Smartwatches, smart homes, smart cities—it is a world of smart things.
What puts the ‘smart’ in these things is the Internet of Things (IoT) which in simple terms is a system of interconnected devices dedicated to performing a single or a set of functions. These devices are connected within a system using networking technology embedded via software, electronics, sensors, and wireless chips. And these devices could be as small as a pill to as big as an aeroplane.
Just so we are clear, a smartphone is not a smart IoT device as the term IoT is mainly used for devices that wouldn’t generally be expected to have an internet connection, and that can communicate with the network independent of human action. (This is a topic for another day though!)
So, where were we? Yes, smart IoT devices! I am sure we all own a few of these ‘smart’ devices. In fact, remember that in 2019, as shared by McKinsey Digital, around 127 new devices connected to the web each second.
It’s 2022 now and given how we went more towards digital than away from it during the global pandemic, just imagine how the numbers might have grown.
Research shows that the global market size of the Internet of Things (IoT) was valued at approximately USD 310 Billion in 2020. It is expected to reach a value of around USD 1,842 Billion by 2028, at a compound annual growth rate (CAGR) of about 24.5% during the forecast period 2021-2028.
Thanks to IoT, numerous industries can conduct operations effortlessly and efficiently with little or no human involvement. If the growing market size is any indication, the buzz in the tech industry is going to be ‘What could be the next IoT device?’ And now that the question has been asked, let me ask one more, “Will you make the next IoT device?”
So, how does one go about making the next IoT device?
Pretty much any physical object can be transformed into an IoT device if it can be connected to the internet to be controlled or communicate information.
In a nutshell, there are two things that can transform a normal device into IoT smart device
· the device needs the capacity to connect with the internet in any way
· The device needs to be integrated with technology like sensors, functional software, some inbuilt technology that supports network connections, and also actuators
Let’s look at this in a bit of detail
1. The device needs the capacity to connect with the internet in any way
IoT needs connectivity. The physical device in point needs the ability to connect through the internet.
These objects can be uniquely identified by their Unique Resource Identifier (URI) and can send/receive data by connecting to a network.
2. The device needs to be integrated with technology
From tiny microphones to ginormous construction machines, practically every physical object can be turned into a connected device by the addition of necessary technology—by adding sensors or actuators along with the appropriate software, to measure and collect the data.
In fact, functional software is what actually makes the connected device ‘smart’ as it makes communication with the Cloud possible hence allowing for the collection of data, integration of devices, as well as analysis of real-time data within the IoT network. The software also enables users to visualize data and interact with the IoT system.
Conclusion
IoT has come a long way and it is only going to get bigger and better. If stats are to be believed there are already more connected things than people on the planet. Tech analyst company IDC predicts that in total there will be 41.6 billion connected IoT devices by 2025. This is quite appealing if you are a start-up founder or an up-and-coming entrepreneur.
If you already have an idea, that’s a great place to start. Connect with us @Aerion Technologies and @CRINNAC to take the confusion out of building your IoT solution: from design and manufacturing through to software.
