1. Internet of Things (IoT)
According to IBM, IoT means connecting any device to the Internet and other devices. The IoT is a giant network of connected things and people – all of which collect and share data about how we use it and the environment around them.
Microsoft advises that IoT allows you to solve business problems using your data. It is about the information connected devices collect and the powerful and immediate insights garnered from that information. We can use them to transform your business and lower costs through improvements like reducing wasted materials, streamlining operational and mechanical processes or expanding into new lines of business made possible with reliable real-time data. IoT use cases might be remote monitoring, predictive maintenance, facilities management, manufacturing efficiency, and connected products.
According to McKinsey, IoT describes physical objects embedded with sensors and actuators communicating with computing systems via wired or wireless networks, allowing us to monitor or even control the physical world virtually. Their findings were:
Interoperability between IoT systems is critical, required for 40% on average and nearly 60% of the total economic value the IoT enables in some settings.
Most IoT data is not used currently.
Business-to-business applications will probably capture more value – nearly 70% of it than consumer uses. However, consumer applications attract the most attention and can create significant value, too.
The IoT has huge potential in developing countries. However, it will probably have a higher overall value impact in advanced economies because of the higher value per use.
Customers will capture most of the benefits. IoT users may capture 90% of the value that IoT applications generate.
A dynamic industry is evolving around IoT technology. Digitalisation blurs the lines between technology companies and other types of businesses.
2. IoT Edge Computing
Patricia Arroba, Rajkumar Buyyab, Román Cárdenasa, José L. Risco-Martínc and José M. Moya (2023) believe that an increasing amount of data injected into the network from IoT applications. Many are latency-critical and inject large amounts of data into the network. The requirements of IoT apps trigger the emergence of Edge Computing paradigm.
Red Hat explains that Edge Computing is a strategy for computing on location where we collect data and use it, allowing IoT data to be gathered and processed at the edge, rather than sending the data back to a data or cloud. IoT and Edge computing together are a powerful way to rapidly analyse data in real-time. Companies can use and distribute a common pool of resources across many locations to help scale centralised infrastructure to meet the needs of increasing numbers of devices and data.
IoT benefits from having compute power nearer where a physical device or data source actually exists. For data provided by IoT devices to react faster or mitigate issues, it needs analysing at the edge. Edge computing is a local source of processing and storage for the data and computing needs of IoT devices.
The benefits of using IoT and Edge together:
Reduced latency of communication between IoT devices and the central IT network.
Faster response time and increased operational efficiency.
Improved network bandwidth.
Continued systems operation offline when there is a lost network connection.
Local data processing, aggregation, and rapid decision-making via analytics algorithms and machine learning.
3. The Future of IoT Edge Computing
IoT Edge Computing has a bright future in manufacturing, transportation, military, urban management and healthcare. Ju Ren, Yi Pan, Andrzej Goscinski and Raheem A. Beyah (2018) believe that many issues need addressing, including efficiently distributing and managing data storage and computing, making edge computing collaborate with cloud computing for more scalable services, and security and preserving privacy. Future articles will discuss these issues further.
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