There have been many predictions made over the years, and others have come to pass yet the rest haven’t. Virtual assistants and smartwatches were predicted by Dick Tracy in 2001. There will always be a close relationship between people and machines and the essence of installing intelligence to them.
The Internet of Things will accomplish the following duties; create better and compelling experiences, improving the sectors of health and increasing the levels of efficiency. 70% of IoT products will use cellular technology by the year 2022. In 2018, smartphones will be reduced due to the use of IoT devices. There will be a total of 29 billion tools that will be in connection, and 18 billion of them will be closely related to IoT.
It is consists of two major segments, i.e., wide-range and short-range segments. The short-range consists of devices such as Bluetooth, ZigBee, and Wi-Fi that connects with unlicensed radio and a range of 100 meters. While wide-range is made up of methods incorporated with cellular connections and low power technologies such as “LoRa”
Costs and benefits
There is exist industrial and consumer Internet of Things. The former has been more successful to date and has received adequate benefits with low prices. Industrial IoT majorly focuses on the increase in efficiency, and this directly explains the increase in profits. Smart buildings is an example of benefits and costs though costs are not relatively low across the globe.
Lately, only 10% of most commercial estates have smart buildings that are capable of controlling and monitoring power and lighting. It is because buildings standing less than 100K square feet would take many years to actualize a positive ROI. Introduction of networks and sensors will make it easier to conceptualize ROI.
High costs and unclear benefits of IoT
The tech market has progressed a slower pace than before. Buying a smartwatch now is more transparent and reliable, but wearables generally have failed in providing benefits to the user. Fitbit was once leading in the market but was out-smarted by Chinese made Xiaomi and displaced it to the third position.
Xiaomi has achieved such recognizable progress due to the provision of low-end wearables accompanied by affordable and real prices. The product is priced as low as $14.99. Apple as well provided a high-end approach to the invention of smartwatches by selling hardware and software at a considerable margin. Apple has been more successful because of the following reasons.
First, it controls and manages both its hardware and software of its products. Apple offers a more integrated approach that is beyond the smartphone. On the contrary, Fitbit has to integrate with devices from other tech companies. Apple provides a diversified number of services from “Apple music and Pay.”
Health and fitness in IoT
Secondly, Apple has increased on both health and fitness specifically for its series to watch. For an IoT to be termed successful, there should be a substantial reason to explain the cost. In any kind of an IoT, monetary benefit is crucial and is successful if reached at that point.
Smartwatches can efficiently track personal data compared to supercomputers. It is primarily because of the mobility of these watches as they are firmly stuck to our skins when performing outdoor activities such as swimming and running. Smartphones will give us valuable insights by tracking your glucose levels, blood pressure, and heartbeat.
Instances of dehydration will be noticeable due to the reduction of energy and recommend an individual to drink water. If you are buying or building IoT solutions, then focus on areas where the value is apparent, and costs are low. Although identifying such regions is not an easy job.