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How is the IoT transforming the technology sector?
The Digital Age has brought with it a new target of innovative idea about manufacturing and operations
Digital technology has made it possible for us to modify their environment according to our needs and desires using the “Internet of Things”, which allows the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.
1. What’s the “Internet of Things”, and how does it work?
The Internet of Things works on the networking of physical objects enabled with sensors and actuators that assemble and transfer information about these objects. The collected information is now analysed and then used in the optimisation of products and services. These devices work on semiconductors, which are microchip designs extremely efficient and work on low power in certain applications. After proper research, the company can share the data with manufacturers who work with the concept of the Internet of Things. The give-and-take of data between companies can provide a good growth opportunity for semiconductor companies.
The Internet of Things can help us know more about the environment around us. These connected devices – smart metres, electricity grids, radio-frequency identification tags, connected cars, wearable items – produce new data every day. New data, with the help of mobile and data networks, help people to work in a more practical manner and use their decision-making powers more efficiently. The Internet of Things helps us to cope with a world that has become more intelligent, instrumented and interconnected with each other.
However, the bad news is that 90 percent of data produced in the Internet of Things is never actually utilised. Yet, the concept not just brings out the value of data created, but also the intelligence required behind it.
An infographic from the insurance company AIG estimates that the IoT’s economic impact will reach $14.4 trillion by 2020, ushering in a “new economic age.”
2. How has the Internet of Things revolutionised technology?
The technological period is always in constant change, and is always advancing towards a better future. Concepts such as the Internet of Things, big data and analytics and robotics need a complete digital retraining and renovation in manufacturing and operations. Moreover, devices that communicate information has helped people to make better decisions, boost productivity, manage energy efficiently, work on better inventory management and cheaper products. Similarly, the Internet of Things has its own successful contributions to display –
a) It helps in the speedy manufacturing of new products, collecting response and further optimising production and supply chain networks. The process is highly dependent on the interconnectivity between machines, sensors and control systems.
b) IoT also works in assisting the management system by working on predictive maintenance, evaluating statistics and take measures to main dependability. Industrial management systems on a small scale can be optimised with a smart-grid system, which allows actual energy optimisation.
c) IoT and similar cloud-based GPS solutions can track individual items through “speaking” microchips and transfer important data such as identification, temperature, pressure, location and humidity among others.
3. How is the current market for the “Internet of Things”?
According to statistics, the market for IoT devices and services has now developed into a huge technology development, which was unthinkable earlier. IoT has surpassed past expectations and created new ones, as can be seen in the following points.
a) Easy availability – IoT devices and services are now much more easily available. For example, all of us know about Apple’s Health kit and Home kit developer which was part of its recent OS update. Similarly, Google worked with the Nest to develop an Internet of Things platform and apps….
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