It’s the new buzz phrase for tech-heads all over the globe. But for the uninitiated, what does IoT actually mean? Simply put, the Internet of Things are devices containing software and hardware components such as sensors, firmware and programs which obtain, aggregate and transmit data over the web to the cloud as well as other devices and platforms.

A relatable way of understanding IoT is a wristwatch that records your heart rate, blood pressure, distance traveled, or any other bodily condition or activity. That wristwatch becomes a smartwatch by way of the electronic components, sensors , firmware, and programs that enable real-time data capture. That was just a glimpse of its immense potential. Read on for an eye-opening ride into ways IoT is changing the world as we know it.

What makes IoT so important?

While a smartwatch helps keep tabs on your health or athleticism, there are thousands of conceivable devices that have economic value in a sprawling IoT market that is expected to grow by US$650 billion by 2026. First, the Internet of Things automates your activity, taking away needless hard work from your routine efforts. Instead of walking across the hallway to adjust the knobs of your laundry machine, you could control it from your backyard using your smartphone. In the same way, you could gain insights on how to improve your running from the smartdevices you wear instead of searching for tips on Google.

The trove of data IoT makes available ensures that more people are in control of the situations they encounter daily. More and more entrepreneurs are coming up with great IoT product ideas knowing that they can find a capable IoT development to manufacture them at an affordable price. All it takes is for the engineering team of the prototyping company and the entrepreneur’s bright solution to a market problem.

IoT in everyday life

Here are so many things to relish when you adopt IoT:

Enjoy stress-free days

For most city-dwellers, life is one endless rat race. With a smart device reminding you of your appointments, receiving your phone calls, or downloading your medical statement, you can dedicate more time to other meaningful activities.  Plus, you get to avoid the dreaded burnout, leaving you refreshed for future tasks ahead.

Process automation

Time is of the essence they say. And there are a ton of needless tasks that need to be struck off from our routine. Thanks to IoT, activities like turning on lights, opening the garage door, adjusting the thermostat, ordering groceries, doing laundry can be performed on your mobile phone. So you’ve got a baby in the car you have to keep an eye on; opening the garage door from your app ensures that youre never leaving your little one’s sight. Not sure how many calories you’ve burned after a brisk workout? A wearable device can do the trick and furnish you with all the information you need to keep you on track with your fitness goals.

Data-oriented decision-making

We make decisions at every waking moment of our lives. We get some right, but even the ones we get wrong can be consequential. IoT makes a big difference in that it supplies us with gamechanging data in the form of warnings or suggestions that we can act on. With sensors embedded in the soil, the conditions of humidity, nutrients, and pH level can be measured to improve crop performance for a bountiful harvest.

Real-time tracking

IoT helps you observe small changes that occur in the processes you’re looking at. This is helpful if you have assets at home or at work. Knowing the status of your items at any given time lets you know when to replace them without running checks periodically. According to experts, the IoT-based Asset Tracking and Monitoring market is expected to reach US$6.6 billion in 2027 from US$3.9 billion from 2022.

Areas where IoT technology is used

Now that we have an appreciation of IoTs importance for individuals and industries, let’s have an in-depth look at the industries where they are often used:

Smart Farming: combines big-data and cloud and sensor-based monitoring for next-level automation and analysis of agricultural operations.

Smart Energy: involves the delivery of cost-efficient energy transmission. Renewable and sustainable sources such as solar, wind, and geothermal energy are preferred for IoT integration.

Smart Retailing: involves the creation of a network of physical objects imbued with tags, sensors, GPSs to monitor the location condition and routes of assets and inventory in real-time.

Transportation: also called telematics, IoT in transportation involves fleet tracking controlled by fleet management software. Trucks, manned or unmanned are fitted with data capturing devices to communicate crucial information to the cloud or cellular networks.

Smart Water: the active planning, development and use of water resources via IoT visualization technology to promote responsible usage of water.

Smart Homes: home interconnection of appliances to be automatically controlled by the users’ smartphone to enable stress-free control of lighting, security, and HVAC equipment.

Waste management: an essential part of a smart city ecosystem with sensors specifically designed to optimize waste disposal. It does this by collecting the data, transmitting it to a control center or its web-based platform to guide agencies in making energy-efficient decisions and improving governance overall.

Sports: beyond helping athletes to perform-self tracking, IoT is powering smart stadiums where sensors are rigged around stadium facilities to enable arena protection and control, as well as to elevate the experience of spectators.

Be a part of the Internet of Things Revolution

At Softeq, we have produced connected medical and engineering equipment for happy customers across the globe. Among our products are wearables reminding patients to take their medicines at specific hours of the day, embedded equipment to aid hospitals and logistics companies locate medicines and track inventory to know when to restock or suspend orders from their suppliers. We are a leading global IoT development company with capabilities to help locate sensors on oxygen equipment, wheelchairs, heart monitoring devices, conveyor belts, sprinklers, lighting infrastructure and lots more. If you’re a startup in any of these industries, now is your best chance to break into the market with your bright ideas.