Internet-connected devices have been predicted to become popular for many years, but the emergence of the internet of things (IoT) has been held back by many issues the main one being cost. Innovation has become the application of new methods to create new solutions that have value as perceived by final consumers.
IoT comes out as a realistic technology that would help us achieve convenience, security in our homes and profits in our businesses. Making a home device internet-aware adds significant costs to what is essentially a commodity, low-cost item. Utility companies have long wanted to use the power connections into people’s homes to remotely read their meters.
The quick evolution of IoT has been due to a convergence of multiple technologies, including ubiquitous wireless communication, real-time analytics, machine learning, commodity sensors, and embedded systems. This means that the traditional fields of embedded systems, wireless sensor networks, control systems, automation (including home and building automation), and others all contribute to enabling the Internet of things (IoT).
As governments have pushed the need for energy management to lower carbon dioxide emissions, utility companies have also been looking at how they can evolve this into a “smart grid”, where actions can be taken to control certain devices within a property depending on electricity availability or government rules.
Innovators should rethink about what they can do to change the world with IoT at the centre of their innovation.