The Internet Of Things Essay

4693 words - 19 pages

THE INternet of Things

THE INternet of Things

Contents
Abstract 1
Introduction 1
Origination 1
Definition 1
Vision of the internet of things 1
Internet of things a buzzword or future reality? 2
Applications and Business opportunities of the internet of things 3
Retail 3
Supply Chains 3
Applications within the public sector 4
Government 4
Healthcare 4
Transportation 5
Overall opportunities for business 5
Technological factors in the adoption of the internet of things. 6
Miniaturisation of devices 6
Reduction in cost of components 7
Radio Frequency Identification (RFID) 7
Internet Protocol version 6 (IPv6) 8
Increasing communication ...view middle of the document...

Definition
The IOT is largely a new concept with wide meaning and therefore can be complex in its definition, however the internet of things is defined by many as the connection of physical objects within the real world to the internet through the uses of devices attached to physical objects. This integration of the real and virtual world is characterised by an interconnected set of individually addressed and constrained devices in a distributed system, with sensing/active devices for physical phenomena, data collection, and applications using sensing, computation and actuation (IDA, 2012).The “things” in which is referred to is further defined as not just electronic devices but almost any everyday object such as objects not usually associated with technology such as clothing and food.
Vision of the internet of things
IOT envisions a world in which billions of objects communicate and share information over a network comprised of both public and private networks. These interconnected objects, regularly have data collected, analysed and used to in the process of decision making, planning and management. This world of IOT would be one in which a wealth of knowledge from data would increase efficiencies through the utilisation of information. However the future of this buzzword is still unsure as it remains in its infancy. This report aims to examine closely the future of the concept.

Internet of things a buzzword or future reality?
Figure 1: Growth of internet devices and population (Evans, 2011)
Figure 1: Growth of internet devices and population (Evans, 2011)
Over the next five years the market for IOT is expected to grow at an exponential rate due to countless applications and uses in which it promises to have. According to a report carried out by Gartner, Global spending on IT will grow 3.6 percent during 2014, to $3.8 trillion by the end of 2014 (Fogarty, 2013). IOT in fact will account for an increasing number of connections within the economy with a growth from 1.9 billion devices at the present time, to an expected 9 billion in 2018 (Adler, 2014).This it is estimated will equal all other devices including smart phones, tablets and pcs combined highlighting the significant role the internet of things will play in the future.

Figure 1: Forecasted Growth for the Internet of Things (IDA, 2012)

Applications and Business opportunities of the internet of things

The sudden growth in IT investment is linked with the growth of IOT and therefore naturally an era of increased investment comes with increased business opportunities. The following section describes some of the applications of the internet of things and the opportunities in which they will bring.
Retail
Applications within the retails sector offer a major opportunity for business to reduce cost and increase profit. The implementation of the internet of things will enable retailers to track their inventory in real time. With products on shelves equipped with...

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