Matt Mullenweg posited that technology is best when it brings people together. The computing revolution moved one step further when smart devices entered our lives. Statista forecasts that global IoT end-user spending across the world will grow to around $1.6 trillion by 2025. These are primarily smart devices, including everyday objects made intelligent with advanced computing, AI, and networked devices. The impact of smart technology on society will be enormous as it continues to change stakeholders understanding and perspective toward performing business, collaboration, cooperation, communication, and connection. Today’s engagements are leveraging smart technology for education, entertainment, marketing, politics, online shopping, and health information.
Smart devices often hinge on three key innate requirements, being aware of their environment through sensors, the ability to work independently by autonomous computing, and the ability to send and receive information through the Internet. The smart world, often designated as the Internet of Things (IoT), is composed of smart lighting, doorbells, smart cameras, smart thermostats, smart homes, smart alarms, smart blinds, smart bathtubs, smart speakers, smart cars, smart locks, smart refrigerators, smart glasses, and you guessed it, smart everything. It is projected to increase to 14.4 billion in 2023, with up to 27 billion linked devices by 2025.
In addition, the end-user basis of the IoT, according to the Market Data Forecast report, comprises IT and Telecoms, Healthcare, Retail, Manufacturing, Automotive, and Connected Logistics, among others. Also, McKinsey has said that the world has never been wealthier, and the global balance sheet and net worth more than tripled between 2000 and 2020. Assets grew from $440 trillion, or about 13.2 times GDP, in 2000 to $1,540 trillion in 2020, while net worth grew from $160 trillion to $510 trillion. The bigger concern here is how productively we are using this wealth.
Considering the aforementioned and how the Internet of Everything (IoE) fits, enormous growth possibilities require more entrepreneurial and government intervention in that space. IoT will make smart nations stupendously wealthy as more align to find the connection between humans and devices hitherto independent and isolated. Smart technology is super important because it increases our access to comfort and convenience by providing unique process automation and makes humans extremely powerful (bringing everything to where we are). We can control temperature, humidity, lights, and security, among other life-enhancement options (many of which were ab-initio lifeless), at the push of a button, facial scan, voice command, or trigger of choice.
However, smart devices have negative impacts, as excessive social media consumption on smartphones may cause psychological and physical issues, like sleeplessness, eyestrain, and difficulty focusing on important tasks. They may also cause more devastating health conditions, like depression. An overdose of technology may significantly impact developing children and teenagers as companies continue to exploit our usage habits to retain our undivided attention on their platforms.
Some of the top IoT companies across the world are:
1. iTechArt (New York, US): They offer custom software and application development, modernization, migration, QA & testing services. They are a top-tier, one-stop custom software development company with a talent pool of 3500+ experienced engineers. They support VC-backed startups, and fast-growing tech companies to build successful, scalable products that users love. Their core is agile dedicated teams of brilliant minds who rock in web, mobile, Big Data, Quality Assurance & Testing, and DevOps.
2. DICEUS (USA & Europe): They are a custom software development company and provide IT staffing services. Since 2011, they have accomplished over 100 projects and contributed to clients’ growth in banking, fintech, insurance, healthcare, and other niches. They help small and medium-scale businesses and enterprises overcome their pressing business challenges, as tech companies rely on their deliverables.
3. Oxagile (New York, US): They build digital products that drive digital transformation strategy. It provides custom web and mobile application development services focusing on multi-platform video streaming and RTC solutions. The company has a mission to deliver maximum business value to its customers by designing, developing, implementing, and maintaining top-notch solutions.
4. SumatoSoft (USA & Europe): They develop complex custom software to help companies to apply the best IT innovations to meet their goals through business digitalization. They stand for a focus first on the business value delivery, make the software delivery process transparent and predictable, and make use of only relevant solutions and approaches.
Notably, smart technology avails us of convenience at our fingertips, superior efficiency on expected deliverables, more control with a promise of safety and security, and easy accessibility by all ages every time. It also has adverse sides of the equation related to compatibility considerations. Incessant internet outages, cyber crime vulnerabilities, and the need for a mastery of complicated technological systems. The foregoing will negatively impact our relationships and social skills, exposing us to huge health problems, unsafe online browsing, addiction to smart mobile devices, and a reduced amount and quality of sleep.
Moreover, using smart technology makes tasks automation seamless, relaxes our need to always memorize important tasks, offers access to personalized services and information, monitors our investments, handles our bills payment, and shares important moments at the activation of a preferred trigger. It also offers an improved quality of life, from communication and transport to healthcare and connectivity. Technology has improved our lives, depending on what side of the divide we stand on. Even more interesting is that it continuously evolves by facilitating more advanced features that build on earlier possibilities.
Besides, one key limitation of smart technology is a dependency on the Internet. A good and strong internet connection is requisite to maximizing this infinitely huge opportunity. An internet connection failure, for whatever reason, takes the life (access and control) element from our smart system and may pose some threat to life, depending on our situation.
Furthermore, to the question of whether technology makes us wiser, we reference the new study which found that people today can recall more and deliver more knowledge with smart technology – it even does the thinking part for us. Apps are there to spice up our life options, from exercise to directions maps, even to tailored education tutoring. We can talk to our devices and get well-coordinated responses back through innate computing capacity or the internet. Such feedback can help us determine the best solutions to problems with attending recommendations. Imagine what becomes immediately possible when the intelligence of a ChatGPT is ported to IoT devices on the go. Yes, smart technology inspires us, as it helps us become fitter and more intelligent; smart technology can help us cope with everyday routine tasks leaving more space for creativity and innovation.
Also, the answer to whether smart tech holds the better life wand is obvious as it is responsible for the massive improvement in all sectors of the economy. This is because it provides us a means to achieve something, delivering faster and easier latched on to intuition. With continuous training, we can access limitless possibilities in the blink of an eye. Modern AI-infused smart technology has led to the evolution of several devices, such as smartphones, smart homes, smart cars, smart refrigerators, and so on.
In conclusion, the revolution is ongoing; with each new technology creation comes an even better opportunity to create and connect more devices. IoT and smart technology will improve every aspect of our lives and offer financial stability and discipline without needing people to gain relevant knowledge. AI and machine learning ported to IoT advisors will become commonplace, strategically recommending the next relevant training, competitively priced service, and best country for our business expansion while democratizing personal growth and financial well-being. And I close with Bill Gates, who asserts that the advance of technology is based on making it fit in so that we don’t really even notice it, so it’s part of everyday life. This is what IoT represents at the core, the human-things connectivity.
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