Internet of Things – is it yet another jargon or a real opportunity?

Internet of Things (IoT) is the way to automate operations and process and free up valuable manual resources. It helps in enhancing business processes, increasing productivity and cutting costs. It has potential to alter the way we live our lives. However, is the opportunity for real or is it just another jargon floating around?

IoT does seem to be real and any definition of it includes smart objects, machine to machine communication, RF technologies and a central hub of information. The adoption of Beacons, NFC and other similar objects are spurring innovation and development of the Internet of Things. IP networks have become ubiquitous and interoperability among devices with the device cost going down augurs well for IoT.

Some data that supports this belief are:

• 90% of global population has wireless connectivity
• More than 1 billion consumer electronic devices shipped with WiFi and it is constantly increasing
• Internet doubling in size every 5.32 years
• More connected devices than people currently
• IPv6 becoming mainstream allowing IP allocation to almost all the electrons in the universe, transitioning from ‘Internet of People’ to ‘Internet of Things’

IoT is the way by which you can connect evolving technologies and business models – driving productivity, improving operational efficiencies and lowering costs. “Smart Connected Systems” really means the future of information and IoT is the right step ahead.

Thousands of IoT applications are already available in the market and their convergence with business models is what would drive benefits. It is just a matter of time before we see the explosion of these benefits.