The Internet of Things (IoT) is an interesting concept that may sound peculiar to some.
Essentially, the IoT is a system of interrelated computing devices, mechanical and digital machines, objects, animals, or people provided with unique identifiers. It provides the ability to transfer data over a network without the need for human-to-human or human-computer interaction.
The concept of a smart home is a prime example of IoT. Internet-enabled thermostats, doorbells, smoke detectors and security alarms create a connected hub where data can be shared between physical devices that users can remotely control.
How does IoT work?
IoT is an ecosystem of web-enabled smart devices using embedded systems like processors and communication hardware to collect, send and store data. IoT devices share the data they collect by connecting to an IoT gateway or edge device where data is sent to the cloud.
Smartphones play a big role in the IoT as many of these devices are controlled by an app on a smartphone. For example, a smartphone can be used to communicate with your smart thermostat to adjust the temperature remotely.
IoT tools have the potential to increase productivity across many industries, including healthcare, manufacturing and transportation. Products that use IoT devices have the potential connection with consumers. This versatility has attracted investors to IoT.
ThreeD Capital Inc., a Canadian publicly-traded venture capital firm, looks for opportunities in small cap stocks in their early stages and disruptive industries, from blockchain and metaverse to junior resources and the Internet of Things. They recently invested in Carl Data Solutions, which provides solutions for IoT. Carla Data Solutions provides near infinitely scalable storage for virtually all data types. They can collect data from any sensor, monitoring system or online source, while also building custom devices and networks to supplement existing data.
What is the importance of IoT?
While offering smart devices to homes, IoT is also essential to business. IoT provides businesses with a real-time look into how their systems work, providing insights into performance, supply chains and logistics.
IoT enables businesses to better automate processes, often reducing labour costs in the process. It cuts down waste and improves service delivery, making it more cost-effective to produce and deliver goods.
IoT is an essential technology for everyday life, and it’s expected to continue growing in importance as more businesses realize the potential of connective devices to keep them competitive.
Marcin Sikorski, the Lead QA Automation Software Engineer at Spyrosoft and the host of the “Smart Rzeczy” podcast, shared in an interview how the landscape or IoT has changed over the years.
“There are two different areas in the IoT sector. We have a traditional IoT – the majority of the devices available on the market or any system you can build yourself,” said Sikorski. “On the other end, there’s Industrial IoT (IIoT) that’s certified and perfectly standardized. It’s also completely secure because there are huge players behind it focusing on high-quality solutions.”
How does IoT benefit businesses?
While some benefits are industry specific, some are applicable across multiple industries. The Internet of Things also benefits businesses by empowering them to:
- Monitor their overall business process
- Enhance employee productivity
- Improve the customer experience
- Integrate and adapt business models
- Make better business decisions
- Generate more revenue
The benefits of IoT are likely to alter the landscape for businesses for years to come.
The growing adoption of IoT technologies across end-user industries continues to drive the market’s growth, attracting investors and revolutionizing the business landscape.