The world of online business is rife with speculations of IoT or Internet of Things spreading its clout on anything and everything tangible. Some are even terming it as the “Third Industrial Revolution”. The answer to where the IoT is headed to is based on the perspective of the person for whom we are actually gauging things and when will it really start. IoT has already penetrated the Enterprise market and there are several manufacturers in the market utilizing the IoT technologies for monitoring, analyzing and controlling the machines to cut down costs and carry out adjustments in production. Also the market is being flooded by products like FitBit and Nest and consumers too are getting a taste of IoT. The Internet of Things has been able to extend its reach to two extreme ends of demographic spectrum – the smallest or consumers and the largest or Enterprises.
One of the fastest growth sector we have seen in the recent past is telecom. In addition to, of course, the phenomenal growth in mobile communications, VoIP has completely killed your standard telephone system. But what has this to do with IoT? Look at unified communications. This is one area in which IoT has vivid potential. Imagine sitting in your office and calling your refrigerator at home, viewing what is stored and making a list of what to buy before heading home. With a simple camera and an unique IP address for your fridge, this is possible.
However, there is one important section of the demography that is by and large still untouched by IoT. Cities, Non-profits and SMBs (Small and Medium Businesses) are yet to leverage the benefits offered by this so called revolutionary technology. In order to find out the real reason behind this, we will have to go back in time and identify what exactly gave rise to IoT in the first place. The answer to this is the combination of hardware and software revolution that occurred a few decades back. Advancement of one of these prodded the other to make quick advancements to match up to its former’s advancements.
IoT has stemmed from the advancements made in both the hardware and software sectors. However, the present scenario is such that hardware is leading in terms of advancement and we are able to access the most advanced hardware at very low rates. The same cannot be said about software as the costs of development and maintenance is still very high. Till the time software cost fails to come down drastically, it is not possible for the IoT to expand its wings to the rest of the demographics.
If the recent trends in the Internet of Things are to be analyzed, it can be seen that it has penetrated really deeper into the enterprise and consumer industries. However, IoT can actually become the Third Industrial Revolution, only if it can share its benefits with the larger populace. It can be safely said that prebuilt processes will be able to cut down the costs of software development and IoT can reach out to demographics that are yet to experience the benefits of this amazing technology.
Here is a list of a few things that some industries can expect when IoT starts spreading its wings:
- Industrial Sector – There will be serious competition to the manufacturing sector of China from the Made by Robots manufacturing units. All equipments will come with integrated sensors that will be able to detect subnormal vibrations, self diagnose any other anomalies. Even the machine learning analysis will be able to predict the element that is causing the anomaly.
- Retail – Customers will be able to try out any cloth and check out the fittings in a Digital Mirror, which would then be processed by Automated Robots and the clothes can be manufactured within a few hours.
- Automotive Sector – Customers will be served by the self-driven cars that will arrive, pick and drop on demand. Commuters not owning personal cars will be paying for only mobility services.