“Internet of Things refers to physical devices and sensors that can capture data and share that data with other devices and sensors over the internet, for example, RFID tags, BLE beacons, proximity sensors, GPS tags, etc.”
The answer to the first part is quite simple actually. The Internet of Things is things that connect a physical object to the Internet. It could be an RFID tag attached to an asset, a BLE beacon in a warehouse, a GPS tag attached to a vehicle or other assets, a fitness tracker, a Wi-Fi beacon, a smartphone, etc. These physical devices and sensors are capable of not only capturing data but also transmitting and sharing that data to other devices and sensors over the internet.
The second part, why it is trending can be tricky to answer as there could be several reasons. In fact, there are several reasons that we’ll talk about soon.
It’s 2024 and we have ushered into the age of Industry 4.0 and Internet 5G already where businesses are leveraging technology and the Internet to not only optimize business operations but to enhance customer experience as well.
This is also the age of artificial intelligence (AI) and machine learning (ML) where businesses are focused on utilizing the large amount of data that they generate on a daily basis in order to gain insights. Data mining and Big Data are real things with real impact.
You see, the Internet has become crucial for literally every business operation now and the Internet of Things (IoT) is just right there to help out.
What is IoT (Internet of Things)?
The Internet of Things is a medium to transform real-world objects into intelligent virtual objects. How it is done? To convert an object into an IoT, you need a data storing medium to embed to the object and a gateway like a smartphone or computer to connect this medium to the web/internet.
A GPS tag for example can capture real-time location information of the attached asset and that data can be accessed and shared over the Internet. A BLE beacon can offer periodic advertisements based on proximity where crucial information can be shared to people’s smartphones directly.
Consider a QR code-based dog collar. It uses the QR code (an AIDC technology) where you can store data like the name of the dog, address, and phone number of the caretaker/owner and anyone can scan the QR code tag using a smartphone and inform the owner in case the dog is lost. The data can be shared digitally over the internet. There are billions of such IoT devices and sensors being used all over the world. The toxic gas sensor and temperature sensor in mines, the Air conditioner you can control with your mobile, the smart TV, a Fitbit that measures your heart rate and informs you on your phone, the bulb which you can control using your voice and change color or switch on/off, etc.
Why IoT is trending?
Now coming to the second part, the IoT is trending and there are several reasons for this. The Internet of Things has the potential to transform how we interact with things now. It can not only create smart fridges, smart kitchens, smart bathrooms, smart homes, and smart meeting rooms but smart warehouses, smart vehicles, and smart manufacturing hubs as well. The possibilities are endless.
Here are some of the popular reasons for IoT trending-
1. Industry 4.0
2. Retail and supply chain
3. Consumerism and customer behavior
4. Automation
5. Artificial intelligence and Machine Learning
6. Smart city
7. Smarthome and security
8. Healthcare
Industry 4.0 Making IoT Trendy
Industry 4.0 is pushing global industrial transformation. Industrial IoT (IIoT) which consists of various sensors, actuators, and IoT devices, IoT is trending as it can improve worker safety, increase production uptime, enhance product quality, ensure regulatory compliance as well as improve operational efficiencies, and accelerate response time.
It is the age of combining tech with every business operation and IoT has made major contributions in this regard. Various technologies like RFID, actuators, BLE, NFC, and QR codes are changing the way industries function, creating smart connected factories, optimized supply chains, and enhanced order fulfillment.
Retail and Supply Chains leveraging IoT
The Internet of Things is also a trend due to retail and supply chains. Retail businesses are leveraging the Internet of Things devices and sensors to get real-time data on inventory, store stock, customer shopping trends, actual demands, etc. IoT devices like BLE beacons, GPS, RFID tags, etc. are allowing businesses to transform their supply chain as well, and with low power wide area networks (LPWANs), it is easier to enhance the coverage and get real-time data.
Consumerism and Customer Behavior
The ever-changing business landscape is a major contributor to changing consumer behavior. People have changed their shopping habits, their going out habits, and how they interact with technology. The pandemic has only added to the complexity that is consumer behavior and IoT has been a buffer in this regard, shielding businesses from major losses.
Businesses are incorporating the Internet of Things in every business operation to adjust to the changing tides.
Consumerism is also pushing businesses towards IoT every day, making it a trend. Customers don’t want to wait in queues for hours rather they would shop online. They want fast delivery of their products and fast returns. IoT tech like RFID, QR, etc. are helping in this regard as RFID has completely transformed order fulfillment.
Automation demands IoT
Businesses are also waking up to the reality that is Automation. With complex challenges coming their way every day, the need for automation is increasingly significant now.
Automation in manual, trivial business processes and operations not only optimizes productivity but enhances growth as well and IoT has a lot to do with that. The use of Radio Frequency Identification (RFID), and Bluetooth Low Energy (BLE Beacons and gateways) to automate warehouses and enhance inventory visibility attest to this.
Automation in manufacturing is another driver pushing IoT trends. IoT devices and sensors can effectively measure the performance parameters of every machine, monitor breakdown, repair, and maintenance, and push production by reducing downtime and automating manufacturing processes.
Artificial intelligence and Machine Learning
Another factor pushing IoT trends is the emergence of AI and ML. The use of Artificial intelligence and machine learning along with IoT devices and sensors are helping businesses capture real-time data and get valuable insights and analytics. The use of machine learning algorithms for predictive maintenance is a great opportunity in manufacturing businesses. It cuts down downtime, prevents sudden breakage of machines, and enhances machine lifetime. The use of IoT sensors and devices to capture crucial data in this regard is also soaring high.
Smart city
Smart cities have also become a trend in modern times. By smart city, we mean a city with a high degree of digitalization and interconnectivity within public services, transportation, administration, healthcare, communication, etc. The use of IoT devices and sensors to streamline mobility, electricity, and water supply, enhance healthcare, boost tourism, offer better services to people, repair and maintenance of public property, etc. is certainly making IoT a trend. The invention of LPWANs like LoRa, NB-IoT, and LTE-m for wide-area network connectivity is also pushing IoT adoption.
Smarthome, Security and IoT
Another thing that is making IoT a trend is smart homes and security. From smart kitchen and kitchen appliances to smart showers, smart TV and entertainment systems, and smart lighting systems, the use of IoT technologies and IoT devices and sensors that are interconnected and connected to the internet 24/7 is the need of the day.
From a security perspective in homes and offices, IoT is also facilitating smart access control. With devices like Biometric sensors, facial and voice recognition, smart door keys based on RFID and NFC, proximity sensors, and alerts, the use of the Internet of Things is also quite prevalent in home and security.
Healthcare and IoT
When it comes to healthcare, IoT devices, and sensors play a crucial role. Temperature sensors, humidity sensors, and access control systems in the medicine department, to critical care department, IoT is extremely helpful. The use of RFID and NFC-based ID cards, patient smartbands, easy registration and management of patients in a healthcare facility, etc. are also driving automation and pushing IoT trends.
So, it is obvious that IoT has become an important part of Industry 4.0 and our day-to-day lives. From our smart shower and smart kitchen to enabling hassle-free shopping and smart inventory management, IoT has been truly a game changer, and with over 15B IoT devices and sensors in use across the world at present, IoT is headed towards becoming one of the most sought-after technologies.
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