What is the Internet of Things (IoT)?
The ‘Internet of Things’, IoT, is the idea of connecting any device with an on/off switch to the internet.
Intelligent connectivity of physical devices is rapidly increasing productivity, levels of communication and enabling numerous functions across organizations worldwide.
The ‘Internet of Things’ enables objects and devices to connect to the Internet. It allows business technologies (BT) platforms the ability to connect to physical assets and is being embraced by organizations today. Once a futuristic concept, in the present, IoT-enabled applications and solutions have become more prevalent across multiple sectors and industries. These include but are not limited to: Healthcare, Manufacturing, Utilities, Transportation, Energy, Environment, Oil/Gas and more!
Organizations are currently using IoT to enhance efficiency, reduce costs, and improve customer service. Examples of technologies which connect to the internet are:
- Passive RFID tags
- Near field communication (NFC) chips
- Mesh networks
- Telematic Grid sensors
- CDMA/GPRS/4G devices
- Barcode scanner/readers
- Real-time location tracking devices
- GPS tracking devices
- Security sensors
These solutions will be the means by-which devices are permitted internet connectivity to target key business functions such-as fraud detection, anti-theft, safety, analytics, tracking potential, price planning and returns management. As the technology experiences its first years of significant adaptation and growth, this demands diligence when focusing on security to prevent breaches of IoT solutions. With such a wide array of technologies necessary to enable IoT solutions, combined-with the security flaws inherent in a fast growth technology such as this, it is imperative to have strong, smart solutions in place to protect networked IoT devices.
As of 2013, there were already more than 12 billion connected devices worldwide. By 2025 the number is expected to exceed 50 billion devices. The market for IoT solutions is forecasted to exceed $7 trillion globally by 2020. This impact, already significant, will continue to increase as more solutions are devised to help people benefit from device interconnectivity via IoT.