The Internet of Things is generally called IoT. We are going to look into what is IoT, how does IoT influence the day to day life of the common people across the world. First of all, IoT is nothing but the interconnection of smart devices that are meant to simplify the chores of everyday life. It is just automating regular work with the help of smart technologies. IoT is the evolution of smart applications that are developed to help and support humans in all walks of life. But the major questionnaire here is, does it support humans as intended or hinders their lives in unforeseen ways?

Let’s discuss that briefly here!

What is the Role of Humans in IoT?

Humans or users of IoT don’t have much role in the IoT network rather than configuring it or giving instructions to it. But there are some medical or digital health-related IoT smart technologies that constantly monitors and records the biometric data of the people. Elderly citizens, patients and children are the most monitored by these IoT devices!

These smart IoT devices not only record the individual’s blood pressure, heart rate, etc but also send the data collected to their corresponding manufacturers or healthcare service providers for research purposes.

Recently, we came to know that Apple Watch saved the life of an elderly man aged 61 in India. These IoT devices help in probing the dysfunctions of organs and ultimately benefit in saving a life.

How IoT Evolution is Simplifying Our Development Process?

It is so obvious that these connected intelligent devices are simplifying the development process in every industry. Be it a public health department in the prevailing Covid-19 crisis scenario, IoT devices play a vital role in thermal scanning, contact tracing, monitoring and saving lives.

People seek such smart devices that could help them guard their health, wealth and well-being of life.

The other IoT intelligent platforms that help in our human and societal development processes include CCTV security systems that ensure a secured environment, secured digital payment systems facilitates ease of payment processing systems, data analysis for innovations in business procurements and a lot more.

Benefits of IoT for Society

IoT evolution is supporting society in numerous ways. Smart automobiles reduce road accidents, smart home technology saves electricity and cost, smart security systems protect society from any security breach and smart health devices track people’s health and save their lives.

Why Should We Adopt IoT Now?

IoT is the one prominent and efficient solution of sustainability in this pandemic struck era! Of course, IoT promotes a greener and pollution-free ecosystem by effective management of perishable natural resources like water, fuel, and other earthly materials. According to the International energy agency, the IoT economy is expected to gain about 43% by 2022 by rolling out green technology and renewable energy methods that promote saving energy effectively.

78% of people who have adopted IoT into their business and lifestyle have reported that IoT is the key to continue their business operation during the crisis and 87% of them achieved higher ROI in their business with the cost of business operation reduced by 19%.

38% reported IoT deployment has resulted in increased customer experience with 44% stated they have seen increased productivity from their employees.

It’s the right time to adopt IoT technologies.

Social Impact of IoT on Business, Economy, Health & Sports, Job Skills and Society

IoT has a portfolio of societal benefits. It not only protects and saves the lives of people but also impacts positively on their societal growth and prospects by building a rapport online. People like social media influencers, youtube content creators enable people to connect across the globe without the need for personal human-to-human interaction. The IoT era is promoting a mutual trust factor in the virtual world.

Socio-Economic benefits of IoT are countless such as increasing the GDP by 0.2% and its growing continuously. The industries and manufacturing companies like automobiles, software, aviation sectors are greatly strengthened by the impact of IoT evolution.

How IoT supports Energy Efficiency?

The IoT sensors and interconnected intelligent devices detect any machine or system failures that cause power outages or high power consumption. This device distinguishes and reports the problem at an early stage so that the maintenance operations can be formulated to avoid any unfavorable situations. And ultimately helps in saving the earthly resources.

Also in smart home IoT appliances, the network saves lots of energy and cost by its automatic sensors and monitoring equipment.

A Brief on IoT Project Cost and IoT Marketplace

Gartner’s analyses and reports estimate that its about $235 billion had been spent for IoT development services by 2017. The need for IoT enabled services is an ever-growing phenomenon. A large sum of funds is being invested in developing IoT solutions that benefit society and increase the sustainability of human evolution on this planet. Hence there is a  need for a reliable IoT marketplace in this era from where one can quickly identify suitable IoT solutions for their use case or quickly estimate IoT project cost for custom product development.

Is IoT A Boon or Bane?

Every technology has both benefits and drawbacks. It’s just that we have to scrutinize the drawbacks with better solutions but IoT is a huge technological breakthrough that advances the well-being of humans and ensures the utmost sustainability to save our natural resources.

Abhinav Dubey is a Chief Strategy Officer at Ioterra – a network of IoT services and solutions, helping businesses successfully implement IoT projects.

IoT stock photo by buffaloboy/Shutterstock