gains that they can make thanks to this technology.
Other benefits include improved resource management and a better customer experience. It seems clear that we’ve yet to see the best of the IoT, though, as changes are constantly made to make it better and help businesses achieve more using it.
What Happens Next?
So, what is the IoT in terms of the way it can change our futures? Well, the way it develops from now on largely depends on the experience and knowledge of the software engineering experts who work with it. Taking a Master’s in Computer Science – Software Engineering track at Baylor University, for example, gives the next generation of engineers a strong start in the software engineering field. With Baylor’s program available entirely online, students can learn how to provide creative solutions and make ethical decisions surrounding computation theory and advanced data communications as they look to shape the future of this technology.
According to recent reports, the IoT market is expected to grow from $544 billion in 2022 to over $3,352 billion in 2030. This predicted increase is due to various industries such as manufacturing and transportation starting to make more use of the technology to improve their processes and increase efficiency.
The development of the IoT and AI provides a bright future for connected devices that make smarter decisions. This is perhaps the key to some of the most exciting possible changes in our world, from fleets of self-driving cars to factories that can operate efficiently on a 24/7 basis.
We can also expect to see the IoT become increasingly useful in areas as diverse as agriculture, healthcare, and retail. If we look at the example of agriculture, farmers can already use a variety of sensors to monitor their soil and their animals. By adding AI, they can look forward to a future in which the right decisions are automatically taken at all times.
Retail is another area where the IoT promises to make things a lot easier for management teams. From automatically making decisions about stock management based on all the relevant data to personalized and up-to-date advertising, there are plenty of ways that the technology can be used to boost the shopping experience and make retail outlets more efficient at the same time.
The way that real-time data can be collected and analyzed instantly is one of the reasons that healthcare is commonly mentioned in the IoT debate. It’s already being used in the industry and is a market that’s predicted to grow rapidly. For example, the medical wearables market is expected to reach $83 billion by 2026.
The Bright Future of the IoT in Business
As we’ve seen, the IoT is a much bigger and more widely used type of technology than we might realize. And before long, it will help in making your personal life more efficient.
The biggest changes are most likely to occur in the business world, where finding new ways to grow is vital to ongoing success. Companies in many different areas are already discovering the benefits to their productivity and efficiency that can be made by exploring this way of working more smartly.
Keetria is an entrepreneur, wellness advocate, and brand strategy coach for creatives & entrepreneurs with 16 years of public relations expertise working with some of the world’s leading brands, startups, media personalities, and entertainers. If you want to work together, don’t hesitate to reach out.