Global Market Value Of Internet Of Things (IoT)

Introduction: Internet of Things (IoT)

Discuss about the Global Market Value Of Internet Of Things.

This is a network of physical devices, vehicles, home appliances and other things that are combined and embedded in with electronics, sensors, connectivity, actuators, and software. These connectivity and software’s embedded allows the objects to exchange data to operate within the infrastructure that exists on the internet. Experts suggest that by the end of the year 2016, about 30 billion objects were embedded to IoT. The global market value of internet of Things by the end of the year 2020 is estimated to be 7.2 dollars.

IoT allows objects or gadgets to be controlled and sensed across remotely existing infrastructural networks. It creates direct opportunity integration of computer-based systems into the physical world. As a result, IoT improves accuracy, efficiency, economic benefits and reduction of human intervention in technology. Actuators and sensors used in the internet of things become augmented for general cyber-physical systems (Agarwal & Sundaram, 2017).  The cyber-physical systems encompass such technologies as smart cities, intelligent transportation, smart grids, smart homes and virtual power plants. 

These devices usually collect data that is used in data and existing technologies then the flow of data autonomously within the devices. Heart monitoring implants, cameras for live feeds of animals in the wild and biochip in farm animals are examples of the internet of things with an intractable mixture of data, service, software, and hardware.

The devices talk to each other and us. They offer us data and continuous information that will vary society and are already giving a new dimension to traditional businesses.

 The digital transformation of a commercial project is already a leap forward in the business conception, but the Internet of Things (IoT) raises the level and is a milestone destined to change society. An example is Telefónica; it has established itself as a leader in this new technological era, offering solutions to the entrepreneur in all phases of the business application process (Centenaro, Zanella, & Zorzi, 2016).

It is true that the user is hardly aware of all that entails but we must banish the idea of ??science fiction: this technology is already among us, and it is here to stay. Carmen’s chain of bakeries is just one of the businesses that, thanks to the Telefónica Internet of Things, already benefit from its use. It is a new revolution in the way of understanding communications that will change the way people relate to objects, people, and companies.

IoT Technology Applications

In ethical matrix of IoT, there are two types of ethics, members ethics and the organizations ethics. They can be cartegorized as High and Low. This is as shown in the diagram above.

Although the technology involved in the process is very advanced, understanding what the Internet of Things is very simple. It is based on the permanent connection of everyday objects with each other and with the cloud, where they ‘deposit’ the relevant information and data they collect from their environment for further analysis. In a way, it is as if the devices establish a conversation between them and with us for a common goal (Chiang, & Zhang,2016). The possible applications are immense, but it will be the businesses that can make the most of the data generated to make their activities more efficient and sustainable and find new business opportunities.

The IoT applied to business allows this entrepreneur to monitor data on temperatures, the level of wear and tear of the machinery, control the stocks in each establishment, know in real time the number of customers who buy a specific product, etc. Although they are things that, to a large extent, could already be done, the leap forward that the Internet of Things solutions allows is the connection between these points of origin of information to establish actions accordingly.

For example, self-regulate the temperature of each room to favor the maintenance of ingredients, automatic control of the store to find the best time for a new order according to sales or know when to review a device. The solutions are as many as the entrepreneur needs: the idea is to optimize your time and better manage your business. Cars have also applied the Internet of Things (De Francisci Morales, & Fan, 2016).

The ability to adapt these resources to the specific needs of each client is another advantage. Think of a car, for example. Not too long ago the vehicles barely had electrical components. We depended on a marker in which a needle marked the level of oil or gasoline and if the amount went down, as much as light would jump on the dashboard. Today, a car connected to the Internet of Things allows you to monitor these and many more information about the vehicle through its sensors and act accordingly (Farooq, Waseem, & Mazhar, 2015).

For example, you can contact a workshop and notify them of your status before a visit. Or remind the driver to monitor tire pressure, as the vehicle will be able to ‘talk’ with other users, it will also know live the state of roads, traffic, foreseeable consumption. The user gains in comfort and safety since another advantage is that, thanks to this connectivity, you can know the exact location of the vehicle at all times, something especially useful in case of theft or accident (Zhang, Chen, & Shieh,2014).

A Simple Concept of IoT

IoT presents multiple challenges and opportunities. “This is no longer Big Data; it’s ‘Huge Data.’ If we want to have highly efficient artificial assistants, we are going to need intelligent algorithms to handle all this. The explosion in the data makes the development of large storage and processing capacities imperative, as well as high-speed networks that allow the transfer of information, so the industry actively promotes the growth of 5G internet networks. It also creates a significant security challenge, requiring protections for both the devices that generate the data and the storage systems. We have to recognize that everyday objects, like baby monitors, are now a risk that did not exist before, highlighting the role governments have in this area. On our side, we cannot expect users and companies to defend themselves from attacks that may come from other countries, we support them, and the government has to have a role and must help consumers and the private sector (Hassanalieragh, Mateos,& Andreescu, 2015).. The governments cannot do it alone, we know that solutions are going to come from the companies, we have to help to encourage and promote this, there is a lot that governments can do beyond regular, there must be cooperation, and that is key.

Increasingly, the entrepreneur confirms the importance of innovation for the success or even the survival of a company. Nowadays, change is not only a tool to improve competitiveness and productivity, but it is also a strategic function. However, there is still a gap between the conceptual phase and the practical application through Functional Innovation Plans. To support companies in this process of implementation and monitoring of Innovation Plans, it is necessary to know what their real innovative capacity is and to try to act on all those key aspects to enhance, stimulate, channel and manage the formal and informal knowledge of the people who constitute a company, area, department or group that has a common objective or purpose (He, Yan, & Da Xu,2014). After that the organization must make an assessment of the resources with which it has to evaluate and choose between different alternatives for improvement, which will be implemented taking into account all of the above analyzed (strategic objectives, clients and their satisfaction and available resources), to finish with a general evaluation to appreciate in what degree improvements have been achieved In the organization. This cycle must continuously be applied to maintain a continuous competitive advantage.

A	E F
C D	B

Risks and Opportunities the IoT Technology Provides

Increased Opportunity VS Decreased Risk

A=Technology   C= Products          E=Competition

B=Markets         D= Human consumption factor  F= Time

The module analyzes in depth the management of innovation so that participants learn to perceive the professional and business opportunities offered by the intelligent use of these technologies in the organizational structures. Techniques that will allow attendees to analyze and diagnose the situation of innovation in a company, as well as being able to advise on the different types of innovation models: the incremental or day to day, the breakdown of product and / or technology, the model of business and the change of activity that constitute fundamental assets. Without forgetting the motivation and integration of the human team, the use of prototypes to quickly test ideas and the establishment of possible indicators to assess the result. The module is located in the twelfth part of the academic curriculum. This module focuses on one of the most critical areas is quality management, because it is a tool used to guarantee their survival, which leads to effective control of the company providing information for decision making. This module is aimed at professional profiles who want to take responsibility for quality processes (Lee, & Lee, 2015).

Technology in the 21st century is the tool that par excellence allows recreating learning, as well as storing, condensing and invigorating knowledge. The relationship between science and technology has facilitated educational, social and work scenarios; explain, control and transform the world, therefore, represents for people and organizations the possibility of lasting over time achieving value creation inside and outside of it, as well as in its stakeholders.

To understand technology as an enhancer of social responsibility and its contribution to the processes of management, planning, and development, we must start by understanding in a simple way some of its concepts, once identified the generalities we have the scenario to establish this relationship ‘ICT vs. social responsibility’ (Sivaraman, Boreli, & Mehani,2015).

When talking about technology, the term refers to the transformation of natural resources into simple tools, through which population groups since prehistory have managed to control the fire and increase their chances to access food sources, travel and control their environment.

If we analyze the subject concerning tools and options to interact with users and share information about services or products, resources such as blogs, web pages, PCs, mobile devices, text messages, internet, e-commerce can be referenced, e-business, streaming, podcast, social networks, among others (Tao, Zuo, & Zhang, 2014). What to do with these tools or what to communicate within the framework of social responsibility? Is the question facing many organizations today and others do not visualize that this is what makes the difference at the moment of generating value within the company and outside of she.

It is vital not to understand the use of technology in social responsibility, the underlying condition of reporting on the objectives of the company, its approach, areas, services, organizational structure, certifications or seals. The articulation of technology and social responsibility implies going further, that is, bringing users and citizens closer to the company’s vision regarding the management of natural resources, the actions it takes to benefit environmental recovery or sustainability, and socializing methods and operating procedures and industrial safety; provide spaces for citizen participation; show the conditions (Thirumalai, & Kar, 2017).

Recommendations and Conclusion

The data, the heart technology

More data will be used in IoT. Information is the key, the heart of this technology. Its potential is almost infinite since everything can be measured. The amount of data generated is immense and is continuously growing; hence the connectivity must accompany and allow the so-called ‘IoT Road’ is agile, dynamic and of course, safe. Is calculated that today there are approximately 8,400 million connected devices in the world and by 2020 the figure will amount to 20,400 million (data from the Gartner consultancy).

Connectivity in physical devices will advance to another level.  The challenge is huge but the next generation 5G and the new IoT connectivity, in which it already works, multiply the capacity of collecting and uploading data to the cloud allowing a total use of these technologies. The future is already here. The Internet of Things will increasingly be present in our lives, even in areas that we cannot imagine. The possibilities open up to almost any field, the sector of activity and even at home (Venkatesan, Raghavan & Prakash, 2015).

The concept of the “internet of things” is here to stay. What emerged as a futuristic term some years ago in technology conferences has now become part of the vocabulary of researchers and entrepreneurs who see in it the next frontier of the network?  The information revolution: What do we mean when we talk about Big Data? The benefits extend to other areas: through connected devices, it can revolutionize the supply chain of the production of all types of products and, in one of the areas that generate more interest worldwide, allow the emergence of autonomous vehicles (Xu, Wendt, & Potkonjak,2014).  Big data and the handling of information is one of the concepts that is most linked to the internet of things is “Big data.” What is the relationship? Big data is the processing of the large amounts of data generated by IoT equipment. According to analyst estimates, by 2020 there could be 40 billion devices connected to the network, making data.

The application of Information and Communication Technologies in daily life is a reality and in the area of ??education are allies of significant impact that allow a better transmission and demonstration of knowledge, however they must be complemented with an adequate planning of academic activities where the most convenient strategies are integrated according to the level of the course and the contents of the subject(Zhang, Chen, & Shieh,2015).

With reference to technology, it can be said that it is relative to time and space, each cultural region and at a particular time evolution is characterized by specific developments that little by little are marking the constant growth of humanity, the need to have more and better methods of processes is an inevitable reality, our ancestors had a lapse in the race of time, today we must act decisively, with responsibility and with enough vision that can be a cornerstone of the near future that will face our children.

References

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Centenaro, M., Vangelista, L., Zanella, A., & Zorzi, M. (2016). Long-range communications in unlicensed bands: The rising stars in the IoT and smart city scenarios. IEEE Wireless Communications, 23(5), 60-67.

Chiang, M., & Zhang, T. (2016). Fog and IoT: An overview of research opportunities. IEEE  Internet of Things Journal, 3(6), 854-864.

De Francisci Morales, G., Bifet, A., Khan, L., Gama, J., & Fan, W. (2016, August). Iot big  data stream mining. In Proceedings of the 22nd ACM SIGKDD International Conference on Knowledge Discovery and Data Mining (pp. 2119-2120). ACM.

Farooq, M. U., Waseem, M., Khairi, A., & Mazhar, S. (2015). A critical analysis on the  security concerns of internet of things (IoT). International Journal of Computer Applications, 111(7).

Hassanalieragh, M., Page, A., Soyata, T., Sharma, G., Aktas, M., Mateos, G., … & Andreescu, S. (2015, June). Health monitoring and management using Internet-of-   Things (IoT) sensing with cloud-based processing: Opportunities and challenges.  In Services Computing (SCC), 2015 IEEE International Conference on (pp. 285-292).   IEEE.

He, W., Yan, G., & Da Xu, L. (2014). Developing vehicular data cloud services in the IoT  environment. IEEE Transactions on Industrial Informatics, 10(2), 1587-1595.

Lee, I., & Lee, K. (2015). The Internet of Things (IoT): Applications, investments, and      challenges for enterprises. Business Horizons, 58(4), 431-440.

Sivaraman, V., Gharakheili, H. H., Vishwanath, A., Boreli, R., & Mehani, O. (2015,          October). Network-level security and privacy control for smart-home IoT devices.     In Wireless and Mobile Computing, Networking and Communications (WiMob), 2015        IEEE 11th International Conference on (pp. 163-167). IEEE.

Tao, F., Zuo, Y., Da Xu, L., & Zhang, L. (2014). IoT-based intelligent perception and access        of manufacturing resource toward cloud manufacturing. IEEE Transactions on           Industrial Informatics, 10(2), 1547-1557.

Thirumalai, C., & Kar, H. (2017, April). Memory Efficient Multi Key (MEMK) generation            scheme for secure transportation of sensitive data over Cloud and IoT devices.            In Power and Advanced Computing Technologies (i-PACT), 2017 Innovations in (pp.       1-6). IEEE.

Venkatesan, R., Raghavan, M. V., & Prakash, K. S. S. (2015, May). Architectural             considerations for a centralized global IoT platform. In Region 10 Symposium    (TENSYMP), 2015 IEEE(pp. 5-8). IEEE.

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Zhang, Z. K., Cho, M. C. Y., & Shieh, S. (2015, April). Emerging security threats and       countermeasures in IoT. In Proceedings of the 10th ACM Symposium on Information,            Computer and Communications Security (pp. 1-6). ACM.