Internet of things ? Its Business History

Posted by Navneet on November 30th, 2018

The disruptive technologies bring change and a new disruption occurs and the circle continues with every modern technology.

The internet of things (IoT) is one of the technologies that have the power to change the future of how we consume resources, along with making better business decisions. IoT has a technological concept of connecting tangible objects with wired and wireless networks so that they can communicate with each other and provide the required information. The communication can be made through actuators and sensors embedded in the objects.

IoT technology can highly benefit your business. To understand its benefits, it is necessary to understand the history behind this technology.

The Beginning

The term IoT was coined in 1999 to promote Radio-frequency identification (RFID) technology, which was used to identify and track the tags attached to a product with the help of electromagnetic fields. This technique for automatic identification and data capture got very popular that it was acquired by various industries, including the textile and garment industry. The objective was to prevent theft and achieve insight into the present production status of the product. It took 10 years to achieve popularity in the market and another four years to gain recognition from the masses.

IoT Applications

The technology has been applied in many business segments including infrastructure, consumer and enterprise, since the beginning.

•  Consumer: In this segment, IoT has been truly disruptive. In the consumer segment, people might not be aware of this term, but they are successfully using the technology and enjoying it. Among consumers, wearable technology is the latest buzz. There are few numerous products like Smart Lock and Smart Key which are based on authorization systems and electronic access that also profit consumers daily.

•  Infrastructure: This term can be used for construction, building and home, manufacturing, energy management and more. In this segment, large-scale implementation of IoT can be viewed. IoT has efficiently helped in controlling and monitoring operations for urban and rural projects such as bridges and railway tracks. The automated monitoring systems have helped in minimizing the overall cost as well as the process loopholes. Implementing IoT has helped in sound control and integration of devices.

•  Enterprise: Using IoT, businesses have successfully run out the campaigns in the corporate setting to gain common goals. Various IoT apps used for specific process and task management purposes have allowed businesses to release employees from performing repetitive tasks and minimizing the workflow. Using IoT apps automatically give rise to IoT application development companies.

• Agriculture: IoT has cemented its credentials in the agricultural sector along with the launch of devices which enables users to gather information about temperature, livestock, wind speed, soil content, humidity, and rainfall. These help farmers minimize risks and manage crops and waste efficiently. These devices have helped the insurance industry to obtain data and give insurance information to the farmers.

The Future

Various companies are transforming themselves into IoT companies. Businesses should consider how their company and industry both can be benefitted from IoT. Making a plan and understanding the role of technology in future innovations can lead to one step ahead of the competitors.