The Internet of Things has been the most controversial topic over the recent years. This notion of IoT is definitely going to affect our living and working styles. The Internet has emerged as a hub of millions of computer networks, with different types of devices connected to it.

The Internet of Things is fundamentally the network of all the devices such as mobile phones, laptops, computers, buildings, machines and anything we can imagine. All the physical devices will be connected with each other to exchange data and information.

All the devices and equipment will be connected to each other with benefit of an efficient and accurate computer system. This is a highly economical as existing computer networks could communicate with new networks using sensor and actuators. As per the experts, The IoT shall encompass a total of about 50 million objects by 2020.

All real-life objects would be linked to machine identifiable codes. Just imagine your cars indicating that they are running out of fuel, then contacting the dealer and eventually making a purchase with the help of the owner. The IoT can bring a bizarre change in the way we live and function in times to come.

The IoT analysts have been working over the years to find out the impact of IoT on our lives. They are busy calculating the pros and cons when we will be living in the era where every device would be virtually connected to other.

Advantages of Internet of Things:

The IoT has brought a big revolution in the Information Technology industry. The benefits of the technology are as under:

• The biggest change would be in the field of information. You will get access about the details of each and everything. Users will be able to know all about the technical information about their machines, devices, household, workplace and much more than we can imagine.
• Once you have access to all the information, it would be relatively easier to monitor those products.
• Time is corresponding to money. With the concept of IoT, we could save on more time.
• There are chances of maximum resource utilisation and overall growth and development.
• Maintaining inventories and stocks would become easier. The machines would indicate the things they are lagging of and make direct purchase and payment with the help of the owner.

For the successful deployment of IoT, it is necessary to establish standards among the communicating devices. There is dire need to maintain compatibility between the tagged and monitored equipment. The complete system would become more complex, it would be difficult to track out failures.

With the ubiquitous access of information, your personal and confidential data could be at risk. There are more vulnerabilities of someone cracking into your privacy.

Piled with both merits and demerits, the IoT is speedily governing the entire IT sector. The IoT analysts must calculate all the benefits and risk factors such that the technology can prove as a boon for the mankind in years to come.