As we all know, the Internet of Things (IoT) is a connected network of devices, wherein the devices are connected to each other and to the internet with the help of wireless technology. These devices are rooted with sensors, actuators, electronics, and software solutions, which enables these connected devices to deliver experience in real time.
When we talk about IoT, people often get confused with the term machine-to-machine (M2M) communication. M2M communication and IoT is essentially based on the same concept, i.e., communicating or exchanging data with another machine/device without any human intervention/interfacing. Technically, though, IoT and M2M are two different concepts.
The most important element that the companies should focus on before implementing IoT or M2M concerns their business model, specifically the need to provide add-on value to its customer. Before investing in any such technologies, the companies should think about its effectiveness in its business model and return on investment (ROI).
The Impact of IoT in Smart Devices
The rate of IoT implementation is growing exponentially. Based on the estimates from…
