Internet of things (IOT) one of the raging technologies is luring end users with its captivating benefits and features. Every emerging technology has a dark side to it, which should be explored and kept in mind while using the technology. ‘Internet of Things (IoT)’, one of the raging technologies, is luring end users with its captivating benefits and features.
In simple terms, Internet of Things, also known as Internet of Everything, is a group of devices that are interconnected over the Internet, just like your smart-watch, Fitbit, or even your refrigerator. All these devices are capable to transmit as well as collect data via the Internet, contributing to our Big-Data world.
Also Read : Big Data : Amazing Facts and Stats
To demonstrate how fast Internet of Things is growing and it affects on our lives and business we have analyze some mind blogging IOT numbers :
- ATMs considered some of the first IoT objects and went online as far back as 1974.
- Back in 2008 there were already more objects connected to the Internet than people.
- It is assume that by 2020, then number of internet connected things will reach or exceed 50 billion.
- The IoT will connect many of the devices we have in our homes, from thermostats to smart fridges.
- By 2020, a quarter of a billion vehicles connected to the Internet, giving us completely new possibilities for in-vehicle services and automated services.
- Machine-to-machine connections will grow from 5 billion at the beginning of this year to 27 billion by 2024 with maximum share of china and US.
- According to estimations by the Mckinsey Global Institute the IoT will have a total economic impact of up to $11 trillion by 2025.
Let’s have a look at both the pros as well as the cons of using IoT in our daily lives :
Pros Of Internet of Things :
1 .Cost Savings : It makes the electronic appliances communicate to each other in an effective manner thereby conserving and saving cost and energy.
2 .Information : Whether it is general decisions as needing to know what to buy at a grocery store or if your company has enough supplies and widgets, knowledge is great power and more knowledge is always good.
Also Read : How Internet of Things Affects Your Business?
3 .Communication : IoT encourages Machine-to-Machine (M2M) communication (communication between devices).
4 .Automation and Control : Owing to physical objects getting controlled and connected digitally with wireless infrastructure, there is a big amount of automation and control in the workings.
Cons of Internet of Things:
1. Over Dependency of Technology : At present , it is observed that the younger generation is a technology freak and they depend upon technology and its devices for every little thing.
2. Losing security on Privacy : As there is involvement of different technologies and devices, there is monitoring by more than one companies, which directly questions the security and privacy issues.
3. Lesser Employment Prospects : With IoT, daily activities getting automated and naturally there will be fewer requirements of human resources and less educated staff, which may create employment issue in the society.