The consumer, commercial, and industrial segments of the Internet of Things are rapidly expanding industries. As consumers, we could see an IoT device alerting us when we run out of milk, but that isn’t what makes IoT revolutionary.
Instead, the fridge should be able to gather data on energy use and generation from all points on the grid and use it to determine how to distribute energy resources optimally to reduce overall energy use, which would be advantageous to both utility companies and consumers.
What is the future of IoT?
The industry’s expansion has increased in step with its capabilities; by 2030, there will likely be over 24 billion IoT devices in use. We anticipate that advances in 5G, artificial intelligence, and sophisticated analytics will raise the bar for the sector.
IoT businesses are paving the path for a future with less waste, more energy efficiency, and increased individual autonomy. A connected device system must be responsive and feedback-rich, and actions must be linked through data for it to be sustainable.