IoT or the Internet of Things is primarily a set of interconnected networks that allows data to travel across the internet. Realistically, the concept has given birth to limitless opportunities, however, only a few can afford to execute the idea after analyzing its viability as well as feasibility.
Existing IoT in the market:
The list of functionalities IoT can impeccably perform includes Duo for your home or a system capable of composing songs. IoT can further assist you by revealing your body fitness using a Fitbit or an Apple Watch OS4. Keeping track of physical performance is amazingly simpler now using IoT.
The rate at which IoT is progressing every day is equally astonishing as the degree it is also becoming more understanding. The next challenge is making it extremely convenient for users worldwide.
In five years, the investment pool of IoT will reach $6 trillion!
Access to the internet is currently listed under the list of Human Rights. Moreover, the ROI for this sector has successfully appealed numerous business tycoons worldwide.
We not only own a smartphone but also a smart car that can travel without a driver. Tryouts for new clothes will no longer require customers to take off their dresses every time before trying a new one. A smart mirror will reveal how you look using its VR technology. At least, no one will feel awkward due to redundant body fat.
Likely consequences in the future…
Internet of Things or IOT could massively alter our current lifestyles by unlocking countless doorways for a more convenient lifestyle. But I think excessive dependency can also result in darker consequences.
Extensive research on IoT has revealed information regarding its usage rate within 16 different industries around the world. Chances of success are likely to skyrocket for companies that are archiving customer information.
Lastly, the concept of IoT will drastically reduce operational costs, as well as making activities more efficient at the same time. Feel free to comment underneath if you have anything to add.