Understanding The Importance Of IoT (Internet Of Things) : Pros, Cons, And Opinions

"I believe that by the end of this century the use of words and educated public opinion will have changed so much that we will be able to talk about thinking machines without foreseeing contradictions." — Alan Turing

Everyone seems to be talking about the Internet of Things. The good, the bad, the exciting arrival and its meaning. In today's era where technology dominates everything, it is very important for us to understand the importance of the Internet of Things (IoT).

The Internet of Things or Internet of Things refers to how physical things connect to other devices over the Internet. According to Oracle, more than 7 billion devices are currently connected to the Internet of Things. In fact, according to experts, by 2025 this number will reach 22 billion.

Speaking of relevance, many of the devices in our homes can connect and share information using the Internet of Things. As a result, our home gadgets can (or can) integrate with advanced technologies to do more. Moreover, the Internet of Things is a smart technology. Although it is currently in its infancy, sooner or later it will develop. Who knows, we may actually have more than just self-driving cars and personal assistants like Alexa and Google.

Therefore, in this blog, we will briefly understand the importance of the Internet of Things (IoT). We'll also see how different industries benefit from this, as well as what famous leaders like Elon Musk, Zuckerberg and Bill Gates have to say about it.

Understanding the importance of the Internet of Things (IoT).

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Before understanding the importance of the Internet of Things, let's first understand how it works.

How does the Internet of Things work?

The Internet of Things is a large network with many interconnected devices. This device is equipped with sensors that can detect the environment. Also, such devices include cell phones, air conditioners, cars, etc. Turning these devices on and saving the data in a specific format.

These built-in sensors continuously transmit environmental information and device operating data. As a result, the Internet of Things has become a platform for uploading all the data collected from devices. The IoT platform also includes cloud servers and large databases that also work with data. Therefore, the platform carefully analyzes the data to collect important details. Then send instructions based on the information provided.

Finally, the collected data is shared with other devices to improve future performance. It also provides the best user experience.

How can the industry benefit from the Internet of Things?

Today, the future of the Internet of Things looks big and bright. This corresponds to the following information:

According to Business Insider, 24 billion IoT devices were installed in 2020 alone.
The International Trade Center estimates that future IoT revenues will reach $300 billion .

Based on the information above, we can safely say that this will help create countless jobs in tech and other industries. Here are some of the industries that have benefited the most from the Internet of Things.

1. Internet of things in production

With the Industrial Internet of Things or IIoT expected to reach $1.3 trillion by 2032, manufacturers are one step closer to implementing Industry 4.0. How the Internet of Things Helps the Manufacturing Environment:

Provides real-time visibility into production.
Enable automatic data collection
Increase productivity and reduce quality defects
Cost reduction

2. Internet of things in transport and logistics

The Internet of Things is very useful for carriers and logistics companies, as it allows them to solve various problems through the use of embedded sensors and on-board diagnostic systems. The use of the Internet of Things has increased exponentially, especially during unprecedented times such as the past COVID-19. According to a survey conducted by Inmarsat, 77% of respondents have implemented at least one full-fledged IoT project.

3. Internet of Things in healthcare

The global Internet of Medical Things (IoMT) market is expected to grow from $41 billion in 2017 to $158 billion by 2022. As a result, the Internet of Things has paved the way for more accessible data and improved patient health.

Advantages of the Internet of Things (Internet of Things).

Here are some of the benefits of the Internet of Things that are facilitating the various sectors of Industry 4.0 through its wide application in various important sectors:

Provide valuable insights for companies to increase revenue
Increasing employee productivity
Save time and money for the organization
Capable of making better decisions
Improve process efficiency, resource utilization and productivity
Use real-time information and analytics to make better decisions
It benefits people in creating opportunities in business and industry

The benefits of the Internet of Things mentioned above are just the tip of the iceberg. This is because IoT applications and applications are not limited to innovation and development.

(Potential) IoT Threats/Impacts

Elon Musk once said: " I think we have to be very careful with artificial intelligence. If I had to guess our biggest existential threat, I would probably say this. So we have to be very careful."

Networking company Cisco predicts that there will be 28.5 billion connected devices worldwide by 2022. In fact, today there is no home in which we do not find a single connected device.

While this is useful, there are some potential risks that we are concerned about. With the advent of IoT devices, the number of cyberattacks targeted at them has increased. According to a Kaspersky Lab report, connected devices were attacked three times in the first half of 2018 compared to 2017. Previously, the number of attacks increased 10 times between 2016 and 2017. An alarming upward trend is becoming more and more evident. In the coming years with the deployment of IoT devices.

Here is the dark side of the Internet of Things:

The Internet of Things is leading to corruption and dependence on data.
Despite performing complex tasks, there is a complex set of tasks behind this device to complete the task at hand.
Most importantly, since these devices are connected to multiple devices and share data on the network, there is no privacy between them on the network.

Most importantly, there seems to be a huge gap between the best and the newest among companies that are expanding with IoT. According to McKinsey, there are 9 practices that distinguish leaders from their less successful peers.

So what are world leaders saying about the Internet of Things?

Bill Gates said: " If you find a breakthrough in artificial intelligence so that machines can learn, it will be worth 10 Microsoft ." Brendan O'Brien also says, “ If you thought the Internet changed your life, think again. The Internet of Things will change that again! »
However, Robert Cannon believes that " whatever can be automated will become automated ". Parker Trevin says: "With the advent of Internet of Things technologies that collect terabytes of personal data, the question is whether we are ready to unbutton our shirts online while many are still unbuttoning."
We draw a conclusion about the importance of the Internet of Things or the Internet, in the words of Eric Schmidt : "The Internet of Things will feed your brain ."