What is IoT (Internet of Things)

The “Internet of Things” (IoT) sound’s bit complex, but actuality, it’s a simple concept to understand.
The term “Internet of Things” was coined by Peter Lewis in the year 1985 at the month of November at a conference hosted by the U.S. Commerce Department.
The Internet of Things (IoT) is transforming business and lives. Internet of Things (IoT) can be defined as an ecosystem of connected objects (Physical Objects) which are or can be accessible through internet. A ‘thing’ in IoT can be a person with heart monitor or automobile with built-in-sensors or objects which have been assigned an IP address & they have the ability to collect data and transfer over a network without manual intervention or assistance.

PPT

1) For OEMs (Manufacturers)

With the Internet of Things (IoT), manufacturers can give each of their physical assets a digital identity, enabling them to know the exact usage, condition and location of their assets in real time throughout the supply chain.

Gain insight into customer device performance and usage to improve future products.
Open new opportunity around product usage to monetize value added service.
Better insights into chain management supply.
Ability to update products in the field to extend lifecycle and enhance capabilities
Ability for products to manage themselves.

2) For Consumers

The adoption of Consumers for connected devices such as wearable devices and smart appliances is rising. Currently more than 35% to 40% of consumers are already owning or planning to purchase an in-home connected device in the next two years. Some of the important benefits connected devices provide consumers are:

Ability to monitor and control devices remotely.Energy efficiency improvement of household devices.
Energy efficiency improvement of household devices.
Extends lifecycle for products, through the ability to update.
Ability to integrate multiple connected products.
Ability for products to manage themselves.

Future of IoT

A Google search for IoT (Internet of Things) term reveals over 280,000,000 results

By 2020, there will be at least 2 to 3 connected devices for every person on earth.
The largest revenue generation from IoT will come from industrial manufacturing and healthcare applications
Your home experience will change significantly – many and most of the things will be automated

Many people will work in big data science to build businesses and make sense for the massive amounts of data generated through IoT devices