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Internet Of Things (IoT) - A Wealth Of Opportunities

IoT Offers A Wealth Of Opportunities

IoT (Internet Of Things) is used by every organisation we can think of to operate more efficiently, enhance customer service, decision making and hopefully elevate our business value. Have we taken a serious look at its potential to benefit us?

IoT is a network of devices that connect and exchange data, they also work with the cloud. These devices are embedded with sensors and softwares to make operating them a breeze. This network essentially removed the human factor in the interactions as data becomes transferable across the network without any man interference.

MarketsandMarkets’ findings revealed the global IoT market size reached US$300.3 billion in 2021 and is anticipated to exhibit a CAGR of 16.7% to reach over US$650.5 billion by end 2026. The major factors fueling the IoT market include access to low-, low-power sensor technology, availability of high-speed connectivity, increase in cloud adoption, use of data processing and analytics.

Additionally, increase in smart city intiatives worldwide, connected devices to drive IoT growth and emerging 5G technology facilitate adoption will provide lucrative opportunities for vendors.

Some examples of IoT devices include an automobile that has built-in sensors to alert the driver, or any other natural or man-made object and is able to transfer data over a network. Today, just about any gadgets can be connected to the Internet, enabling easier “communication” between devices for (ironically) seamless operation.

These “gadgets” include industrial machinery, equipped with inbuilt sensor and chip. It would be fair to say when IoT first came up, there were teething problems just to improve user experience, only for some to come out hilariously wrong.

Rise of Smart Products

IoT offers many conveniences, especially on the part where operator can receive real-time manufacturing information, anticipate low inventories, glitches and downtime. All these seem like a dream come true for business owners hoping to save some dollars; lesser overheads and possibly heightened efficiency.

Unfortunately, IoT has also gotten others taking things a little too far, too literally, to the point of being “ominous” as one source mentioned.


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