EnviSioning SMarT oBJecTS for ioT
We can now form a roadmap to implement technologies that will help develop smart objects to tackle day to day problems that are unique to our country across all verticals- from healthcare, smart transportation, agriculture to even smart maintenance of inv
A– smart object is the building block of the Internet of Things. Physical objects that are connected to the internet now can allow access to remote sensor data and control the physical world from a distance. The concept in itself is novel and immensely disruptive. Yet its technology can be traced back to World War II in 1935 when the crude method of radio frequency identification formed by Scottish physicist Sir Robert Alexander Watson. This was done to identify planes which belonged to the enemy and which one were the country’s own when returning from a mission. The same RIFD technology has been adopted to form an extension of the optical bar codes on our everyday products, with a smart low cost techonomic ID Tag so that the product can be identified from a distance. By inserting intelligence into the ID tag, the tagged object becomes a smart object.
Consequently, the key to building a successful disruptive technology in today’s webbed world is the pervasive development and smart object.
A culture of experimentation: sizeable opportunity
The Internet of Things is an intricate grid of network consisting of physical objects through the use of embedded sensors that can collect or transfer information about the objects. The intelligence collected from these devices can be analyzed to optimize and customize products, processes and services.
Take a smart car for example, which can track the capacity of fuel, predict maintenance, forecast traffic, choose riding modes and provide you with a guidance system that alerts the authorities to geotrack the location in case you meet with an accident in the middle of nowhere. E- Call is one such technology that communicates the exact location of the vehicle to emergency services, the time of incident and the direction of travel, even if the driver is unconscious or unable to make a phone call. This technology has been voted last in last year by the European Parliament to equip all cars from April 2018.
We can now form a roadmap to implement technologies that will help tackle day to day problems that are unique to our country across all verticals- from healthcare, smart transportation, agriculture to even smart maintenance of inventory across businesses.
We are looking at a potential Global market of $373 billion in revenue with India accounting for about $12 Billion of the honeypot. Which is why venture capital arms like Cisco Investments have increased investment in IoT startups to the tune of $150 Million globally and has projected a market of $14.4 Trillion by 2022. Similarly, a report from Transparency Market Research has predicted that the global wearable technology will reach $5.8 Billion by 2018. Yet, several investors have noticed a choking point in terms of revenue when it comes to establishing connectivity in an industry. Thus it is crucial, as rightly suggested by Gartner, that IoT will have an impact on the economy only by transforming many enterprises into digital businesses and facilitating new business models, improving efficiency and new forms of revenue.
Trends and challenges
According to IoT Analytics, a leading provider of market insights in the IoT ecosystem has analyzed the most popular IoT applications that are dominating the market now. Of these Smart Homes are the ones that stand out from the rest followed by wearables, smart city, smart grid, industrial internet, connected car, connected health, smart retail, smart supply chain smart farming.