IoT Technology

What is I.O.T
Technology?

31 Aug 2019

·

5 min reading

Internet of Things

Internet of Things encompasses all the ‘things’ in the world that are connected together via the internet forming a seamless digital ecosystem.

When you Google ‘What is IoT?’, you’re immediately affronted with hundreds of search results offering answers. Most of these definitions tend to be unnecessarily complicated -- full of technical jargon that can often leave readers with more questions than answers. So what exactly is the ‘Internet of Things’ (IoT) and why does it matter?

What is the ‘Internet of things’?

Put simply, the Internet of Things encompasses all the ‘things’ in the world that are connected together via the internet forming a seamless digital ecosystem. This includes your new smartphone, tablet, printer, smartwatch, TV, or Google Home; any device or object that: Collects information and send it somewhere else receives information and acts upon it

Why is 'IoT' important?

Within the last 10 years, the Internet of Things has already radically transformed the way we live and work. Currently, there are more objects as part of the Internet of Things than there are people on the planet. The International Data Corporation [IDC] predicts that by 2020, the global market size of IoT technology will be worth $1.29 trillion.

Sustainable cities

Many countries have begun to implement IoT technology to maximize resource allocation and utilization. Sensors such as vehicle capacity on public transport networks, GPS location services, and energy usage fluctuations are used to collect, send, and analyze data to highlight areas for improvement. Such systems have allowed city planners and infrastructure consultants to reduce costs, reallocate resources to address gaps in the market, improve efficiency of new and existing projects, and make decisions that are driven by historical trends in quantitative data. 

Smart homes

IoT technology is increasingly becoming part of modern households. Remote scheduling, voice commands, and machine-to-machine (M2M) communications can be used to automate heating and lighting remotely via a smart device. Such device interconnectivity and owner control has contributed to a more digitalized standard of living.

Companies already using IoT Technology

Wattcost: Wattcost  is an Australian start-up that aims to improve energy efficiency for households and businesses. Their mobile phone app and sensor integrates with existing smart devices to analyze energy data, helping users to identify cost savings, optimize energy usage, and share experiences within a digital community. 

General Electric: Wattcost  is an Australian start-up that aims to improve energy efficiency for households and businesses. Their mobile phone app and sensor integrates with existing smart devices to analyze energy data, helping users to identify cost savings, optimize energy usage, and share experiences within a digital community. 

Summary

  • Internet of Things (IoT) is a digital ecosystem encompassing all the things in the world that are connected together via the internet

  • Any device that can collect, send, and/or receive data and potentially act upon this data is part of the Internet of Things

  • The IDC predicted that by 2020, the global market size of IoT technology will be worth $1.29 trillion.

Click here to find out more about how Compass uses IoT