The modified Coke machine at Carnegie Mellon University becoming

 

The Internet
of things (IoT) is the network of physical devices, vehicles,
home appliances and other items embedded with electronics, software, sensors, actuators, and network connectivity which enables these objects to connect and
exchange data. Each thing is uniquely identifiable through its
embedded computing system but is able to inter-operate within the
existing Internet infrastructure.

The
IoT allows objects to be sensed or controlled remotely across existing network
infrastructure, creating opportunities for more direct integration of the
physical world into computer-based systems, and resulting in improved
efficiency, accuracy and economic benefit in addition to reduced human
intervention. 

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 Experts estimate that the IoT will consist of
about 30 billion objects by 2020. It is also estimated that the global
market value of IoT will reach $7.1 trillion by 2020.

Development

The
concept of a network of smart devices was discussed as early as 1982, with a
modified Coke machine at Carnegie Mellon
University becoming the first
Internet-connected appliance.

The
concept of the Internet of things became popular in 1999, through the Auto-ID Center at MIT and related market-analysis publications.

The
thought-model for future interconnection environment was proposed in
2004. 

 As of 2016, the vision of the Internet of
things has evolved due to a convergence of multiple technologies, including
ubiquitous wireless communication, real-time analytics, machine learning, commodity sensors, and embedded systems

Application

·            
Smart Home

IoT devices are a part of the
larger concept of home automation, also known as domotics. Large smart home systems utilize a main hub or
controller to provide users with a central control for all of their devices.

These devices can include lighting, heating and air conditioning, media and
security systems.

·            
Media

Media use of the Internet of things is primarily concerned
with marketing and studying
consumer habits. Through behavioral targeting these
devices collect many actionable points of information about millions of
individuals.

 

 

·            
Manufacturing

Network control and management of manufacturing equipment, asset and situation management, or
manufacturing process control bring the IoT within the realm of
industrial applications and smart manufacturing as well.

 

·            
Agriculture

The IoT contributes significantly towards innovating farming
methods. Farming challenges caused by population growth and climate
change have
made it one of the first industries to utilize the IoT. 

 

·            
Energy
management

Integration of sensing and actuation systems, connected to the Internet, is likely
to optimize energy consumption as a whole.

 

·            
Metropolitan
scale deployments

There are several planned or on-going large-scale deployments of the
IoT, to enable better management of cities and systems.

 

·            
Medical
and healthcare

IoT devices can be used to enable remote
health monitoring and emergency notification systems.

 

IoT Adoption Barriers

 

·            
Lack of interoperability and
unclear value propositions

Despite a shared belief in the potential of IoT, industry leaders and
consumers are facing barriers to adopt IoT technology more widely. Mike Farley
argued in Forbes that many IoT solutions either lack
interoperability or a clear use case for end-users.

·            
Privacy and security concerns

According to a recent study by Noura Aleisa and Karen Renaud at the
University of Glasgow, “the Internet of things’ potential for major
privacy invasion is a concern” with much of research
“disproportionally focused on the security concerns of IoT.”

·            
Traditional governance structures

A study issued by Ericsson regarding the adoption of Internet of things
among Danish companies identified a “clash between IoT and companies’
traditional governance structures, as IoT still presents both
uncertainties and a lack of historical precedence.”

·            
Lack of solid business models

Studies on IoT literature and projects show a disproportionately strong
prominence of technology in the IoT projects, which are often driven by
technological interventions rather than business model innovation.