IoT is one of the latest technologies which is constantly making news in the technology world with the latest innovations. In today’s interconnected world, you may have come across or used IoT in some form or another. The term Internet of Things was coined by Kevin Ashton in 1999.
According to a report, the revenue of the IoT market is expected to reach US $1,177.00bn in 2023. Also, the CAGR for the period 2023-2028 is estimated to be 13.60%. Looking at the growth rate and the revenue generated, one can assess the popularity of IoT and its application. Businesses are investing substantially in IoT projects across various industries such as health care, automotive, finance, industrial, consumer, and others.
In simpler terms, IoT is the network of interconnected physical objects such as electronic devices, vehicles, appliances, and other systems over the Internet. These devices with the help of embedded sensors, software, and connectivity collect data and share it over the connected network.
IoT uses other advanced technologies like AI, 5G, edge computing, blockchain security, data analytics, and more to develop IoT-based applications and solutions.
Let us understand the pros and cons of IoT, which will help in understanding the technology better with its applications and limitations.
Listing some of the benefits of IoT which can help your business grow:
With the help of IoT, several monotonous and time-consuming tasks can be taken care of by putting them into automation. The advantage of IoT when applied in industrial automation is huge.
It saves time, money, and resources, and increases efficiency and output. The IoT sensors track the performance of the machine, and send signals in case of any fault in the system. It also helps in reducing downtime by predicting any failure or maintenance required.
IoT-enabled devices and applications make the life of users convenient and easy. The connected devices of your home or office can easily be managed and regulated, as the appliances can be accessed remotely. The lighting system, security, kitchen appliances, entertainment set-up, and a lot more can be operated with the help of your smartphone.
The IoT devices are constantly capturing data and storing it through the sensors integrated into the device. One of the major benefits of IoT because of the data collection can be seen in the healthcare section.
IoT-enabled devices like smart watches collect data about the user such as heartbeat, temperature, sleep, and exercise. This data collected is monitored continuously, and any alarming variable is reported to the user instantly turning out to be a lifesaver in a lot of cases.
One of the other major advantages of IoT for business is the time and cost-saving factor.
Because of the automation made possible by IoT, time is saved for other important tasks rather than repeating tedious tasks.
Businesses save money because of predictive failure, on-time maintenance, and enhanced productivity which results in reducing the overall cost.
The data collected through IoT-enabled devices are a lot of time-sensitive information that needs to be protected. IoT with the help of complex algorithms and technology like blockchain secures the data collected from any kind of threat.
It keeps the data securely protected from hackers, which is crucial since everything is on the network. The other benefits of IoT applications are for home and industry safety and security.
The monitoring system setup with the help of IoT-enabled devices in your house can be critical in case of any attempt in trespassing the boundaries of your house.
Similarly, the alarming system set up in the industry is extremely advantageous in case of fire breakouts or other threatening situations.
Also read: Top Artificial Intelligence Trends to Watch in 2024 The Future of E-Learning: Trends to Watch in 2024
Also read: Top Artificial Intelligence Trends to Watch in 2024
The Future of E-Learning: Trends to Watch in 2024
There are certain disadvantages of IoT which might affect your business or system:
IoT as a technology is still evolving and relatively new for users and developers too. Since so many devices are interconnected with each other, with varied configurations the system gets a little complex and complicated. Any small glitch in the system can stop the working and it would be difficult to find and resolve the issue.
The learning curve of IoT is also not that simple when compared to other technologies where there is an abundance of tutorials and materials to learn from.
Since the complete working of IoT is over the connected network, there is a constant threat to the system, which is one of the major disadvantages of IoT. The amount of cyber attacks is continuously on the rise and since everything is interconnected the whole system is susceptible to these attacks.
The sensors integrated with the IoT devices collect data continuously and this data has sensitive information regarding finance, health, and other personal details. This information if misused can create serious problems for the user and also hamper the privacy of the user.
With the application of IoT, a lot of tasks are automated and taken care of by devices, which serves as a threat to many already existing job roles. This would create unemployment in the sector since the previous job roles employed unskilled or less skilled resources too. In the case of IoT applications, employment opportunities are available for skilled resources.
It is one of the consequential aspects of technology as a whole. With each innovation and technological advancement the dependence on machines is increasing exponentially. This dependence has a certain level of repercussions for the human race, such as depending on IoT-enabled devices for our daily routine may make us less efficient.
The devices which are interconnected with each other have different specifications and manufacturers. There is no ultimate standard set globally for IoT devices that would take care of the compatibility issue in the system. Because of this a lot of times there is difficulty in establishing connections and managing between these devices.
IoT as a technology, is transforming the world with its limitless possibilities. We have discussed in this blog what are the advantages and disadvantages of IoT in detail. Smart cities and smart homes are the products of Iot, which has made it much easier and more convenient for humans. The pros of IoT outweigh the cons of IoT tremendously, with the help of IoT experts and precautions the disadvantages of IoT can be easily managed. We are on IoT projects for our clients, if you are looking for an experienced IoT application development company, connect now.
Enhance business efficiency with ERP systems, streamlining operations and improving productivity.
Everything you should know about the latest features and improvements in Node.js 22.
A guide that will help you in finding the react js alternatives for your project.
