IoT: Changing Business Paradigms


IoT also known as Internet of things is a network of devices, appliances, vehicles and others that comprise of software’s, sensors, electronics, actuators and connectivity enabling them to connect and exchange data. Thus, opening up the scope of endless opportunities which IoT can deliver to the world. The word Internet of Things has two main parts “Internet” which is the backbone for any connectivity and “Things” meaning the objects/devices. It is believed that IoT is the new source of data and by processing this huge data sets we can get all that information that can be used to make precise decisions.

Emergence of IoT

With our lives and businesses becoming more complex IoT has gained a lot of importance. As it has arrived with a highly believable promise of giving individuals few more free hours by automating few tasks and boosting productivity of businesses by making better use of data. Other factors in our Ecosystem are also favourably like evolution of affordable devices, inevitable growth of internet and telecom, ongoing data analytics implementation and advent of intelligent machines.

IoT across various industry

    • Logistics:

Today the top most priority of the logistics companies is to ensure timely delivery, product lifecycle transparency and improved quality of service. As automation of the internal business processes, efficient inventory management and warehousing and faster delivery of goods decides that how successful the business is currently. By introducing smart connected and innovative solutions to a problem IoT will bring in the following change in the industry: –
1. Inventory tracking and warehousing.
2. Location management system.
3. IoT by predictive analytics.
4. Drone based delivery.

  • Healthcare:

The benefits of IoT are beyond questions in every aspect of the human lives and healthcare is no exception to it. The initial trends itself tell us that it has started making a positive impact in the logistics industry. The following are the ways by which IoT will be benefiting the logistics industry:
1. Increased concerns level of patients by using smart wearable devices.
2. Reducing scope of error.
3. Helping differently abled people.
4. Meaningful and timely health alerts.

  • Agriculture:

The agriculture industry is undoubtedly going to be more important than ever before in the upcoming years. And introducing technology in agriculture will make it look more smarter unlike the traditional way. IoT has opened up extremely productive ways to cultivate and monitor the agricultural process leading to increase in quality, quantity, sustainability and cost effectiveness of the agricultural production. IoT is benefiting today’s farming industry in the following ways:
1. Soil monitoring system.
2. Drones for field monitoring.
3. Automated sowing and weeding system.
4. Insects and disease prediction.

Scope & Future

With People have started using enhanced devices that are connected to the internet, IoT is the next substantial thing in this trail. Devices enabled with IoT like smart watches, smart beds, fitness tracker, etc. are readily available in the market and people are accepting them with open hearts. The global IoT market for IoT will grow from $157bn in 2016 to $457bn in 2020 attaining the Compound Annual Growth Rate (CAGR) of 28.5%. With this IoT will potentially be contributing to industries like in the utilities, oil & gas, healthcare, insurance, manufacturing, transportation, infrastructure and retail.

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