The Internet of things is the new talk of the town. Many technologies have got widespread attention in the 21st century, and it is one of them. Technology is advancing very fast. The availability of cloud infrastructures and improve connectivity helped the Internet of things to accelerate quickly. According to reports, the investment will pass by 1 trillion US dollars by the end of 2020. There will be more than 20 billion devices connected by the Internet of Things (IoT). According to statistics, the future of IoT will have a significant impact, and it would play an essential role in human society.
There is no denying that it has garnered the attention of many big firms. They have already started using this technology to go one step ahead in their business. However, we are not interested in discussing such organizations that have embraced IoT. Our main focus will be on its impact in the coming future.
Impact of IoT in Various Fields
Here in this section, you will get to know about the impact of IoT on different fields. So, read the below section carefully to know about how different fields will be benefited.
1. Health Sector
The health sector will significantly benefit from it because the interconnection of smart devices and smart cities will help people live longer. According to statistics, 90% of healthcare organizations already considered IoT to improve their healthcare practice. A retailer such as Walmart invests in blockchain technology to help people stay healthy. Blockchain technology helps track the freshness of food so that the customer gets the best quality products.
It is also making sources of food smarter. It is expected that by 2023 the impact of free equipment will help in the productivity of crop and global supply of food items will become accessible and available.
IoT plays a predominant role in robotics and the drone market, and it is expanding at a reasonable rate due to potential security.
Robots are responsible for indoor security; however, for outdoor purposes, autonomous drones take responsibility for cross-functional duty. Even though the IoT security market is yet to grow, but by 2025, it is expected to grow to $10 billion.
It will also improve communication as no sooner you will be able to make video calls with the help of your contact lenses. By the end of the decades, you can convey your thoughts directly to the remote machines you wish to control.
By 2023 the cellular IoT subscription will grow at a rate of 15% annually, and the entrepreneurs will also get additional incentives due to it.
There is no doubt that global energy demand will increase with time and is estimated that by 2040. The energy demand will surpass the estimated value of 37 %. However, to meet the requirements, the supplier must be productive from their end. This is where are you can help them with logistic coordination. Smart devices will help in saving resources to a great extent.
EvaDrop is an excellent example of IoT enabled shower and is reported to save 80% of water without compromising your comfort. The sensors will reduce the water flow once you move away from the showerhead and save a lot of water. In the future, oil and gas are also looking to embrace technology.
The impact of IoT on the entertainment field is yet to begin its journey. Even though the digital disruption concept has already been embraced by the media and entertainment industries, but with time, it will further increase its pace.
Virtual Reality has become one of the most popular internet advertising segments, and as it continues to grow, the investment is said to reach above $790 billion by the end of 2022.
Impact of IoT on the Business, Economy, and Job
Now that you know about the impact of IoT on the different fields, it is now essential for you to understand how it would fuel the country’s business economy and job structure.
There is only one connected device per person today, however, in the future, it will be ten devices per person, and the jump of connected devices from 1 to 10 will bring a lot of job opportunities. There will be a lot of startups develop who will create the ecosystem surrounding the IoT area.
With time, the business will understand the value of this domain and create new products and services that will attract more investors and create more jobs in the IoT domain. Moreover, the import and export of products and solutions will also benefit due to it. It could assist the emergence of supporting industries like smart monitoring and measurement systems etc.
However, there must be regulated bodies that set the guidelines and policies so that the information collected by the devices are secured and not transferred to any other source. The guidelines and procedures must be properly stated about who can access the information and how it should be used.
Many devices create a lot of IoT data, which can make various job opportunities in storage management, security, servers, etc. Some of the fields that will be in high demand due to IoT ecosystems are business analysts, maths, statistics, user visualization, big data, creative designers, etc. The impact of Io also changes the course in schools and colleges. As it is going to be one of the essential technologies in the future institute would like to introduce this as a subject.
There is no doubt in the fact that it will benefit our society in innumerable ways. Besides the advantages discussed, there are also concerns about IoT, and here in this section, we will review it.
The Internet of Things (IoT) ecosystem will pose a security risk as well as a breach of privacy. For example, the smart meters installed in-home monitor the movement of the number of inhabitants in the house and worked accordingly.
Suppose if there are no inhabitants in the house, then the meter will automatically shut off, and there will be no device consuming energy. But if such records fall into the wrong hands, then there is a security risk.
When there is a new technology, security concerns are always associated with it. For example, when we were introduced to Internet-based email systems, there were risks associated with it. But here in the IoT ecosystem, it depends on the industry about how to deal with such issues.
The article has highlighted the impact of IoT that it could bring in society and business. It will be one of the eminent technologies in the future, and so it will bring a lot of opportunities in the job sector. Upon going to this blog, you will get to know the impact it could have in the job sector.
It has been discussed that security threats are always associated with new technologies, but if the industry deals with it successfully, there is no problem. Moreover, it is already transforming the way we live. It is helping the business to increase productivity at a minimal cost.