IoT -Fourth Industrial Revolution
The Fourth Industrial Revolution is all about the convergence of physical and digital worlds with IoT being the catalyst that is changing business models, transforming technology and building networks of tomorrow. IoT can be defined as billions of connected devices communicating with each other and monitored through a central control system. A robust network which is secure, agile, and flexible is needed to handle the growing influx of data it transmits.
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The Industrial Internet of Things has the potential to open up a new era of economic growth and opportunities where the intersection of people, data and intelligent machines will have far-reaching impacts on productivity, efficiency and operations of industries around the world. Transportation, energy, health, water, and waste management are some of the key sectors IoT is being used in countries like Singapore, Denmark, Spain, Australia and Finland.
Though the concept of home automation is not new, there has been a rapid change with the advent of IoT and M2M technologies. With the increase in smartphone penetration, it has now become possible to control devices with just a simple application in the smartphone. Easy accessibility of various open source technologies along with the need of convenience, security, and energy savings have led to a foray of startups in the field of home automation which offer a better value proposition for customers at affordable prices.
By 2020, Gartner Research forecasts approximately 20.8 billion IoT enabled devices, while IDC projects a $1.7 trillion global IoT market. India is expected to have around 2.6 billion connected devices by 2020 with the home automation market growing at a rate of 30% CAGR.
Maximizing home security, increased energy efficiency, improved appliance functionality and remote control of home functions are some of the biggest advantages smart homes bring with them. However, an unmistakably vital part of this upcoming innovation is the smart kitchen. Home cooked food is becoming the preferred option as people’s inclination towards a healthy lifestyle increases. The pressure of cooking chores is usually felt most by working women. Smart kitchens will help in reducing waste, preparing better and healthier food, and making the kitchen a stress-free place through automated time and temperature control.
However, as IoT expands rapidly, new risks to Cybersecurity and Privacy are introduced that are not well understood and could have sweeping implications. Management of these risks needs to be a high priority.
References
1) PWC Report-”Smart home, seamless life: Unlocking a culture of convenience” https://www.pwc.com/CISconnectedhome
2) Department of Telecommunications- Technical Report on” IOT/M2M Enablement in Smart Homes” http://tec.gov.in/pdf/M2M/Smart home Technical Report.pdf
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