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Several economic analyses have predicted that the IoT will contribute significantly to economic growth over the next DECADE, but the predictions vary substantially in magnitude. The current GLOBAL IoT market has been valued at about $2 trillion, with estimates of its predicted value over the next five to ten YEARS varying from $4 trillion to $11 trillion. Such VARIABILITY demonstrates the difficulty of making economic forecasts in the face of various uncertainties, INCLUDING a lack of consensus among researchers about exactly what the IoT is and how it will develop.

Several economic analyses have predicted that the IoT will contribute significantly to economic growth over the next decade, but the predictions vary substantially in magnitude. The current global IoT market has been valued at about $2 trillion, with estimates of its predicted value over the next five to ten years varying from $4 trillion to $11 trillion. Such variability demonstrates the difficulty of making economic forecasts in the face of various uncertainties, including a lack of consensus among researchers about exactly what the IoT is and how it will develop.

Sensors can be used in lots of DIFFERENT WAYS, many of which don’t need to be internet connected.

IoT ALSO includes the control SIDE, not just the SENSING side.

Sensors can be used in lots of different ways, many of which don’t need to be internet connected.

IoT also includes the control side, not just the sensing side.

Internet of Things (IoT) can significantly reduce carbon EMISSIONS by making business and industry more efficient. “By managing street lights more efficiently you can save approximately 40% of ENERGY used to make them run,” Will Franks says.

ill Ruh, vice-president of GE Software, agrees. “We have created 40 applications,” says Ruh. “ONE of these, PowerUp, uses sensors to collect WEATHER and performance data from wind turbines to enable operators to generate up to 5% more electricity without physically changing it, which generates 20% more PROFIT for our customers.”

Internet of Things (IoT) can significantly reduce carbon emissions by making business and industry more efficient. “By managing street lights more efficiently you can save approximately 40% of energy used to make them run,” Will Franks says.

ill Ruh, vice-president of GE Software, agrees. “We have created 40 applications,” says Ruh. “One of these, PowerUp, uses sensors to collect weather and performance data from wind turbines to enable operators to generate up to 5% more electricity without physically changing it, which generates 20% more profit for our customers.”

There are two perspectives on how the Industrial IoT differs from the IoT.

The first perspective is that there are two distinctly separate areas of interest. The Industrial IoT connects critical machines and sensors in high-stakes industries such as aerospace and defense, healthcare and energy. These are systems in which failure often results in life-threatening or other emergency situations. On the other HAND, IoT systems TEND to be consumer-level devices such as wearable fitness TOOLS, smart home thermometers and automatic pet feeders. They are important and convenient, but breakdowns do not IMMEDIATELY create emergency situations.

The second perspective sees the Industrial IoT as the infrastructure that must be built before IoT applications can be developed. In other words, the IoT, to some extent, depends on the Industrial IoT.

For example, many networked home appliances can be classified as IoT gadgets, such as a refrigerator that can monitor the expiration dates of the milk and eggs it contains, and remotely-programmable home security systems. On the Industrial Internet side, utilities are enabling better load balancing by taking power management decisions down to the neighborhood level. What if they could go all the way down to individual appliances? Suppose users could selectively block power to their devices during high-demand scenarios? Your DVR might power down if it wasn’t recording your favorite show, but your refrigerator would continue to work, resulting in less food spoilage. You could set your washer and dryer to be non-functional, and make an exception with a quick call from your smartphone. Rolling blackouts could be a thing of the past.

Innovators are only beginning to imagine the possibilities that may be achieved by taking advantage of devices and systems that can communicate and act in real time, based on information they exchange amongst themselves. As the Industrial IoT becomes better DEFINED and developed, more impactful IoT applications can and will be created.

Internet of Things:-

Everyday consumer-level devices connected to one another and made smarter and slightly self-aware.

Examples: consumer cell phone, smart thermostat

Industrial Internet of Things:-

Equipment and systems in industries and businesses where failures can be disastrous.

Examples: individual health monitors and alert systems in hospitals.

There are two perspectives on how the Industrial IoT differs from the IoT.

The first perspective is that there are two distinctly separate areas of interest. The Industrial IoT connects critical machines and sensors in high-stakes industries such as aerospace and defense, healthcare and energy. These are systems in which failure often results in life-threatening or other emergency situations. On the other hand, IoT systems tend to be consumer-level devices such as wearable fitness tools, smart home thermometers and automatic pet feeders. They are important and convenient, but breakdowns do not immediately create emergency situations.

The second perspective sees the Industrial IoT as the infrastructure that must be built before IoT applications can be developed. In other words, the IoT, to some extent, depends on the Industrial IoT.

For example, many networked home appliances can be classified as IoT gadgets, such as a refrigerator that can monitor the expiration dates of the milk and eggs it contains, and remotely-programmable home security systems. On the Industrial Internet side, utilities are enabling better load balancing by taking power management decisions down to the neighborhood level. What if they could go all the way down to individual appliances? Suppose users could selectively block power to their devices during high-demand scenarios? Your DVR might power down if it wasn’t recording your favorite show, but your refrigerator would continue to work, resulting in less food spoilage. You could set your washer and dryer to be non-functional, and make an exception with a quick call from your smartphone. Rolling blackouts could be a thing of the past.

Innovators are only beginning to imagine the possibilities that may be achieved by taking advantage of devices and systems that can communicate and act in real time, based on information they exchange amongst themselves. As the Industrial IoT becomes better defined and developed, more impactful IoT applications can and will be created.

Internet of Things:-

Everyday consumer-level devices connected to one another and made smarter and slightly self-aware.

Examples: consumer cell phone, smart thermostat

Industrial Internet of Things:-

Equipment and systems in industries and businesses where failures can be disastrous.

Examples: individual health monitors and alert systems in hospitals.

The “Internet of Everything” builds on the foundation of the “Internet of THINGS” by adding network intelligence that ALLOWS convergence, orchestration and visibility ACROSS previously DISPARATE SYSTEMS.

The “Internet of Everything” builds on the foundation of the “Internet of Things” by adding network intelligence that allows convergence, orchestration and visibility across previously disparate systems.

Many observers believe that issues relating to access to the electromagnetic spectrum will NEED to be RESOLVED to ensure the functionality and interoperability of IoT devices. Access to spectrum, both licensed and UNLICENSED, is essential for devices and objects to communicate wirelessly. IoT devices are being developed and deployed for new purposes and industries, and some ARGUE that the current framework for spectrum allocation may not serve these new industries well.

Many observers believe that issues relating to access to the electromagnetic spectrum will need to be resolved to ensure the functionality and interoperability of IoT devices. Access to spectrum, both licensed and unlicensed, is essential for devices and objects to communicate wirelessly. IoT devices are being developed and deployed for new purposes and industries, and some argue that the current framework for spectrum allocation may not serve these new industries well.

The network PLAYS a critical ROLE in the Internet of Everything ? it must provide an intelligent, MANAGEABLE, secure infrastructure that can scale to support BILLIONS of context-aware DEVICES.

The network plays a critical role in the Internet of Everything ? it must provide an intelligent, manageable, secure infrastructure that can scale to support billions of context-aware devices.

The capabilities of the smart grid, smart buildings, and ITS combined with IoT components in other public utilities, such as roadways, sewage and water transport and treatment, public transportation, and waste removal, can contribute to more integrated and functional infrastructure, especially in cities.

For example, traffic authorities can USE cameras and embedded sensors to MANAGE traffic flow and help reduce congestion. IoT components embedded in street lights or other infrastructure elements can provide FUNCTIONS such as ADVANCED lighting control, environmental monitoring, and even assistance for drivers in finding parking spaces. Smart garbage cans can signal waste removal teams when they are full, streamlining the routes that garbage trucks take.

This integration of infrastructure and SERVICE components is increasingly referred to as smart cities, or other terms such as connected, digital, or intelligent cities or communities. A number of cities in the United States and elsewhere have developed smart-city initiatives.

The capabilities of the smart grid, smart buildings, and ITS combined with IoT components in other public utilities, such as roadways, sewage and water transport and treatment, public transportation, and waste removal, can contribute to more integrated and functional infrastructure, especially in cities.

For example, traffic authorities can use cameras and embedded sensors to manage traffic flow and help reduce congestion. IoT components embedded in street lights or other infrastructure elements can provide functions such as advanced lighting control, environmental monitoring, and even assistance for drivers in finding parking spaces. Smart garbage cans can signal waste removal teams when they are full, streamlining the routes that garbage trucks take.

This integration of infrastructure and service components is increasingly referred to as smart cities, or other terms such as connected, digital, or intelligent cities or communities. A number of cities in the United States and elsewhere have developed smart-city initiatives.

IOT stands for Internet of Things. It is basically a NETWORK using which things can COMMUNICATE with each other using internet as means of communication between them. All the things should be IP protocol enabled in order to have this concept POSSIBLE. Not one but multiple technologies are involved to make IoT a great success.

IoT stands for Internet of Things. It is basically a network using which things can communicate with each other using internet as means of communication between them. All the things should be IP protocol enabled in order to have this concept possible. Not one but multiple technologies are involved to make IoT a great success.