Get Familiar to the Internet of Things All the devices or gadgets that are connected through the internet or use some form of the wireless communication channel are referred to as the Internet of Things. Our surrounding if observed keenly is full of IoT devices. In fact, some of the daily use devices of ours are also categorized into IoT. Due to the rise of technologies such as embedded hardware designs, high speed, and small scale microprocessors, machine learning algorithms and artificial intelligence IoT has set to rule over the whole world. Even the flora and fauna are being tracked and their health is monitored by IoT devices. Innovation in the field of IoT has made it an instrument of research in all physical domains. You will be surprised to know that most of the spatial devices included in the satellites and spaceships are also considered the Internet of Things. IoT has generated great value for the whole of human civilization and is currently is in the stage of continuous evolution. All the modern fields of engineering such as robotics, automation, information technology, electronics, and communication are dedicated to building better IoT devices. One of the best examples of IoT is the multipurpose drone device that is currently being used worldwide for performing significant functions such as security, surveillance, disaster management, emergency response, exploration, defense and commercial purposes such as analytics and logistics. How does every IoT device work? Every IoT ecosystem is formed of embedded hardware smart devices including processors and sensors that all together perform three vital functions that are collecting, sending and acting on the information acquired from the surroundings. The IoT device is completely dependent on technologies such as the application programming interfaces that are used for connecting all the devices to the internet. The primary set of technologies includes Big Data Management Tools, Artificial Intelligence, Machine Learning, Predictive Analytics, Cloud and Radio-Frequency Identification (RFID). Devices that collect and send information The majority of sensors such as motion sensors, temperature sensors, climate sensors, light sensors, and quality sensors comes under a particular category. Information and insights collected by these devices help organizations to formulate intelligent and sensible decisions. Devices that receive and act on information All such devices which perform actions such as printers, drones, robots, and intelligent machines, digital locks come under this special category. These IoT devices assist us in performing daily important functions. Devices that can perform both the above-mentioned functions The devices formed by the integration of both the above systems such as irrigation sensors, emergency locks, temperature sheds are categorized into one single category of IoT devices. Higher use of machine learning algorithms and artificial intelligence is required in the creation of such smart and futuristic IoT tools. How can IoT benefit you? Experienced players in the field of IoT define many practical benefits for IoT for all types of businesses. Monitoring the vital operations of the business Great improvement in consumer experience Saving valuable money and time Significant enhancement in the productivity of the employee Integration and adaption of business models Implementing better business decisions Generation of more revenue Newer business models and revenue Rise in operational efficiency The visible growth in workforce productivity Next-Generation Consumer and Enterprise IoT Applications The concept of smart homes has taken a flight. Smart Home is one of the most awaited surprises of the next generation and is equipped with a lot of smart IoT devices such as smart thermostats, smart appliances and many electronic devices that are easily controlled by smartphones and computers. Wearable devices have also recently become a craze among the present and coming generations. Generally equipped with intelligent software and smart sensors this IoT device is sure to make life easier and secure for the coming few generations. The use of IoT in healthcare has resulted in wonders. Recent times have witnessed complex surgeries of the heart and brain being performed by IoT devices and machines. IoT devices have resulted in analytics and detection of many fatal conditions and doctors have promised that there is a lot more to come. Smart City being planned around the globe is the best response to the positive adoption of IoT tools and technologies. The smart traffic signals, surveillance devices, and intelligent meters will result in better cities along with the assurance of great as well as a secure life for the coming generations. Challenges and Opportunities faced while adoption of IoT The IoT basically connects billions of normal devices directly to the internet thus making it vulnerable to cyber-attacks and unwanted intrusions. Thus the major concerns that are raised following global usage of IoT devices are IoT privacy and IoT security. Some of the challenges as well as opportunities faced during the global adoption of IoT. Underdeveloped policies and regulations for the same Lack of clarity in the business models despite a strong proposition in value Implementation and capacity gap between the public and private sectors Lack of consistency in data management and valuation The required infrastructure is a major barrier Necessary to form partnerships at local and global levels What is the future of the Internet of Things? Many market experts have claimed IoT to be one of the topmost investment ventures for all the innovation giants. Due to its high usage and applicability, IoT is predicted to be the frontrunner in the race of innovation and technology. The expected annual revenue of IoT hardware and software of Bain & Company will surely exceed a gigantic figure of $450 billion by the year 2020. The renowned global consultancy McKinsey & Company has estimated IoT to have an impact of $11.1 trillion impacts by the year 2025. The highly deemed IHS Markit has proclaimed that the number of IoT connected devices will rise 12 % annually to reach the magical figure of 125 billion till 2030. The very much reliable analyst Gartner reveals that almost 20.8 billion IoT devices will be in use by the year 2020 along with the total spending reaching $4 trillion in the running year.