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From being a buzzword to changing the way we live, Internet of Things has completely transformed today’s world. From changing the way businesses function to altering our personal lives, IoT is one technology that has made its mark everywhere. In fact, according to Gartner there will be 50 billion IoT devices by 2025. Moreover, as per a report by Fortune Business Insights the global market for IoT, which was valued at $190 billion in 2018, is forecasted to reach $1.11 trillion ($1111.3 billion) by 2026 at a 24.7% compound annual growth rate (CAGR). With the technology growing at an extraordinary pace, companies are also investing heavily in the same, and it is changing the way industries function.
The construction industry is one of the oldest businesses that humans developed. Effectively all other industries rely on the construction to create their infrastructure and architecture. It is a determinant of how and where people live and work. In the United States, on average, people spend approximately 90% of their time indoors, as per EPA Report.
Even after being so vital and impactful in our daily lives, the construction industry has been comparatively slower than various other sectors to embrace modern technology. It is only now beginning to undergo a much-required modern transformation.
An often-quoted figure of Gartner says that “6.4 Billion Connected “Things” Will Be in Use in 2016” and use cases are far too many to be outlined in any one document.
The idea of devices connecting directly with each other is, as Kevin Ashton coined the term Internet of Things puts it as, “a big deal.”
The rapid digitization of business processes and the attendant innovations spur new business models through outcome, reduced risk and metered usage. Industries across segments adopting IoT and business models are changing fundamentally from that.
Some developments happening in this domain are-
As every player with a stake in IoT is aware, security is paramount for the safe and reliable operation of IoT connected devices. It is, in fact, the foundational enabler of IoT. Where there is less consensus is how best to implement security in IoT at the device, network, and system levels.
Network firewalls, Intrusion Prevention Systems, and protocols can manage the internet traffic coursing through the network, but how do we secure deeply embedded endpoint devices that usually have a very specific, defined mission with limited resources available to accomplish it?
These are critical concern that must be addressed to enable several current and future applications. Existing solutions are often not integrated into the entire system, and sometimes they violate the criteria that designers have taken into consideration from the beginning.
Can you believe that Internet of things (IoT ) can be a part of a Factory setting? Well! it is true that technology has exceeded our humanity and bringing unimaginable systems and solutions in the various sectors. Though, I must say IoT is quite different from its meaning.
At one point it describes as internet of things and on the other, it is about connecting physical objects with the sensors in a wireless network. Thus, experts call it IT and OT fusion, and known in the factory setting an Internet of things (IoT ).