Can you imagine your phone without the internet? You might get scared by this thought! With the rise and expansion of internet technology, every individual is habitual and comfortable using the internet for a number of daily activities.
- Statista records 5 million internet users globally in 2022.
Along with other technological advancements with the internet, the Internet of Things is dominating various industries with its superpowers.
- Globe Newswire says that the worldwide market Internet of Things was USD 310 billion in 2020. It may scale up to USD 1842 billion by 2028.
But, what is IoT?
The concept of the Internet of Things is embedding the internet capacities with physical devices and everyday entities. Hardware devices in this system include sensors, actuators, and other devices. The complete control is accomplished via the web.
One of the famous examples of IoT is the ‘smart home’. A smart home may consist of various devices such as smart lights, security alarms, and smart curtains. In this, the user can control switching on/off of devices irrespective of being home. It can be achieved as the data is stored in the cloud and can be accessed from anywhere.
Such IoT devices can make life at ease. With efficient system automation, you can leverage many important and urgent tasks to these devices and save your time and energy. However, to build powerful yet simple IoT devices, we need to consider significant components of IoT.
3 major components of an IoT project
The first and foremost important component of IoT is connectivity. All the ‘things’ or devices are connected via the internet. Therefore, it is easier to access the data and implement actions using devices by connecting to the network.
The IoT hardware or ‘things’ includes all the physical devices connected. They can transmit/accept data by networking to a server.
The cloud is another essential component of IoT. It handles and deals with data storage and data processing. Additionally, it also enables actions and performance analysis.
How does IoT function?
IoT’s functioning requires the alignment of all the three components mentioned above. Hardware devices like sensors, microcontrollers, phones, tablets, desktops, etc. The data is collected from these devices. The data gathered is then transferred to the cloud. The designed software then analyzes and gauges the data and gives commands accordingly.
Let’s understand its functioning with one example, home security. Many IoT products can be incorporated into the home for improved safety, such as sensors, cameras, alarms, microphones, etc. These devices can furnish security 24*7 irrespective of your presence in the house. For example, the camera at the door can let you watch and speak with guests with smart devices when you are far away from home.
Benefits of IoT
IoT can empower businesses with efficient automation, data storage, and excellent performance with optimum costs and other investments. The following are some more benefits:
Automation and increased productivity
Automation is one of the substantial advantages of IoT. IoT can automate the most essential and everyday tasks reducing efforts massively. As a result, these tasks are performed effectively, but even other necessary tasks get maximum attention and energy. This, in turn, increases the productivity of the total business cycle.
Automation of many devices and interconnection of multiple tasks enable efficient operation. In addition to this, there can be automated control over various functions with IoT. It reduces the flaws in the system and makes it perform fluently.
Better customer service
IoT entirely enables data analysis. Thus, it is easy to understand the patterns of customer requirements. Additionally, it is easier to follow up with clients with an IoT-enabled system. This automatically helps businesses maintain a quality relationship with them.
IoT devices have better monitoring efficiency. Moreover, it is cost-effective to monitor or analyze data over the cloud or particular systems rather than examining the whole system. Also, precise and automated control over multiple functions can save time and money both.
Use of IoT in various industries
Apart from day-to-day functions in smart homes, IoT devices have a fruitful application base from healthcare to manufacturing.
- IMARC group’s study predicts the worldwide industrial IoT demand in 2026 to rise by 15.3%from USD 144.3 billion in 2020.
In manufacturing, IoT can identify process delays. Additionally, it helps to improve the process and performance. In healthcare, heart monitoring and cancer treatment trackers are a few examples of IoT.
Internet of Things has given another definition to business automation and mundane activities. Orion eSolutions plays an important role in developing such efficient systems. For better, powerful, and smart business escalation, connect with Orion eSolutions.