The internet of things offers a number of benefits to organizations, enabling them to:
monitor their overall business processes;
improve the customer experience;
save time and money;
enhance employee productivity;
integrate and adapt business models;
make better business decisions; and
generate more revenue.
IoT encourages companies to rethink the ways they approach their businesses, industries and markets and gives them the tools to improve their business strategies.
Consumer and enterprise IoT applications
There are numerous real-world applications of the internet of things, ranging from consumer IoT and enterprise IoT to manufacturing and industrial IoT (IIoT). IoT applications span numerous verticals, including automotive, telco, energy and more.
In the consumer segment, for example, smart homes that are equipped with smart thermostats, smart appliances and connected heating, lighting and electronic devices can be controlled remotely via computers, smart phones or other mobile devices.
Wearable devices with sensors and software can collect and analyze user data, sending messages to other technologies about the users with the aim of making users' lives easier and more comfortable. Wearable devices are also used for public safety.
The IoT concept has faced prominent criticism, especially in regards to privacy and security concerns related to these devices and their intention of pervasive presence.
There are already more connected things than people in the world. Analyst Gartner calculates that around 8.4 billion IoT devices were in use in 2017, up 31 percent from 2016, and this will likely reach 20.4 billion by 2020.
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