IoT is a buzzword nowadays, when everyone using social media or just navigating on internet has heard about it. What does it mean and most importantly, what are the benefits of the technological revolution it is creating?
For each of us IoT has a different meaning and some people may not see an immediate need or use for the new communication methods and devices. This is because the early adoption has taken place mainly in large companies and only now is picking up some momentum in home use. The main blocker for personal utilization is still the cost of ownership on top of some standardization and complexity.
Many research companies analyzing the impact of technology on daily life have marked IoT as a new revolution - @Gartner and @Cisco have both estimated more than 25 billion devices connected by 2020.
To look back in the past, it all started from the automation needs that have progressed hand in hand with the technology evolution. The adoption of new technologies is based on financial and efficiency rationale; this means that slowly more and more tasks will be replaced by devices communicating between them, provided that the cost of automation will be lower than labor costs. Let's take an example with tracking of goods: the potential and the market place are huge, but so far international tracking was performed under roaming and with great expense; as new global connectivity solutions evolve, so the complexity and the cost of devices decreases and only in the upcoming years an exponential growth is expected.
Another important applicability is comfort and personal security. Even though it is also important, in this case the cost is not the main driver for the extended use. As societies have evolved lives have become more complex with new stress factors adding daily. For this, the new technologies come with simple solutions to cut-off tasks and concerns from our list: it is either the safety of our children or the comfort of our homes, the security of our goods, or simple tasks automation which buys us time and enables us to save money. The most important constraint of these products is affordability, as the aim of the main producers over time is to increase in quality and ease of use, maintaining the current pricing levels.
At Sigtree, we are always keeping an eye opened for everything that is new in the IoT World, as our main purpose is to develop the best solutions for our customers and improve their daily lives.