Innovations

Internet of Things Theory: Choose Your Business Model That Works

07 Sep 2015
8960
10 min

The world is becoming more and more connected. Your smartphone can be connected to your toaster or refrigerator and there is no denying it. That is our future. Nobody knows what we can expect in even 5-10 years. We are completely surrounded by technologies that are designed to make our lives better but not everything is so simple.

One such technology is called the Internet of Things (IoT). A range of IoT devices are connected together that need appropriate software development and ultimately they represent a large network. But lets spell it out and discuss this technology in detail. 

What Is the Internet of Things (IoT)?

What is the Internet of Things: Tech of the future

Internet of Things or IoT is a global network of physical devices connected to the Internet. These devices are equipped with sensors and other information transfer mechanisms. The devices are usually combined by means of connection to a control and/or processing units. Internet of Things theory states that inanimate equipment will be able to speak. 

IoT is based on machine-to-machine (also known as M2M) communication technology and it can provide everyone with a high transparency in almost any field of activity. So what is IoT? Imagine housing and utility services that can forecast and prevent any disruptions in providing those services. Or airlines that remotely monitor and optimize the functionality of planes. Health organizations that offer you treatment according to results of genome analysis in a real-time mode. The opportunities for business are almost unlimited. 

what does internet of things mean?

IoT conception - connect one device to another

Theory of Internet of Things

It sounds a bit strange for us. Usually, the Internet means computers, mobile devices, and servers. But Internet of Things refers to all unconventional electronic devices that exchange data via the Internet using a local or wireless network. It can be a consumers electronics like fitness trackers, home appliances like web cameras, voice assistants, refrigerators, coffee makers or washing machines. And even industrial Internet of Things - equipment like robotics, sensors and so on. The main principle of IoT means that everything that can be connected will be connected. Toothbrushes and pans are not even exceptions to the rule.

Why do we need IoT?

The ideology of the Internet of Things is oriented on economic growth efficiency at the expense of automation processes in different fields of activities and the elimination of individuals from this process. Today many companies focus on mass segments of IoT in the process of the deployment of IoT projects where the following niches are already conquering the IoT market around the world.

Make our home smarter 

First, it makes it possible to forget about the fear of whether or not we closed the door or switched off an iron because this information can be stored on our smartphone. IoT application development is not an easy task but today a lot of software development companies can offer this service. 

So, if you forgot to do something at home, everything can be fixed from any point of the world. The security system recognizes everybody who passed by your house or stood in front of the door. And if this person comes again, the system will match his face with police database. Just in case. Refrigerators full of cameras will notify the owner about the end of products shelf life or it will remind you that your milk is starting to go bad. 

  • Solutions for the development of intellectual security services; 
  • Solutions for the development of intellectual services for optimization of the use of household resources.  

Modification of transport systems

Using connected sensors and Internet of Things applications, systems will be able to measure loading of transport channels and optimize them. Where should new road interchanges be built? Where should new routes be built? If the government of the town knows how their citizens travel, they will be able to build the most effective transport systems. 

  • Services of fleet management types for individual transportation. Like Uber for trucking, for example;
  • Maintenance services; 
  • Payment procedures for transportation etc. 
how does internet of things work?

Transporting infrastracture with IoT

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Discover 10 top smart home apps. Read Make your residence brainy: top 10 smart home apps. 

Retail and financial services

New technologies can combine data with physical goods providing buyers with advantages of adaptive retail and Internet of Things. Internet of Things in finance field can transform businesses to a combination of physical and digital environments. And it will increase a customer's loyalty. In the retail field, IoT suggests unlimited opportunities for increasing the efficiency of supply chains. New opportunities for buyers and the development of new services - that is what people need

  • Solutions for automated transfers and data analysis from POS terminals including virtual terminals; 
  • Service of household stocks. 

Medicine

The Internet of things can also work for the benefit of modern medicine. People have an opportunity to take care of their health just sitting at home - IoT healthcare field allows you to do it. For example, people with diabetes allow doctors to monitor their health remotely. Data about their temperature, pulse and glucose level is transmitted in a real-time mode to mobile devices using IoT sensors. And patients can get timely recommendations from doctors. 

Well, that was a short description why it is worth paying our attention to this technology. Now let's take a better look at what new inventions in this field different companies have developed for today. 

IoT solutions: New high-tech approaches

This technology is quickly developing and some hardware manufacturers are actively integrating the Internet of Things into their devices. 

Health

Due to smart gadgets, IoT in healthcare can completely monitor your whole body. The software will record your every action and it will be able to calculate the probability of disease before the first symptoms appear. 

Today Apple Watch, Fitbit, Jawbone, and their wearables have already occupied this niche and are engaged in IoT development for healthcare devices. And it is just the tip of the iceberg. 

  • Medtronic company manufactures subcutaneous implants for diabetics. It constantly monitors glucose levels in the blood;
Internet Of Things In Medicine

Medtronic app to control glucose level

  • Philips has developed a pillbox that is open when it is time to take a pill. It sends a notification to the doctor or family member (or both of them) if the patient failed to take a pill on time; 
  • In addition, Philips has also made its contribution to the Internet of Things healthcare field - the company has created video sensors for monitoring premature babies in intensive care units. Sensors control the state of skin, breath and body temperature. Staff always gets a notification if there are any changes. 

Smart homes and business centers 

Large companies are creating smart homes full of coffee makers that can be activated by an alarm clock signal on your fitness tracker. But there is no one leader in the market. There are just a few companies that have succeeded in one area or another of smart home tech development and the development IoT applications.

  • Nest company has developed thermostat that makes it possible to reduce energy consumption up to 20%. Also, it has a smoke and gas detector built inside; 
  • Tagg device was designed for tracking the location of pets and their health.

Besides that, many other companies create their own smart systems for monitoring maintaining security, energy, lights, heating, IoT home appliances and so on. Apple couldn't stay away and it presented its HomeKit platform with the aim to create one standard for controlling and managing devices.

internet of things for home automation

HomeKit platform to control your house

Internet of Things development is also related to construction. One large skyscraper with a natural air moisturizer was built in Canada. It is full of tropical plants. And it can open and close a jalousie to retain the optimal temperature without energy waste.  

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Find out how to create a smart home app. Read Smart home app development: step-by-step guide. 

Industry

According to statistics, integration of IoT in manufacturing helps reduce repair costs by 12%, equipment maintenance by 30% and reduce downtime by 70%. 

Thus, due to the modernization of factories using the Internet of Things, all enterprises can increase production volume and reduce the number of man-hours. 

The Internet of Things is not going to replace you and make you unemployed. It just changes priorities. This area requires software developers that will be able to create appropriate apps for tone device or another. Since the hardware is nothing without the Internet of Things software development it is developed by many companies in the world including ours. 

Transport

The population is growing and the need for vehicles is growing as well. What is the solution? IoT, of course. 

Smart traffic lights, drones for parking and smart city lights come to the rescue. It may sound a bit absurd but only in the beginning. Imagine traffic lights with video sensors that will just control switching red and green lights depending on traffic density. It is very important since it will help reduce CO2 emissions and the number of traffic jams.

Apart from this, the number of autonomous cars grows every year and all these cars are connected to the Internet and they already have their own IoT. Even some new conventional cars can interact with a smartphone and have an autopilot mode. So IoT today has a great potential. 

Everything seems cool, yeah? But it would be dishonest on our part to speak only about only the strong sides and discuss how has Internet of Things impacted the business. Now lets talk about the downsides IoT has and determine whether IoT is the new technology that will start a revolution or it is just a source of troubles.

Internet of Things risks: dark sides of IoT

In many security organizations in different countries, IoT is marked as a potentially dangerous technology, and Internet of Things security risks are quite real. 

Security issues

And it is not a joke. There is no standard for data protection. And your smart refrigerator can be hacked and send spam instead of notifications. But if we speak about the hacking of smart homes or power plants, consequences can be really disastrous. Or what if we speak about a pacemaker or other medical devices that are widely used by IoT in medicine? Hacking of pacemaker may not only break the functioning process but it might also lead to the patient's death. But this issue is still not resolved. Despite the fact it should the first one taken into account. 

Language barriers

 Apart from the lack of a standard for data protection, there is no one communication standard for connected devices and smart home applications. They can use Wi-Fi, Bluetooth, ZigBee or Z-Wave. Thats why in order to create a really connected world, it is necessary to teach all devices to communicate with each other in one language.  

Legitimacy

Who is the data owner and who has access to data? Should smart cars report to the police about your exceeding the speed limit? This is a very difficult question. There are no specific legal restrictions, so IoT won't function in a full-fledged way if all regulations are not settled properly. Here is the danger of Internet of Things

Technical issues

The Internet of Things faces some technical, economical, social and even political issues. For example, IPv4 addresses are limited and it is necessary to switch to IPv6 addresses. It turns out that a few dozens of things fall on each person. But addressing the capacity is not growing. The general replacement of existing separate sensors of Wireless Sensor Network is very slow since there is a complexity in a combination of physical properties of objects with data transference in a real-time mode.  

IoT risks

What pitfalls you may come across using IoT

How our company can help you immerse in IoT

So, you see what cool and crowd-pleasing inventions we have today in the world. Of course, the Internet of Things is impossible without hardware, but not without software. Software and hardware go hand in hand in the IoT. Therefore today many equipment manufacturers make it possible for software companies to create and modify their apps to use their devices. That is one of our scopes of activity. 

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Check out how to apply machine learning advantages. Read How to use the advantages of machine learning in your business? 

We can help you with the development a smart home apps or create another app for your refrigerator, coffee maker or any other device that can be connected to the Internet. We are always trying to stay ahead of the game and master everything new in the tech world. All you need is write us a letter and describe the plan of the software you need or your IoT application ideas. Keep in mind to subscribe to our blog as well!

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