How Internet of Things (IoT) is Transforming Lives
Internet of Things is a network of internet-connected objects that can collect and exchange data. The Internet of Things (IoT) has the power to change our world. Change has started to happen, but we are still at the beginning of the transformational journey. Through this post we aim to see how Internet of Things in transforming the lives of people around.
Life in the next ten years will be completely different than how it looks right now. Soon all the devices you own and nearly all the objects will be connected to the internet, whether it’s your phone, wearables or your household objects.
Appliances, home settings, and security system will be all connected and controllable with smartphones and other IoT devices. In the future, all the house appliances will be interconnected, providing information to each other and reacting accordingly, using each other’s awareness.
Wearables are becoming popular that track exercise and sleep data, with a large number of healthcare applications coming in the market. There will be smart automobiles in future which will not only communicate with you but also make travel more efficient and enjoyable. There will be smart cities, which will generate massive data and analyze information from connected devices to improve traffic and power consumption efficiency. Elevators, cars, trains, aeroplanes, floors, pipelines will all be connected, sharing crucial information on their condition or use.
In the industry front, IoT will give capability to track objects, find out how customers are using certain product and determine which features are most used. In agriculture sector, IoT device installations is expected to grow to 70 million in 2020, helping farmers to optimize their yield. IoT will help in running factories in a better and safer way. Through smart devices, trends and conclusions will be easily accessible and that will lead to improved decision making. Retailers will be able to use Bluetooth beacons in their stores to reach their customers in a better way and offer customized discounts.
IoT will help in decreasing operating costs and enhance productivity and efficiency. It will change how services are delivered, enabling entire new revenue streams. According to some estimates, IoT will add USD 10–15 trillion to global GDP in the next 20 years. It is expected to generate $11 trillion in economic activity by 2025.