The world is no doubt becoming more connected. As with connected cars where a recent AAA survey found that consumers are becoming more comfortable with electric and semi-autonomous cars, the IoT’s rapid growth will eventually seep into all expects of your professional and personal l life. A recent study conducted by BI / Research looked at the application of IoT technology for several industries, ranging from retail and mining to agriculture and real estate, and how executives will deal with the challenge of investing in the IoT efficiently.
One component of the report worth mentioning is the definition of the IoT. I’m interested in understanding where the IoT ends and other new technologies begin including AI. The research report defined the Internet of Things as, “The Internet of Things (IoT) is the network of physical objects or “things” embedded with electronics, software, sensors, and network connectivity, which enables these objects to collect and exchange data.”
The report breaks down some of the key findings by the industry as follows:
- Health: remote monitoring, Innovations like electronic pills that track medication compliance, sleep monitors, personal electrocardiogram devices.
- Cities and infrastructure: smart parking, sensors to communicate traffic conditions to autonomous vehicles and reduce congestion. Smart buildings with more efficient energy use.
- Retail: customer tracking, personalized offers, and virtual dressing rooms.