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Role of Internet of things in 4th Industrial Revolution

iot market size
iot market size

There’s been a lot of renown on the Internet of Things these days. It is difficult to find any industry in this era that will not be influenced in any form or shape by the Internet of Things (IoT)—from travel and manufacturing to health care, industrial automation, cars, digital cameras, and retail. There are billions of connected devices globally, with some experts estimating that by this year there could be more than 50 billion devices connected. In this interconnected landscape, the internet of things will play a big part in reshaping industries and markets, homes, cities & countries also with many now defining it as the Fourth Industrial Revolution (Industry 4.0). So before describing the role of the internet of things (IoT) in the 4th industrial revolution, we would have a deep understanding of what is IoT and the 4th industrial revolution.

YEARIOT MARKET SIZE
2009183 billion
2014601 billion
2015743 billion
2016917 billion
20181391 billion
20201710 billion

 

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What is the Internet of things?

IoT or Internet of Things is the interconnection of various devices, machines, or appliances that generate data. IoT embraces the connectivity of non-traditional devices, like automobiles, house applications, smartphones, and smart devices that have electronic sensors and software embedded in their core systems. The underlying goal of the Internet of things is not just to create data, but also to extract valuable results/insights and information from the data generated by these devices. Various industries, governments, and consumers to serve their needs can then effectively deploy these insights.

Detailed overview what internet of things is||internet of things definition||internet of things examples

More technically the IoT or the Internet of Things is a network of billions of internet-connected devices that communicate embedded sensor data to the cloud for centralized processing. This becomes possible due to cheap processors and wireless networks, now it’s possible to turn anything, from a pill to an airplane to a self-driving car into part of the IoT.                                                                                                                         

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Everything in the world is automated for the convenience of mankind. Internet of things IoT plays a vital role in the automation of industry. In the real world, we interact with thousands of IoT devices daily. From Cars to smartwatches, the internet of things has found its application everywhere. Any internet of things application structure consist of three parts

  • Sensors to get data from surrounding
  • A computational machine which Process data (Microcontrollers are used for this purpose)
  • Internet connection to interact with the world

We will discuss the above points with the help of an IoT freezer. If you look at technology 20 years ago, you will find everything manual. The freezer of your house works when you switch the button. But today Iot based freezer can do much more than manual freezers. You can use different types of sensors for different tasks.  Your IoT based freezer can use weight sensors to measure vegetables/groceries in your freezer and if the computational machine (microcontroller) found it less, It can order groceries from the website or it can warn you via mail or message ( as it has online connectivity). Similarly, in case of any damage in the fridge, it can send a message to the mechanic for repair. Similarly, we can use it in no. of different applications. Internet of things is also using in many Cars such as Prius which is using more than 50 microcontrollers for different functionalities.

IoT-based car showing how sensors are used for automation

What is The 4th Industrial Revolution?

We define the term revolution as, the invention of a technology that changes society fundamentally. Klaus Schwab, founder and the executive chairman of the Geneva-based WEF, issued a book in 2016 named “The Fourth Industrial Revolution” and cast the term at the Davos meeting that year. Schwab discussed a technological revolution is coming “that is blurring the lines between the physical, digital and biological spheres.” Simply stating, the 4th Industrial Revolution refers to how technologies like artificial intelligence AI, autonomous vehicles, and the internet of things are interacting with humans’ physical lives. Think of voice-activated assistants, fingerprint sensors, face recognition, or digital health-care sensors. Schwab argued these technological changes are drastically changing how individuals, companies, and governments operate, ultimately leading to a societal transformation similar to previous industrial revolutions.

Why The Fourth Industrial Revolution is so important?

We are now in a society where there are billions or trillions of connected-devices by the virtue of the internet and the number goes on by every passing day. Therefore, it is imperative for companies to adopt new technologies in order to survive in the fourth industrial revolution. What makes the Fourth Industrial Revolution superior to other three revolutions is because of two reasons

  • the gap between the digital, physical and biological worlds is shrinking
  • technology is changing faster than ever.

For evidence of how quickly technological change is spreading, observe the adoption of the telephone. It took 75 years for 100 million people to get access to the telephone; the gaming app “Pokémon Go” hooked that many users in less than one month in 2016. The fourth Industrial revolution simultaneously brings great opportunities and innovation to society. It is by the virtue of the internet and the 4th industrial revolution that the internet of things-based technologies is prevising everywhere. As the speed of development is also increased in the 4th industrial revolution, these technologies are getting better, faster, and more efficient than ever with every coming day. New technologies are proficient to proceed information faster, which in turn can increase economic growth, empower individuals, fuel entrepreneurship, and improve the health care system.

Image by Pete Linforth from Pixabay

Impact of IoT on 4IR

The biggest way that the internet of things is impacting industry/market is by creating new opportunities for industries to collect data and accurately analyze and proceed in a useful and effective manner. What IoT does, you get data from everywhere, from every sensor, from every piece of equipment, thus big data can be used for predictive analytics to help companies reduce maintenance costs. For example by determining if a machine will soon require, if any measurement is the slightest bit off, it could mean the machine is about to break down. By fixing it in advance, it can save a company from the high costs of equipment.

The IoT provides for organizations across all business verticals and technology firms to look at new and unique ways to go about things, and it will also witness the birth of completely new businesses such as asset and money tracking, data collection, and new AI-based business modeling, etc.

Detailed overview what internet of things is||internet of things definition||internet of things examples

Top trends in IoT

There are some of the trends that will dominate the ecosystem in the coming years. According to industry experts, both customers and businesses should see huge developments in technology, making a big difference in people’s lives.

Smart Cities:

Smart cities use the Internet of Things based devices and systems such as connected sensors, LEDs, and meters to collect and analyze data. The smart cities then use this data to improve the infrastructure of cities, public utilities, better management and services, and more.

Energy Management:

Energy can be managed in a useful manner if its consumption by the users and resources is monitored in a well-organized way. The IoT application trends can easily be integrated/embed into resources. This helps in making the lives of people easier, better, and more comfortable.

Shopping experience:

IoT application trends of the following years will change retail supply chain management even better than ever be. It will change the shopping experience making it easier for the users/consumers to make online purchases.

Health Care:

One most important application of IoT that will clearly impact is in the field of healthcare and fitness. Healthcare IoT based devices are well configured makes it easier to monitor the health status of the patients.

Automated Society:

Soon, Internet of things will replace manual scientific devices with automated ones. We will soon find our environment where everything will be controlled by our mobile phones or laptops. And these devices are much easier to operate and they will be more cost efficient than ever.

IoT—Enabling Factors

An increase in connectivity may be a key factor that drives the innovation of IoT. a huge array of devices, machines, and appliances has facilitated the expansion of IoT. More importantly, the sensors that are embedded and integrated into the processes of those devices are what allows corporations to unlock new opportunities IoT is used by several technologies including wireless sensor networks, cloud computing, Big data analytics, Embedded Systems, Wireless Security Protocols and architectures, communication protocols, web application, and Mobile Internet.

Impact of IoT on Global Economy

The opportunities presented by this revolution are incredible. In line with McKinsey, the economic effect of smart factories could reach up to $2.3 trillion per year by 2025. The IEEE has compiled data and makes these claims about its current and future impact. By 2020, 250 million vehicles are going to be connected to the web. IoT will add 15 trillion dollars to the worldwide economy over the subsequent 20 years. there’ll be 50 billion Internet-connected devices by the year 2020.

iot market share infographics

iot market share infographics

Machina Research estimated in April 2015 that the size of the internet of things was about $900 billion in 2014 and that by 2024, it was expected to grow to $4.3 trillion, a sum greater than the economies of many countries. Some experts estimated the potential value of 6.2 trillion dollars by 2025. 

                                                                                                         


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    Detailed overview what internet of things is||internet of things definition||internet of things examples