The term "Internet of Things" was coined by Kevin Ashton while he was working on a presentaion for RFID tag. The Internet of Things means a whole range of different sensors that are somehow connected to the internet that are gathering information about the real world that can then be made useful in some way. IoT can be applied to anything from candy to an aeroplane. Example: Hershey used IoT sensors and Microsoft Azure algorithms for machine learning to improve production efficiencies on a Twizzler candy line.
The IoT promises to make our environment -- our homes and offices and vehicles -- smarter, more measurable, and chattier. Smart speakers like Amazon's Echo and Google Home make it easier to play music, set timers, or get information. Home security systems make it easier to monitor what's going on inside and outside, or to see and talk to visitors. Meanwhile, smart thermostats can help us heat our homes before we arrive back, and smart lightbulbs can make it look like we're home even when we're out.
IoT can be applied across all industries such as manfacturing, Consumer and Utilities.
IoT is having a profound impact on transportation, sustainability, manufacturing, city services and more.
IoT spending in the utilities industry will be dominated by smart grids for electricity, gas, and water.
IDC puts spending on cross-industry IoT areas like connected vehicles and smart buildings, at nearly $92bn in 2018.
A good example of a successful implementation for mapping drilling sites is Shell’s use of fiber optic cables. The connected sensors gather data and transfer it to private servers maintained by Amazon Web Services, providing a far more accurate image of what lies beneath, and can be compared to hundreds of other models.
There are several industries which have successfully implemented IoT to reduce the operational cost and improve the results. Apache, a U.S.-based exploration and production company, which collaborated with an analytics software firm to not only improve the performance of its electrical submersible pumps but also developed the ability to predict a field’s production capacity.