You’ve surely heard the term “Internet of Things” or IoT, but you might also be scratching your head to find out what it actually means.
It basically refers to the connection of devices such as smartphones and computers to the internet recognized by other devices and contribute information to the database. Wearable devices, cars, home appliances, lamps, headphones, and medical devices can all be connected through our IoT development services. In short, the IoT describes the internet where data is created by things.
According to Gartner, by 2020 there will be more than 26 billion connected devices. Since things grow in the next few years, so this figure is estimated to be much higher, more than 100 billion. More and more devices will be added to the list which also includes the connection between people-people, objects-objects, and people-objects.
The giant network of connected things – IoT is not only impacting the way we live but also how we perform our routine tasks.
Kevin Ashton, a digital innovation expert who is the person who coined the term, defines the Internet of Things, “If we had computers that knew everything there was to know about things—using data they gathered without any help from us—we would be able to track and count everything, and greatly reduce waste, loss, and cost. We would know when things needed replacing, repairing, or recalling, and whether they were fresh or past their best.”
But how will the IoT impact the business world, what do businesses expect from the Internet of Things, and how will IoT technology transform the business industry in 2017?
Let’s dive in
Start of Connected Things
Some marketers would think that IoT got off to an unsteady start with a less satisfactory rate of acceptance than was projected. However, many online marketers think that IoT is growing and will continue to grow in 2017 and beyond. It is predicted that 50 billion connected devices by 2020 remain to be seen, but businesses who learn to harness the data created by the
IoT will survive and thrive in the future.
There are several products and devices now available due to IoT technology:
1. Wearable Technology
In 2015, there were 78.1 million wearables sold and the market is predicted to grow to 411 million by 2020. Wearable technology such as smartwatches, fitness trackers, VR headsets, and much more stores a lot of data in them. Brands are in the phase of understanding the possibilities and potential applications for this giant network of devices.
2. Home Appliances
In 2016, the business world saw a remarkable adoption of smart home technologies. Experts believe Amazon sold more Echos (9x more) in the holiday season compared to 2015. So, smart home technologies are expected to be more important than any other technology in 2017. In a Smart Home Technology survey, 70% of consumers who bought their first smart home device believe they are more likely to purchase more.
3. Automobile Industry
It is projected that around 82% of cars will be connected to the internet by the end of 2021. IoT such as diagnostic tools, app integration, navigation, and self-driving cars will soon transform the automobile industry. If truth be told, the automobile industry is investing more effort, energy, and heavy budget to discover the next IoT innovation.
4. Transforming the Business World
Since IoT is expected to offer new devices and possibilities for consumers, it will also transform various business processes.
5. Inventory Management
Smart devices will ultimately be able to track all inventory data with the help of the Internet of Things.
6. Consumer Demands
Customers appreciate smart tools and IoT devices and will begin to expect smart yet personalized behavior in all aspects of their lives. Creating new gadgets, furniture, home appliances, and devices to meet the new demands of consumers will offer a new and reliable source of revenue for the entire business world.
7. Use Data
The massive data generated from smart devices will help businesses learn how and what to create and transform for a greater impact.
8. Remote Working Opportunities
The Internet of Things will produce additional remote working opportunities. A task that used to require the on-site presence of a person for its completion can also be done with IoT integration.
Since some IoT innovations and devices are not secure. In 2016, millions of IoT devices were hacked and used for destructive purposes. IoT manufacturers should pay careful attention to security and users should take every precaution to secure their data stored in their devices.
Your Turn
The Internet of Things is just the beginning. Businesses who are taking the step to develop or expand IoT technology in their services, products, and business operations will get a competitive advantage of this technology and grow exponentially.
It’s the right time for a digital product development agency to understand how they can integrate the Internet of Things into their services and what opportunities and challenges they might face as more devices start to join the network of IoT network.
Read More Blogs
August 17, 2019 
