The advent of the Internet of Things is one of the most significant developments in the information and communication technology sector. The Internet of Things, or IoT, is the ability of everyday physical objects (such as fridges, watches, and cars) to connect with other physical objects through the internet, enabling them to exchange data.
IoT Applications
The concept of the Internet of Things has numerous applications. For instance, if a vehicle is connected to a network, individuals can track the vehicular movements and monitor its operation efficiently. Similarly, in healthcare IoT, attaching wearable medical devices to an IoT cloud can assist in developing the patient's health plan. Asset Tracking, telematics, advanced automation, and environmental monitoring are a few more examples of IoT applications. The global market size of the IoT grew at a CAGR of 10.9% between 2019 and 2021.
IoT Enables Digitalization
IoT enables digital transformation. IoT can lead to enhanced operational efficiency, reduced costs, improved decision-making, and better customer experience when combined with other emerging technologies, such as Artificial Intelligence (AI), 5G, and cloud computing.
Below are a few examples of major companies deploying IoT technology to gain a competitive advantage across industries:
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