The Internet of Things (IoT) describes the network of physical objects—”things”—that are embedded with sensors, software, and other technologies to connect and exchange data with other devices and systems over the Internet. These devices range from ordinary household objects to sophisticated industrial tools. With more than 7 billion connected IoT devices today, experts expect this number to grow to 10 billion by 2020 and 22 billion by 2025.
While the idea of IoT has been in existence for a long time, a collection of recent advances in several different technologies has made it practical.
- Access to low-cost, low-power sensor technology
- Cloud computing platforms
- Machine learning and analytics
- Conversational artificial intelligence (AI)
IoT can offer tremendous business value, and the benefits include:
- Deriving data-driven insights from IoT data to help better manage the business
- Increasing productivity and efficiency of business operations
- Creating new business models and revenue streams
- Easily and seamlessly connecting the physical business world to the digital world to drive quick time to value
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