Is IoT the future of business?
The Internet of Things (IoT) is quickly taking shape all around us. It’s important that investors understand it so they can recognize its investing implications and opportunities.
IoT is expanding the power of the internet beyond computers and smartphones to a wide range of objects, processes and environments. IoT connects devices and other items to gather valuable information and send it to the cloud for analysis or even to other connected items. This increased information is already helping businesses and individuals improve decisions, efficiency and productivity.
IoT Devices Are Rising Rapidly
• Gartner estimates that there were 11.2 billion connected devices in 2018 and that number will rise to 20.4 billion by 2020.
• When an object is connected to the internet, it can send information or receive information, or both. This capability doesn’t imply that a device has super storage or a super computer inside it; rather it means that a device can connect to super storage or a super computer.
• Collecting and sending information require sensors that might range from temperature sensors and moisture sensors to air quality sensors and light sensors. These sensors allow us to gather data from the environment and make better decisions. Benefits can be found across all industries. For example, by sensing soil moisture and accounting for potential rainfall according to weather forecasts, crops can be irrigated as needed to avoid the costly consequences of watering crops too much or too little.
• IoT gives businesses insight into and control over the things and environments that have traditionally been beyond the reach of the internet. For the suppliers of these devices, chips and software, it may mean higher sales and for IoT users it may mean improved profitability, while those who do not adapt may see profit deterioration.
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