An article explores the future prospects of IoT technology and applications

2024-01-24

For over a decade, we have witnessed a surge in internet connected devices. Nowadays, the estimated number of internet connected devices is about 25 billion. Most of them are mainstream consumer devices that can achieve human-computer interaction and promote human-computer interaction. The number of devices deployed in industrial environments is also increasing, and digital data on operational performance (such as efficiency and quality) can be collected.

By analyzing this data, industrial enterprises can gain insights on how to automate and optimize their business processes. In this direction, devices and intelligent objects with automatic capabilities, such as robots, drones, intelligent sensors, and automatic guided vehicles, can be used to reduce human errors, improve automation, improve quality, and reduce industrial operating costs.

Currently, industrial enterprises only utilize a small portion of this data. However, with the integration of the Internet of Things (IoT) with other cutting-edge digital technologies such as cloud computing, machine learning, and artificial intelligence (AI), this situation is gradually changing. In addition, the prerequisite for the large-scale promotion of the Internet of Things is simplicity and low cost of the technology used.

The Rise of Industrial Internet of Things

The IoT computing paradigm is industry independent. Therefore, the Internet of Things has been deployed in many different areas of the economy, such as supply chain management, transportation, healthcare, and industry. According to recent market research, the largest potential share of IoT business lies in industrial applications, including manufacturing, energy, oil and gas, and intelligent buildings. Thisthe term Industrial Internet of Things (IIoT) that we often refer to, which is the main technology behind the Fourth Industrial Revolution (Industry 4.0).

The destructive potential of the Internet of Things will mainly be realized in business areas that can benefit directly from remote observation and related data analysis. The latter enables enterprises to achieve new levels of automation and ambitious business improvement goals. Large industries that incorporate the Internet of Things into their digital transformation agenda will benefit from IoT based projects with significant investment returns.

On the other hand, based on novel use cases, such as using their assets as services, it provides innovation opportunities for small and medium-sized enterprises (SMEs) based on the Internet of Things. In the medium term, as part of applications such as smart homes and smart living, the benefits of the Internet of Things will also spread to the consumer sector. Within the scope of these applications, consumers will be provided with real-time information about leaks, refrigerator and white goods defects, product delivery status, and the condition of their cars, ships, and farmhouses.

The Internet of Things in Smart Cities and Facility Management

Significant examples of IoT applications can be found in the fields of smart cities and smart buildings. Specifically:

In smart cities, IoT makes automation and remote management of infrastructure and processes possible: for example, it can provide insight into the management of critical infrastructure, such as smart grids and smart water infrastructure. Another example is that it provides efficient and scalable urban security services based on information from camera surveillance systems. In addition, it also promotes the delivery of intelligent and sustainable transportation services based on the management of information on bicycle rental stations, taxis, public transportation, and intelligent transportation systems. Within the scope of the above use cases, remote and 24 × Perform data monitoring 24/7.

Similarly, based on the use of machine learning and AI technology, smart city services can predict and predict potential events (such as service interruptions, traffic congestion) in order to proactively respond to them. The Internet of Things enhances the capacity of sustainable cities through these means, which are under pressure from rapid urbanization and demographic changes.

Intelligent buildings and facility management will also benefit significantly from IoT: the deployment of sensors and IoT devices can collect data on the asset status, spatial, and physical conditions of buildings. By utilizing this data, IoT applications can obtain predictive insights on how to optimize space allocation, asset maintenance, and HVAC (heating, ventilation, and air conditioning) system operations. These optimization measures can save a lot of costs, increase tenant comfort, and bring considerable sustainability benefits. With the outbreak of the COVID-19 pandemic, facility managers are increasingly deploying IoT applications to optimize space management and other resources based on dynamically changing occupancy patterns imposed by COVID-19 restrictions.

Among all the above applications, the Internet of Things is a catalyst for improving environmental performance and helping cities and communities achieve ambitious green goals.

Security and privacy issues

Security, privacy, and data protection issues are one of the main obstacles to accelerating the deployment and widespread use of IoT. In this direction, appropriate regulations such as the European General Data Protection Regulation (GDPR) can provide a foundation for protecting the interests of data owners and end-users. However, there is always a need to strike a balance between regulation and innovation.

In many use cases, IoT can collect sensitive data on a large scale without prior notice, which poses privacy and data protection risks. Therefore, all businesses must carefully consider privacy to avoid failure and regulatory penalties. In addition to privacy concerns, businesses must also address increasingly important security issues. The risks associated with IoT devices must be considered as part of the overall approach to addressing network and physical security risks.

The adoption of the Internet of Things is accelerating rapidly. The surge in IoT devices, rapid development of related technologies, and verification of successful business models have promoted an increase in the number of IoT deployments. The latter enhances the competitiveness and sustainability of enterprises, while also improving the quality of life for citizens. Overall, the Internet of Things will continue to exist and make our world a better place.

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