Current State of IoT
The internet of things (IoT) is an industry on the rise and is projected to continue its rapid growth in the years to come. IoT is one of the various underlying drivers behind the internet evolution. IoT is the internet factor improving the business world by increasing processing power, storage capacity, network capability, and dramatically lowered costs through microchips, sensors cameras and accelerometer implementation into the everyday device. These are some of the benefits that drive the adoption of IoT in the business setting. Many industries are taking advantage of the benefits of IoT. These industries include manufacturing, aviation, the supply chain, agriculture, and healthcare. Many other industries are also creating more data streams and analytics potential, which means companies gain much greater insight into their business operations and how their customers use and respond to their products and services.
IoT is slashing both operational costs and downtime in factories and industries and assisting with worker learning on the job via tablets, AR Headsets, and smart goggles. IoT enables businesses to connect key business processes, which can, in turn, allow leaders to identify ways to boost efficiency and productivity more easily. Asset tracking and waste reduction are also benefitting of IoT tracking mechanism adopted by industries. IoT also gives birth to new business models derived from tracking data gathered through IoT devices. These are some of the many benefits to businesses and display IoT technology expansion that creates for more digital transformation. Recent projections anticipate that IoT technologies will have a massive impact in societies technological and economic impact thus, driving many businesses to adopt IoT with the intent of preserving business longevity and being able to meet new business demands that arise because of IoT. Trillion in value is projected to be crated through cost-savings through preventive health care, minimized accidents, patient monitoring, efficiencies in manufacturing and distribution industries.