“If you think that the internet has changed your life, think again. The Internet of Things is about to change it all over again!” — Brendan O’Brien
There is not a shred of doubt; IoT is going to revolutionize the future alongside Artificial Intelligence and Machine Learning. From the way we interact with our devices to the extent technology governs our life, everything will be revamped. IoT Technology is augmenting at a speed as fast as lightning! As per Statista, the total installed base of Internet of Things (IoT)connected devices is projected to amount to 75.44 billion worldwide by 2025, a fivefold increase in ten years. The devices are getting smarter and our lives easier with plethora of things being managed remotely.
IoT is extending the power of Internet. It is a gigantic connection that aims to connect everything and gives access to all the information there is on the internet. By 2020, we can expect to have about 30 billion internet connected things! The issue at hand right now is most businesses do not know how to use this technology to make more profits and how to integrate it in the current system.
The sole purpose of IoT is making things more convenient for us saving both time and effort. For example smart watches, smart homes, transportation and industries are all using IoT to further advance and make things smart and effortless for every one of us. IoT will bring immense value across various segments transforming industries like media and communication, healthcare, manufacturing, infrastructure, Retail, engineering as well as Advertising. . Soon IoT is going to make its way into the traditional industries as well. It is one of the most compelling value propositions for businesses on the verge of transformation.
Healthcare industry will be one of those industries that will benefit the most from IoT. It will be possible to monitor your health checkups, reports as well as prescriptions. The automobile industry will also see a significant boost as the security features of automobiles will be enhanced and very well connected. Businesses are going to be incredibly benefitted with the application of IoT. These IoT solutions not only decrease the amount to be spent by these businesses but also facilitate more productivity and advancements improving overall business efficiency and product & service advancements. Businesses will do much more in less time. It will, therefore, be essential to hire people who are well-versed with IoT to save time and effort.
IoT has drastically changed the business world with advancements such as IoT analytics. With this automation, it is effective as well as convenient to analyze data from IoT products and devices. Without analytics it is very tedious to monitor the performance of these products. This gives businesses insights including actionable marketing data that can be used in real time. This increased connectivity will be a major boon for businesses that focus on customer-centricity as IoT has the potential to incredibly improve customer experiences. With this data available, it is imperative for organizations to convert it into actions to increase business value.
There is no doubt IoT is going to rewrite how businesses function in the future but there are concerns with the security. If there is a cyberattack or hacking, all your personal information will be in someone else’s hand, someone who is just waiting to exploit it. The future years will be devoted to make IoT safe and secure. With good manufacturing and high quality tested APIs, this is possible. IoT will not only get more and more businesses to become digitally advanced but also result in the emergence of new business models. We have already witnessed a mass adoption of voice assistants and an ever increased proclivity in public for smart homes. IoT platform will offer excellent users experience. This will facilitate managers with an easy access to all the company’s assets and seamlessly integrate these assets for maximizing profits.
To figure out how you can use IoT to your organization’s advantage is more useful than just knowing what it does in general. One size doesn’t fit all when it comes to IoT. Check where and how it can be leveraged to increase business profits. IoT when well integrated with other technologies can be very innovative and path-breaking i.e. combinatorial innovation. It seems far-fetched but IoT is going to make augmented reality an everyday phenomenon.
IoT is not just about connectivity, it is creating opportunities for developing novel and innovative products and services which were not thought to be possible or pragmatic. IoT will optimize numerous processes and streamline them, from smart driving and mobile technology to waste management, IoT will encompass everything and offer detailed information with precision. The benefits go much beyond the boost in revenue and the extent of convenience; IoT is the new game-changer!