The Internet of Things (IoT) is a fast-growing trend that has revolutionised many aspects of our daily lives. It is driving the ongoing digitisation of our society in many new and amazing ways. The potential applications of the IoT are far reaching and its impact is already being established across various industries. As the number of internet-connected devices continues to grow, the IoT is likely to play an increasingly important role in shaping our world and transforming the way we live, work, and interact with each other. So why don’t we have a look at the IoT in a little more detail and discover the potential for further IoT innovation.
What is the Internet of Things (IoT)?
McKinsey & Company describes the Internet of Things as “physical objects embedded with sensors and actuators that communicate with computing systems via wired or wireless networks—allowing the physical world to be digitally monitored or even controlled.” These physical objects such as Smart Watches or Thermostats use sensors to monitor factors such as temperature, motion, or any changes in the environment. The actuators receive these signals, process the data, and respond accordingly, connecting both the physical and digital worlds.
But where did the term Internet of Things come from? Well, it refers to the fact that initially the internet was simply a network of connected computers, as time went on and the internet grew other devices such as phones, office equipment and industrial machinery were added to the internet. Nowadays virtually any device in our homes, offices or that we wear on our bodies can be connected to the internet, hence the Internet of “Things”.
So why is the important? The constant connectivity that the enables, combined with data and analytics, provides new opportunities for companies to innovate products and services, as well as to increase the efficiency of their operations. Essentially, the is working hard to make everyday life easier and smarter both at home and in business.
How is the IoT transforming housing?
One of the ways the IoT is growing, is by expanding directly into our houses and impacting our everyday living. The IoT is transforming our traditional houses into interconnected and intelligent living spaces designed to improve efficiency and convenience by allowing appliances and devices to communicate with each other and homeowners. For example, if you have a smart thermostat where you can adjust the temperature of your heating from your phone while you are out, then you already have experience with smart devices and the IoT. This field is advancing at an exponential rate and now you can have smart meters to help monitor your energy efficiency, smart appliances such as white goods to help reduce your carbon footprint and smart watches to help monitor your personal health.
The goal is complete
Smart Home Automation, which combines all these aspects until all your devices within the home are centralised and controlled by the same network. The emergence of smart home technologies is growing.
Plant Prefab, a US construction company, recently reported its highest ever profits as they continue to build smart homes using Amazon technology. The fact that major technology companies such as Amazon are investing in housebuilding companies to implement their smart home technology from the start of the housebuilding process, combined with strong sales for this tech show that consumers want this technology in their homes and are willing to pay premium for it. With major companies like Amazon investing in construction companies like Plant Prefab, there are clear signs that fully integrated smart homes are the future. Construction companies that build smart homes may gain an edge over the competition by developing expertise in this fast-growing market.
Local councils have also been introducing IoT technologies into Housing Association properties to better support their residents and make services more efficient. Here in Leeds,
HomeLINK and
AwareTag have been awarded a 12-month project with
Leeds City Council to install environmental sensors to measure temperature, humidity and carbon dioxide (CO2) in over 400 council homes, funded through a £1million
GovTech Catalyst investment.
How is the IoT transforming industry?
Technology is being used in innovative ways on a larger scale to transform businesses and industries. Here it is known as the Industrial Internet of Things (IIoT) and refers to the use of sensors, actuators, and smart devices to enhance the manufacturing and industrial processes. IIoT is being used in many industries such as energy management, oil and gas, utilities, transportation, agriculture, and health. And with good reason! Businesses can streamline and automate their processes to optimise their productivity for one. But there are many benefits to both the industry and consumer.
Predictive maintenance - so a machine can be serviced before it needs to be repaired resulting in less downtime. The machine is therefore more cost effective, and the business has better operational efficiency.
Asset tracking - suppliers, manufacturers, and customers call all utilise asset tracking to track the location and condition of products throughout the supply chain allowing for faster processing and immediate action.
Data-driven decision-making - IoT devices generate vast amounts of data that can be used to make better-informed business decisions and new business models. By analysing this data, businesses can gain insights into customer behaviour, market trends and operational performance.
Cost savings - By reducing manual processes and automating repetitive tasks, the IoT can help businesses reduce costs and improve profitability.
Better customer experience - By using IoT technology to gather data about customer behaviour, businesses can create more personalised and engaging experiences for their customers.
The IoT in industry has transformed rapidly. The value of the IoT in the manufacturing market alone in 2021 stood at an
estimated $62.1 billion, and it will increase to $200.3 billion by 2030, at a 13.9% annual growth rate between 2021 and 2030.
How is the IoT transforming security and data privacy?
As IoT devices become more widespread, security and privacy become increasingly important. Many IoT devices are vulnerable to hackers and other cyber threats, which can compromise the security and privacy of sensitive data. IoT devices collect vast amounts of personal data, raising concerns about privacy and data protection. Security researchers at
Kaspersky say there were 1.5 billion attacks against IoT devices during the first half of 2021. IoT devices and applications should therefore implement state-of-the-art measures to maintain users’ data privacy. They should also provide flexible privacy controls that give users adequate choices over the collection and sharing of their data.
Artificial Intelligence is playing an increasingly important role in internet security. AI can analyse vast amounts of data at high speed, identifying patterns and anomalies that could indicate a security threat. This allows for real-time threat detection and response, significantly reducing the time it takes to identify and mitigate a cyber-attack. Here at MTech we recognise the potential for AI within our data security package. MTech can protect your business by installing, configuring and maintaining the market leading cloud-based email security for you and your staff. By utilising security measures such as encryption, security policies and content filtering, we can ensure your company has the best defence against common phishing scams and email attacks.
Machine Learning (ML), a subset of AI, is also making significant strides in internet security. ML algorithms can learn from past incidents and adapt to new threats, improving their ability to predict and prevent cyber-attacks. For example, machine learning can be used to detect phishing emails, which are often used to steal sensitive information.
Blockchain technology is being explored as a way to improve security and privacy in IoT. Blockchain can be used to create secure, decentralized networks for IoT devices, which can minimize data security vulnerabilities. Encryption services are an alternative way to increase data privacy on IoT devices along with other day to day actions you can take personally to increase your IoT safety such as choosing strong, unique, and unidentifiable passwords, use a trusted VPN and use reputable internet security software on your devices.
The evolution of IoT technologies is in its infancy and we have barely scratched the surface of what it will achieve. For developers and manufacturers, it is important to acknowledge that many of the IoT devices of today will operate alongside the ones that will be created in the future, and to design the privacy mechanisms of today’s systems accordingly.
Whats the future for IoT?
The IoT has emerged as a leading technology around the world. The economic impact of the IoT alone is substantial, and research predicts its potential value is still growing.
McKinsey & Company expect its global value to exceed $12.5trillion by 2030. It is one of the most significant trends in the digital transformation of business over the last 10 years and this is only expected to continue. Combined with significant advancements in Artificial Intelligence (AI) and Machine Learning (ML) it allows devices to be easily automated. This substantial development in AI only supports further growth of IoT technologies. The
World Economic Forum (WEF) refers to AI and IoT together as the superpower of innovation. IoT uses the internet to connect the devices and collect the data, AI then applies its learning capabilities to the raw data to reason and process the information like humans, this is then supported by advancements in 5G for fast real time data processing. Together these 3 emerging technologies will dramatically shape and transform the digital world and we will continue to see a more connected future.
As we have seen, IoT technology is growing fast and the future of the IoT is exciting, with many new innovations and implications emerging. As the number of IoT devices continues to grow, businesses will need to be prepared to adapt to new technologies and embrace new use cases and applications. If you’re looking to embrace the IoT and experience what Digital Transformation can do for your business, then
contact us today to discuss everything from your
IT infrastructure to your
data security.