The Internet of Things (IoT)
The Internet of Things (IoT) refers to the networking or interconnectivity of computing devices via the internet that allows these devices to receive and transmit data. The connection can be made through either wired or wireless equipment. In today’s technology focused world this interconnectivity has extended to almost everything imaginable. While IoT has already been utilized for several years, there is tremendous potential for growth as technology continues to become more and more advanced. Depending on the forecast source, worldwide revenue of the market could reach trillions in by 2020. A report by Gartner Inc. states:
“8.4 billion Connected “things” will be in use worldwide in 2017, up 31 percent from 2016, and will reach 20.4 billion by 2020. Total spending on endpoints and services will reach almost $2 trillion in 2017” (Gartner, 2017)
While the applications of the technology are endless, some of the heaviest implementation will be from the transportation and logistics, utilities, and manufacturing sectors.
Manufacturing:
The use of high-tech sensors for monitoring every aspect of production is already improving productivity and efficiency for manufactures across the world. By monitoring these aforementioned sensors companies remain constantly connected to every aspect of their operation, from start to finish. Additionally, this increased connectivity and communication enables firms to spot weak leaks in their operation chain and make the necessary improvements in an effective and timely manner. This all means faster, cheaper production for manufactures; ultimately leading to what all companies really seek: higher profits.
Transportation and Logistics:
Surely you have heard of connected vehicles? Technology is now making seamless network connectivity possible anywhere, even when on the go. Connectivity now extends to cars, trucks, buses, trains and even farm tractors. This interconnectivity provides improved fleet management and predictive maintenance so vehicles can be repaired before a problem even starts. This technology brings control over distribution and its management to firms like never before; cutting delivery time and cost for both forms and customers. The sheer volume of improvements to vehicle safety, real-time route monitoring, communication, etc. are too numerous to detail here. However, for more information on the connected vehicle and its incredible potential check out our article here.
Potential Internet of Things Improvements are Endless
Does it sound farfetched to have sensors on bodies of water to inform fisherman exactly where the fish are located before they even get on the water? It’s definitely cheating the fish but it’s certainly not farfetched. Soon networking technology will be integrated into almost every single aspect of our lives.
IoT has applications in healthcare, with remote health monitoring systems that could lead to a healthier population than ever before. Sensors could be used in farming as well to more closely monitor crop health as well as tracking livestock vital signs and location. The idea of “Smart Cities” even becomes possible. These are cities that integrate technology in almost all aspects of daily life to improve the quality of life for its citizens. They could integrate IoT to make annoying traffic jams and dangerous accidents a thing of the past, provide more efficient train and bus routes, or even use sensors to provide near 24/7 security for individuals around their city. When examining the factors, the massive potential of the industry quickly becomes clear. While the technology does provide a lot of reasons for excitement, there are still very real risks that must be addressed.
The Internet of Things and Security
Security is always the most important and polarizing subject when discussing the internet and networking. While technology is constantly improving to increase security of the financial and personal information of individual consumers as well as corporations and government agencies, technology with the opposite goal is as well. Hackers, scammers, and criminals are always working to improve malicious technology designed to steal private information or access financial data. Security breaches are the biggest concern for all users of the internet, especially large corporations and government agencies. That is why it is vital that everyone do their part in ensuring that networks remain safe by not relying on improved coding to maintain security. Simple fixes like not using default or repetitive passwords can make all the difference between having your information hacked or not…
Along with all of the information mentioned above, IoT will bring about many new opportunities in the associated field of big data analytics. By looking at patterns, correlations, and trends in data, it’s possible to make detailed inferences about customers, markets, and trends like never before. This all points toward a big shift in the economy and job market in the future. The improvements to technology will require job hunters to be skilled in many aspects of business and computer sciences as well as push businesses to seek out these types of employees. The question really then becomes:
Are you up to the challenge?