Introduction: It is defined as the network of physical devices, electronic appliances and other items that are embedded with Software, electronics, sensors and network connectivity that enables these devices to connect collect and exchange data. It allows controlled remotely access across existing network infrastructure and it helps in direct integration of the physical world into the computer based systems. It helps in improving the efficiency and effectiveness and at the same time leads to economic benefits. Some of the application of IOT includes Smart house, Electronic wearable, smart grid, industrial internet, smart retail, smart farming and smart supply chain. The three perspectives that makes IOT really useful are 1) Anytime connection 2)Anyplace connection 3) Anything connection.
Factors contributing to Growth of IOT:
1. Strategic assets management: It helps in monitoring the status, location and movement of physical assets to improve the performance, safety and security and throughput of individual assets and group of assets.
1. Consumer and Customer experience: IOT helps in collecting information about the consumer and employees which enables the company in providing contextualized and personalized customer experience
2. Product and service experience: IOT helps in improving the product and service experience through collaboration, shared systems and extends from the product inbound supply chain to the ongoing delivery of product or service.
Challenges of IOT: There are also some challenges with the application of IOT along with its benefits. One of the major challenges is the issue related to privacy and security because of access to all the information through the connected devices. Second one is that the standardization of Technology in most of the areas is still fragmented. Its Vulnerability to internet attacks is also an issue as there is always a threat of cyber-attack or some sort of security breach. These IOT devices and the network connections are also very expensive.
Future: IOT is an emerging technology which will shape the future of industries. Gartner has estimated that there will be 21 billion connected devices by 2020. It has a huge market and is continuously helping Artificial Intelligence to become more efficient. It will also make cities smarter by providing easy access to information and by enabling humans to remotely control different devices.
Conclusion: IOT has been helping humans and various industries to get the benefits of easy access, remotely controlling other devices in our day to day operation. All individuals have different needs which make it necessary to configure IOT according to different situations and preferences. When technology is not highly robust but still people are relying too much on these technology and automation, there is always a threat of technical glitch in the systems which can cause serious physical and financial damage.