The Internet of Things, commonly known as IoT is generating a lot of buzz across the globe. It is being applied on almost everything such as the manufacturers keep track of their inventory by using Quickbooks inventory tracking software. But have you ever wondered what exactly is IoT and why is it so important for the world to function?
In a nutshell, IoT is a vast network of connected people and things- all of which gather and share information about the environment around them and the way they are used. That consists of numerous objects of all shapes and sizes, namely, self-driving cars that are equipped with complex sensors to detect obstacles in their path and wearable fitness devices that automatically measure the number of steps you have taken per day. The collected data is then used to create personalized routes and exercises, respectively. Fortune Business Insights™ recently mentioned in its report that the global IoT market is anticipated to reach USD 1,463.19 billion by 2027. It is gaining huge popularity from a wide range of industries, such as manufacturing, healthcare, agriculture, and banking, financial services and insurance (BFSI).
How Does IoT Function?
Picture this- You own a car manufacturing business and thus, you would like to know about the popularity of certain optional components, such as alloy wheels and leather seats. By using IoT, you will be able to achieve the following:
- Use sensors for detecting the most popular zones in a showroom.
- Check out the available sales data for identifying which components are being sold out with a blink of an eye.
- Align the sales data automatically with supply for preventing the popular components from going out of stock.
- Utilize real-time data to save money and make smart decisions.
The IoT platforms will help in providing the exact information required by you for detecting possible issues before they occur, making recommendations, and identifying patterns. Several companies worldwide are persistently striving to introduce novel platforms for bringing about innovation.
At present, the world is facing an unprecedented situation. While everyone feared a crisis in the lines of climate-related disasters or nuclear wars, few could imagine that our world would be paralyzed by a virus. The deployment of IoT devices is advancing at a fast pace because of the COVID-19 pandemic. In March 2020, Cloud Minds Technology, a startup based in Beijing, donated its bots to a hospital in Wuhan to keep up with the shortages of healthcare workers.
The hospital was developed by converting a sports center in collaboration with Wuhan Wuchang Hospital and China Mobile. The medical staff remotely controlled and directed the robots via an information management platform featuring digital twins for each robot. Such an initiative proves that robots can be easily disinfected and would come to rescue when clinicians are unavailable.
Enlighted Introduces Workplace Digital Contact Tracing App for Preventing COVID-19
Enlighted, a provider of technology platforms for smart buildings, headquartered in California, declared that it is set to broaden its IoT technology by adding ‘Safe’, a brand new workplace digital contact tracing app. In July 2020, the company mentioned that this enhancement would aid employees in returning to their offices, pharmaceutical labs, and manufacturing facilities safely. It would trace the contact history of the COVID-19 positive employees to prevent the spread of infection.
LG Unveils Bluetooth Low Energy (BLE) Module for IoT
In July 2020, LG, an electronic manufacturing company based in South Korea unveiled its latest Bluetooth low energy (BLE) module for IoT. It is considered to be the smallest ever made BLE module possessing a minuscule 6mm x 4mm. Besides, it will be able to eliminate the problem of signal interference and provide more work room for manufacturers and developers. At the same time, it will boost performance up to 30%, unlike the pre-existing products.
What Does the Future of IoT Hold?
IoT platforms have the potential to be limitless in future. Innovations to the industrial internet will be augmented through integrated artificial intelligence (AI) and rising network agility. The impact of homebots on our lives will be diverse. The healthcare sector would also exhibit advancements owing to the emergence of a large number of apps and devices. Overall, the IoT industry is expected to showcase a bright future.