![]() They are focusing on increasing operational efficiency through real-time data management and automation of tasks. The technology is leading a revolutionary change in health care, manufacturing, retail, energy, and agriculture industries.Ī lot of corporations are adopting IoT to gain a competitive edge. The concept of IoT technology may be simple, but the implications are huge enough. This results in improved efficiency and convenience in performing tasks. IoT-based solutions allow the automation of daily tasks and enable effective monitoring and control of the connected devices. Both individuals and organizations benefit from the technology. Spending on technology is expected to reach $1 trillion by 2022. The above chart depicts the percentage of IoT spending by corporations, according to the IDC report. The internet-connected devices collect data and share them with each other.Ī lot of corporations are spending on IoT technologies.Īccording to the latest IDC report, corporate spending on IoT is expected to reach $745 billion by 2022. IoT can be considered as a giant network of connected devices. Over the next few years, the application of the technology increased and IoT was being used in wireless communication, embedded systems, and micro-electromechanical systems. IoT was officially recognized as a distinct technology in 1999. The programmers coded an application that would check the availability and temperature of the drink. In 1982, computer science grad students at the Carnegie Melon University had connected a Coca Cola vending machine to the internet. IoT is a relatively recent innovation, but the concept can be traced back to the early 80s. Commonly Asked Questions About IoT Application.Watch Quick Video: Application of IoT Technologies.
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