The Internet of Things (IoT) is a term used to define smart interconnected devices that can enhance user experience. Companies of all kinds are linking “things” as diverse as smartphones, cars and household appliances to sensors, to each other and to the internet. In a nutshell, it’s about using data to make objects smarter and more responsive to our needs. This is a promising and growing field, and according to GSMA, it is estimated that the connected device market will be worth $4.5 trillion in 2020.
An application of the Internet of Things usually consists of a sensor attached to an everyday object or person, which can then transmit the data through a wireless protocol to your phone or the internet. That data gets saved in some application, which can then process the data and show it to the user. Also, the user can use the application to send commands to the object, which can then respond in kind.
Examples of Connected Devices
- Healthcare:FitBit and the Nike Fuelband have both developed sensors that can track your steps, sleep, calories burned, distance walked etc. These sensors are clipped on your body and send data seamlessly to your phone, which then uploads the data to a website for the user to visualize later on. The users can then monitor their activity, make fitness plans and verify that they are in fact following their plans.
- Lifestyle & Consumer Electronics:LIFX has developed a smartphone controlled lightbulb enabling the light to change color, react to music and has made its software available so people can develop their own applications. The Nest Thermostat is a connected learning thermostat that can use data of outside temperature in your area and your expected arrival time to modify the temperature of the thermostat.
- Other: OnFarm provides sensors and software that can detect real-time data of soil moisture, weather, pesticide usage, shortage of water and other variables needed that can improve farming. Bitponics is going a step further and allows you to not only monitor the conditions of your hydroponic garden, but also set how often to run the water pumps, how many nutrients to add etc
Want to know more? You can read an article
here and a more comprehensive report from McKinsey
here.