Although IoT (internet of Things) as a technology is still considered to be a new phenomenon, it has been widely used in many industrial operations for a long time. M2M connectivity, which is the building block of IoT, has been found in various industrial appliances like actuators, storage units etc. However, nowadays, the applications of IoT have risen in number as most machines are now connected with better data connectivity.
People nowadays crave convenience in every day-to-day task. And, IoT has the power to make everything more convenient than ever before. Even now, IoT is making tasks simpler in various industries:
- Agriculture – Precision farming, an IoT-powered farming technique has made farming procedure more controlled and accurate for increasing the livestock and enhancing the yield of crops. IoT in agriculture is implemented in various forms e.g. VRI optimization, soil moisture probes, virtual optimizer PRO etc. Given the success of hitherto solutions, companies are looking to devise new IoT solutions for agriculture to solve world food problem.
- Retail – IoT in retail has been a big hit due to a number of reasons. Integrating sensors into products available in a store can be used for alerting interested users about their presence. Also, perishable items can be monitored a lot better when you have IoT sensors integrated into your storage units. So, in case, a particular unit malfunctions, you get an immediate alert that lets you know when to correct the problem.
- Vehicle insurance – Telematics, an IoT device, is integrated into vehicles by insurance companies to monitor the driving habit of people buying the insurance. Depending on the nature of driving, the premium for the insurance is set. For example, if the driver is reckless, the chances of an accident increase and the premium is set high. In case, the driver drives safely, the risk of accident lowers greatly and the premium is set low. Many new solutions like these are expected to be launched in the future, which makes IoT quite a lucrative proposition in this industry.
Apart from the above mentioned business applications; IoT has also found a place in routine life. It is now possible to turn on or off your appliances like microwave and AC from a distance far away.
Even though IoT has been quite successful in changing the modus operandi of various industries, IoT revolution has just started. According to a survey done by an esteemed organization, it has been discovered that the number of connected devices will rise to (approx.) 50 billion by 2025. Moreover, the combined use of AI (Artificial Intelligence) and IoT is also expected to improve the quality of AI solutions with better analytics. Most IoT applications are succeeding and becoming a fan amongst people, which is why, IoT is expected to succeed.
Making the Most of IoT Potential
Considering the massive rise in the number of connected IoT devices and improvement in analytics, the future appears brighter for companies investing in IoT right now. In case, you are looking to launch new and exciting IoT services to attract new subscribers to your services, it is best to partner with the best IoT services provider in the domain. As technologies like IoT require the transmission of sensitive data over an internet connection, you should forge an association with a good IoT connectivity provider that uses strong encryption to prevent data theft.