IoT proliferation needs low cost to succeed

The Internet of Things (IoT) is a network of devices with embedded electronics, software and network connectivity that enables these devices to collect and in many cases exchange important data. These devices and their network components are smart and used in myriad of markets from manufacturing, vehicles, machines, and many others. Their function is  to collect real time data and provide meaningful data for process improvement, regulatory compliance and operational efficiency. In addition, many systems include a feedback loop that provides machine control facilitating safety shutdown and overflow prevention for example.

The number of IoT devices used has been growing and will continue to grow over the years as new technology is released and these devices are further improved. However, in order for the deployment of devices to seriously proliferate and become the norm, high cost issues will need to be resolved. As it stands, the latest technology can be cost effective for companies to use in their industrial applications, but two factors continue to influence the system rollout:

  1. Costs must include deployment, and products that simplify and lower installation such as battery powered are becoming much more popular.
  2. Many applications have IoT devices deployed that are over qualified for the job. Such devices are also over priced and with a capped budget end up limiting the breadth of deployment.

With all the buzz IoT is creating in the media, people are becoming more aware of the technology and device options that are available to them, and specifying the right product for the right application is a key factor to increasing the proliferation and utility of IoT networks.

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