The Internet of Things is the latest trend in the tech world. In the following years, we will see huge steps forward in the matter of linking devices, smartphones, cars and our houses altogether. Internet of Things or IoT for short is a concept with a promise of convenience, connectivity, and efficiency. There have been machines communicating with each other in the past, but today, devices and systems of all shapes and sizes are connected; exchanging data and communicating via the internet.
The term Internet of Things was coined by Kevin Ashton in 1999, but of course, the birth of the technology goes back to 1980s. IoT was initially developed to promote RFID tech, but by the year 2013, it evolved into a platform using multiple technologies. Finally, the popularity and the increased demand brought it to the mass market in 2014. Now it is by far the world’s largest device platform. Statistics show that over 8.5 billion connected devices were in use in 2017 around the world. It is estimated that there will be over 20 billion connected devices by 2020.
The next level of evolution for technologies such as artificial intelligence and machine learning will create a new range of connected devices in the coming years which will make the existing devices look like simple calculators. Even now, from washing machines to kitchen appliances to vehicles, everything is on the path to becoming “smart.”
IoT consists of various subsystems such as connected cities, industrial internet, M2M, wearable systems and connected vehicles. Connected vehicles are all the rage lately with a new car-related technology emerging every day. First of all, let’s take a look at what a connected car is: Imagine a vehicle that is able to optimize its operation and maintenance while providing comfort and convenience for its passengers using sensors and Internet. A connected car is equipped with gadgets such as sensors, telematics, and GPS devices that provide connectivity and enable the vehicle to communicate essential information such as location, status as well as car and driver related notifications. These vehicles and gadgets offer high-end solutions for the ever-increasing demands of transportation and delivery businesses.
With time becoming a rare commodity in the business world, it is essential to embrace the latest technologies to help manage a company with the highest level of efficiency. One of the biggest benefits of being surrounded by smart and connected devices is that having complete control over your company. IoT offers endless possibilities to businesses and companies regarding management and operational capabilities.
How can IoT help companies?
Even though telematics devices have been around for a long time, the ability to connect thousands of vehicles simultaneously via the internet has not. The market for IoT and connected vehicles is massive; a 106$ billion industry awaits tech companies to accelerate their efforts on the field so they can utilize features such as self-route correction, collision avoidance, and enhanced diagnostics. Some of these advanced systems and features are still being developed, but high-end technology companies are already testing self-driving cars with the ability to avoid a possible accident with the data gathered from their surroundings. Similarly, route management will be a child’s play for field managers; vehicles will be able to self-correct their routes by accessing GPS and gathering data from other vehicles or drivers can be advised to improve their behavior. It doesn’t stop with these features, of course, vehicles will be able to adjust their speed to conserve fuel, prevent vehicle damage by assisting drivers to brake properly and send alerts to idling drivers by utilizing the devices and sensors onboard. Vehicle technology combined with cloud and IoT technologies will revolutionize how businesses operate shortly. It is already happening with telematics systems dominating the fleet management market due to their superior mechanics.
In simple terms, IoT is just about enabling connectivity between things, and you may be wondering how IoT will benefit your business. Well, from operational costs to productivity and customer experience, you will have a sophisticated tool that grants the ability to monitor and modify everything. With the combined power of connected devices and wireless systems, we will overcome the technological limitations of today’s world. Soon we will be living in a world with billions of vehicles and devices talking to each other and learning; the business applications for these systems are endless, and the future is exciting with IoT.