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The Internet of Things (IoT) is moving from futurist speculation to reality. It is a growing network of everyday objects that are interconnected over the internet and can collect data and transmit and receive information. IoT is now spreading wide in the commercial realm, assisting in the day-to-day tasks without any human involvement.

As per Business Intelligence estimates, IoT will grow nearly ten-fold, from 2.5 billion in 2014 to almost 24 billion by 2019! Made up of millions of sensors and devices that generate unending streams of data, IoT is useful to improve our lives and our businesses in a lot of ways. The market size of IoT is expected to be $14.4 trillion by 2022, as per Cisco.

There are four broad categories within IoT: smart home technology, industrial IoT (IIoT), wearables and transportation.
You would be pondering why IoT should matter to you? How will you be benefited from it? And how it will affect your everyday life? Check those out:
  • GPS systems, alarms systems and thermostats will be sending and receiving continuous streams of data to monitor and automate all your activities in automobiles and homes.
  • Lights and thermostats will operate autonomously to save on energy costs. They will be turned off automatically when everyone will leave the place.
  • IoT will enable intelligent transport solutions, speeding up traffic flows, reducing fuel consumption and prioritizing vehicles repair schedule.
  • There will be smart doorbells, locks and surveillance systems, giving you information about who’s in front of the building at any point of time, thus ensuring your peace of mind.
  • Smart electric grids will help in efficiently connecting renewable resources, improving system reliability and charging consumers based on smaller usage increments.
  • It will help your business to improve customer service and customer personalization, accelerate process optimization, address real-time business needs, threats and opportunities and make forecasting more effective.
  • IoT will help in remote health care monitoring, thus providing convenient access to health care, raising its quality and reach, and saving money..
  • There will be smart cars that will give drivers a better sense of real-time traffic conditions, making your business trip more efficient. When self-driving cars will be introduced, both accidents and travel time will be reduced.
  • Machine monitoring sensors in your factory will diagnose and predict pending maintenance issues, short-term part stock-outs, and even prioritize maintenance crew schedules for repair equipment.


LWT in Action x UMass Amherst: Let's talk about IoT

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Agenda

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IoT Speech

Shasha LiJing LiSuna Zhang

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