The Internet of Things (IoT) is the network of physical objects/devices, buildings, vehicles and other items embedded with electronics, sensors, software programs, and network connectivity that make these objects/devices to exchange and collect data. The concept is to create a situation in which we don’t have to control each device separately, but rather have a top level control over a sophisticated chain of integrated events, over an ‘army’ of interconnected objects/devices that can communicate with each other and also with us.
IOT History and Evolution
The phrase Internet of Things has been in existence for the past 18 years. But the actual idea of connected devices had been around much longer, at least since the 70s. In those days, the idea was often referred to as “pervasive computing” or “embedded internet”. But the term “Internet of Things” was introduced by Kevin Ashton in the year 1999 during his work at Procter & Gamble. Ashton who works in supply chain optimization, wished to draw senior management’s attention to a different exciting technology called RFID. Since the internet was the newest trend in 1999 and because it some-how made sense, he named his presentation “Internet of Things”.
Despite the fact that Ashton grabbed the attention of top level P&G executives, the term “internet of Things” failed to get widespread attention for the next 10 years.
The concept of IoT started to earn some recognition during the summer time of 2010. Information leaked that Google’s Street View service had not simply created 360 degree pictures but also stored lots of people’s Wi-Fi networks data. People were debating if this was the beginning of a new Google technique to not just index the internet but also index the physical world.
The same year, the Chinese government declared that it would make the Internet of Things a strategic priority in their Five-Year-Plan.
In 2011, Gartner, the market analysis research company that developed the well-known “hype-cycle for emerging technologies” integrated a new emerging phenomenon on their list “The Internet of Things”.
The next year “2012” the theme of Europe’s largest Internet conference LeWeb was the “Internet of Things”. Also well-known tech-focused magazines like Wired, Forbes and Fast Company started making use of IoT as their vocabulary to explain the phenomenon.
In October of 2013, IDC publicized a research report stating that the Internet of Things would be approximately $8.9 trillion market in 2020.
The term Internet of Things attained mass market alertness when in January 2014 Google declare to purchase Nest for $3.2bn. Likewise the Consumer Electronics Show (CES) in Las Vegas was held under the theme “Internet of Things”.
Scope for Business in IoT
An internet technique for any business involves website development, management, planning and marketing. Planning helps to ensure that content created focuses on the appropriate type of customers. You need to customize your web plan to accommodate your company instead of following any well-written formula. There are standard components you need to follow such as marketing, market analysis, strategy, any specific development plan and most of all expense budgets.
The scope for business on the Internet is excellent – there is so much possibility there and all you need to do is get an integrated plan or strategy to make it happen