What is all this buzz surrounding the Internet of Things (IoT)? And why is everyone going gaga over it? To cut things short, IoT is basically an enhanced network where a physical object can collect and exchange data after being incorporated with sensors, software, and wireless connectivity. This is predicted to increase communication between the computer-based systems and the physical world, with a cloud network working as a link between the two.
Let’s consider an accident to understand the concept a little better. The infamous bridge collapse in Minnesota in 2007 was a result of the steel structure being too weak to handle the load. How can IoT handle such a crisis in future? The cement used to build new bridges should have embedded sensors in order to monitor cracks and stresses. If they sense any anomaly in the structure of the bridge, they will immediately alert the connected devices and give enough time to prevent an impending catastrophe.
From seaports to streetlights, IoT is slated to make everything ‘smart’. So what do you think will happen when a smart city starts talking to your smart car and smartphone? We’ll get an optimized traffic flow that is being regulated with smart stoplights that instantly respond to changes in traffic flow. These stoplights won’t follow the traditional way of using fixed timers, thus communicating directly with drivers to reroute them away from congested areas and alert them about emergency situations such as a faulty bridge. With IoT making real-time responses so active, we’ll soon have smart bridges, smart cars and full-fledged smart cities.
Recent studies state that South Korea leads the pack with 37.9 active IoT devices per 100 inhabitants, and the US ranks 4th in the world with 24.9 active IoT devices. Experts predict that there will be nearly 50 billion IoT objects by 2020. Great news indeed!
But will your startup benefit from IoT? If so, then how?
With big companies going with IoT, startups should also embrace this phenomenon in order to stay valid in the game. IoT will give startups the much-needed access to real-time industry data, enabling them to reinvent their marketing tactics, take faster and more precise decisions, and improve the overall business transaction. All you need is an innovative concept, and the rest will fall into place.