What Are Benefits of IoT Technology? Top IoT Advantages
Top IoT Benefits in Different Industries
Here are the primary advantages of the Internet of Things (IoT):
1. Fall in the cost of sensors
The sensor's speed, temperature, distance, or even pressure data is the starting point for any related object project.
Ultimately, the goal of IoT is to capture an unlimited amount of data at a low price. However, the cost of the sensors today can be a brake in the deployment of some IoT projects.
In 2020, connected modules and sensors alone represented nearly one-third of the IoT market's business volume.
However, the average price of the sensor tends to decrease and should facilitate the proliferation of related object projects.
The two main critical success factors: inexpensive sensors that are ideally autonomous in battery power over several years. From this perspective, the hardware market promises excellent developments.
2. Evolution of connectivity solutions
Today, there are various standards for connecting objects. However, the strength of the IoT is precisely to have a diversity and heterogeneity of networks.
Therefore, many networks are available to meet different uses (BLE, NFC, RFID, Wi-Fi, Bluetooth, etc.). While the 3G 4G cellular networks of telecom operators have long been successful in the connectivity market, new communication technologies dedicated to IoT are emerging.
Low-speed networks, known as LPWA, with LoRa and Sigfox, now have significant assets for developing related object projects.
Low speed, low frequency, long-range, low power, bidirectional connectivity— these networks have the advantage of being much cheaper than cellular networks.
However, they are only appropriate in the case of IoT projects meeting specific criteria. France is also a pioneer in the field, particularly with Smart City projects based on LoRaWan technology.
3. Explosion of power of algorithms
Data is the nugget of any IoT project. Today, with connected objects, data is everywhere and in significant volume. Here, we are talking about big data.
However, what is the value of raw data? Well, little. The real value is in transforming this data into intelligent information. It is to make sense of this data that algorithms come into play.
In this context, a whole economy is emerging around the algorithm. It is the quality of the analysis that will be made of this data to determine the degree of success of a related object project.
The emergence of the profession as a data scientist, data analyst, and other business intelligence experts reveals the importance of the "Analytics" part in the value chain of a related object project.
At the same time, markets are emerging to buy and sell these value-added algorithms.
4. Democratization of the Cloud
The last major factor that will firmly propel the IoT market is the democratization of the cloud. Soon, it's a safe bet that all of the data captured and collected will be stored in the cloud.
Cisco recently published a study showing that cloud traffic is expected to increase 3.7 times by 2020, increasing from 3.9 zettabytes (ZB) in 2016 to 14.1 ZB per year in 2020.
That is one impressive exponential evolution. As a result, the total volume of data generated using IoT reached ZB 600 per year in 2020.
Technological advances in data processing, storage, and retrieval now provide access to virtually unlimited storage capacities and facilitate the integration and cross-referencing of data for the benefit of business applications.
All the players are, therefore, in agreement on one point. The captured data and the intelligent use make the IoT deliver its total value. While many elements are now available to promote the deployment of a related object project, it is risky for companies, manufacturers, and cities to embark on an IoT project on their own.
It, therefore, remains to be determined which are the players, with their expertise in the entire IoT value chain (from capture to delivery).
Although the needs are different from one sector to another, the benefits provided remain pretty similar:
A real-time view of all production processes;
Optimization of time, and therefore expenses;
Improved decision making;
The possibility of generating more income.
The IoT inspires companies to rethink how they approach their businesses and gives them the tools to improve their business strategies.
Which one of the given options is not a fundamental IoT component?
Select the correct answer