IoT is still in its early stages but has already taken over different industries and growing gradually. A summary published by McKinsey Global Institute (MGI) describes the potential of IoT not only in developed countries but also in developing ones. Their analysis reports IoT will have an economic impact in different industries and areas, worth around $11.1 trillion per year until 2025.
Today, we are living in a world surrounded by sensors and devices that talk to each other. Internet, being the lifeblood of this communication, plays a key role in connecting one device to another. This interconnectivity is so much important that industries would be doomed without inter-device connection and smart cities would go dumb in a matter of seconds. To understand more about the gravity of this inseparable kinship, let us put both terms under the microscope to cognise their dependency on one another.
The Internet of Things (IoT) digitises physical objects, devices, machines, sensors, gateways and the network. IoT connects people to things and things to things in real-time. A usual IoT network can grow quickly, resulting in an exponential increase in the variety, velocity and the overall volume of data. This data opens opportunities for significant value creation and revenue generation. However, the challenge for the IoT environments is how to analyse the enormous volume of information from all sources and take action in real-time.