The Internet of Things (IoT) is critical to our future presenting solutions to major societal challenges. These include global warming, and an aging population and congestion in major cities. IoT is also important commercially. The advancement of IoT can lead to new products and services, as well as innovative ideas.
IoT refers to a network of physical objects that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.
IoT technologies have reshaped the landscape of many industries. There are 6 major industry verticals which have been influenced by IoT technology most significantly; these are agriculture, livestock, maritime, transport and logistics, energy, and infrastructure.
The number of IoT devices and the revenue derived from IoT has grown steadily over the past decade, albeit not as fast as hoped. Part of the reason for slower than expected growth has been coverage – with the revenue from IoT being less than that of cellular handsets, there is limited incentive for terrestrial operators to extend their coverage. In such cases, the key to unlocking everything is satellites. With the growing development and utilisation of Narrow-band IoT (NB-IoT) we can maximise the interoperability between terrestrial and space networks. That way, IoT applications can harness the strengths of both terrestrial and satellite networks.
All these culminate in the proliferation of IoT applications which would draw revenues upwards of $1 trillion globally by 2025 according to GSMA intelligence. The advantages NB-IoT can bring to economies and societies have been witnessed by several countries, such as Argentina, China and the United States.
The effective deployment of a NB-IoT has historically been challenged by the necessity of adapting devices and technology, creating a barrier for commercially valuable proprietary solutions – and thus, recent developments in standard based solutions are key.
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