How cool would it be if everything around us is automated? Self-driving cars, Personal assistants (one time purchase and no retainer), smart home appliances, energy saving construction materials and the list is never ending for the products which affect masses and are being developed and evolved to another level around the world, to make lives easier, more functional, more productive and more efficient.
Internet of Things (IoT) are basically physical devices such as vehicles, home appliances (furnishings have joined the party), building materials, and other items which are interconnected to collect and exchange data through the sensors, software, actuators, micro-chips, electronics etc embedded in them to ensure network connectivity (internet, Bluetooth etc).
As per the IT research company Gartner’s research, there were 3.8 billion connected things out there till last year—smart cars, smoke detectors, door locks, industrial robots, streetlights, heart monitors, trains, wind turbines, even tennis racquets and toasters. By 2020, Gartner estimates there will be 25 billion of these smart devices, transmitting tiny amounts of data to us, to the cloud and to each other. Cisco’s outgoing CEO, John Chambers, has boldly proclaimed that there will be 50 billion devices online within five years, with a total market worth US$19 trillion. It is said that these smart things are starting to power a fourth Industrial Revolution (after steam, electricity and wired computers).
Since there are already billions of IoT devices existing across industries, Integration of AI (Artificial Intelligence) is what will bring about the real revolution, which will not only collect the data for analytics and development, but also train those IOT devices to know the behavior of their users and adjust itself accordingly to best suit the purpose and needs, hence making them smart.
AI’s major implementation has been possible through two major technologies which are machine learning and natural language processing. Tech giants like Microsoft, Google, IBM, Amazon, Facebook and Tesla are betting big on IoT with billions of dollars being invested for research and development. Recent examples are Google home, Nest (Now owned by Google) and Amazon Echo smart devices which once installed, understand human behavior and adjust themselves accordingly for responses and choices. Recently, Mark Zuckerberg’s year long coding paid off with his product JARVIS AI which gets connected to smart devices in your home, acts according to your instructions and will train itself as per your usage as to when to open up the curtains, when to close the lights, what music to play or at what time you will need your breakfast ready!
Nuovo (nuovotec.com) is successful in making a prototype of a smart touchscreen mirror which will not just show the reflection but also will show users their social media updates, latest news headlines, traffic updates and navigation, YouTube surfing, book an Uber do and much more. The best thing is that this smart mirror can also be controlled by voice commands and can learn by itself the user’s behavior to present results as soon as the user comes in front of it.
We have put together 10 areas where IoT will have a major impact in the coming years. Take a look.
According to a research, 646 million IoT devices will be implemented by 2020. These connected devices will collect data, automate processes and more. The devices include wearables, gym equipment, and sensors
at home, hospitals or at remote places through which real time data will be sent to personal users and doctors to better monitor the state of one’s physical health.
Supply chain and retail will prove to be a major market in IoT device usage. From providing valuable information to users in retail shops regarding a product fit, to what amount of product should be purchased for lesser wastage is what IoT products are expected to do. With Amazon’s Go already introduced in the market to forget the days where long queues take most of our time and foiling the shopping experience, we can expect IoT to help retailers and users both. Knowing what market demands are for retailers and what should be bought and from where for users will be easier. Products can be conveniently shipped to door steps as per the weekly and monthly user behavior.
Almost all the electronic devices in the homes will get connected to the mobile or tablets to give you real time data. Lighting fixtures, thermostats, mirrors, toasters, automation systems, music systems, televisions, security etc will get connected to the mobile app and can let you control these devices from remote places. Apart from providing real time updates, these devices will be smart enough to perform tasks on their own over the time as per user behavior.
With millions of vehicles on land, in water and air, getting connected online will be the next big innovation in the transportation industry as this would reduce the traffic, provide location information on stolen vehicles and suggest alternate route in order to avoid any delay or an unwanted happening through the data collected and analyzed. As per research, there will be 220 million connected cars on road by 2020.
Media and Advertising
Target advertising will reach to a new level entirely with IoT helping companies break free from ambiguous marketing activities. As per your past behavior in certain categories of hearing news and going through headlines on online media, you won’t have to do anything when you enter your car to start commuting because your car music system will start reading you the news of your choice automatically. While surfing the internet, you will be shown relevant advertisements as per your needs or if any event of your choice is coming up.
The idea of connecting cities and buildings with IoT devices has been one of the best yet, as it would resolve the issues related to lighting (street as well complexes), water harvesting, electricity, traffic, pollution levels etc, with these smart devices being used only when required. As per the estimation, 75 million IoT devices will be shipped for IoT systems at 30% CAGR, from 36Bil$ in 2014 to $133bil in 2019. This investment will generate $421bil in economic value for cities worldwide in 2019.
Manufacturing, Oil, Gas and Mining
35% of manufacturers already use smart sensors and with the introduction of smart IoT devices, the overall cycle of producing products for the market will get quicker. This should increase the competition as through the real time updates and data, it will be easier to maintain the product in case of after sale services. In the oil and mining industry, it is expected that 5.4 million IoT devices will be installed by 2020 which will help in gathering environmental metrics for the extraction processes.
With the Introduction of IoT in construction industry, it will be easier and more efficient to track materials used in construction, manage stock and maintain optimum inventory levels. Elon Musk has already introduced smart roof tiles based on solar energy to generate more power and are aesthetically appealing as well.
IoT devices in agriculture will be installed in the soil to better manage and gather data in terms of acidity levels, temperature and variables that help in crop yields. It is estimated that 75million IoT devices will be in use till 2020.
31% of hotels use next-generation door locks, 33% have remotely controllable devices in their rooms, and 16% have connected TVs as per the Lodging Technology survey conducted in 2015. These numbers will increase in the coming years and connecting every operational electronic equipment present in the hotel rooms to serve clients and customers better will bring about a revolution in the industry.