Technology

Amplifying Business Opportunities with IoT

The future of the Internet of Things (IoT) is looking bright, with new technologies and access to data that we may not previously have thought possible. IoT will continue to build the backbone of many network virtualization technologies that will change how we live. If you’re considering using IoT technology…

By Shrishti Jain
August 19, 2022

The future of the Internet of Things (IoT) is looking bright, with new technologies and access to data that we may not previously have thought possible. IoT will continue to build the backbone of many network virtualization technologies that will change how we live. If you’re considering using IoT technology at your company or organisation, read on to understand how it is currently transforming operations and strategy everywhere:

Understanding IoT

The IoT market is expected to run over $1300 bn by 2026 and is projected to yield $4-11 trillion in economic value during the same period. Moreover, IoT has opened up new avenues for optimization and growth. In fact, 83% of the organisations implementing IoT technology have improved their efficiency. In view of its defining features - Automation and Connectivity, IoT services employ numerous technologies to ensure automatic data transfer, analysis, and response between multiple devices. For example, Automation is impossible without Big Data, AI, and ML, while Connectivity is greatly facilitated by cloud computing and wireless communication technologies.

How does it work?

Every IoT system combines the four components: Sensors/Devices, Connectivity, Data Processing, and User Interface. However, a specific IoT system combines these components in various ways. An IoT system comprises sensors/devices that ‘talk’ to the cloud through Connectivity. Once data gets to the cloud, software processes it and decides to act. The software decides an action like sending an alert or automatically adjusting the sensors/devices without the user. But if the user input is required or the user wants to check in on the system, a UI design allows them to do so. Any actions the user makes are then sent in the other direction through the system: from the UI to the cloud and back to the sensors/devices to make some change.

How Businesses Benefit from IoT

Organisations in various industries use IoT to operate more efficiently, understand the customers better, improve decision-making, deliver enhanced customer service, and increase business value. Besides allowing greater access to user data, IoT apps track patterns in which users connect with a device. Learning from the patterns makes the app smarter and offers a better UX. IoT is key in the digital transformation of interconnecting devices like smart cameras to work collaboratively. As a result, businesses can make intelligent decisions, eventually acquiring innovations in business models that help to accomplish their goals. In addition, the potential for web-based systems for tracking and monitoring is enormous. IoT provides an efficient means to track and monitor anything from stolen goods, vehicle fleets, or shipping containers.

IoT is Everywhere

The internet of things still has big development opportunities. Regardless of brand or company, all devices are needed to communicate with one another for IoT technology to match its full potential. IoMT (Internet of Medical Things) helps save lives, cure diseases, monitor health rates, and improve quality of life. Further, these devices utilise the internet to send actual data to the doctor. IoT has allowed Agriculture to take a huge step ahead. Drones monitor crop growth, analyse soil, and spray plants. They discover crop diseases in their early stages and effectively fight them. Retail IoT is a blessing in disguise with cameras and sensors powered by image recognition that help in gathering essential information about your visitors, their behaviour, and their preferences.

Future of IoT

IoT companies are paving the way for a future with minimised waste, energy efficiency, and greater personal autonomy. To sustain, however, there is a need for a connected device system with rich and responsive feedback. Leveraging AI and IoT would prove highly beneficial for organisations. AI helps provide context and creativity to drive intelligent actions from the data delivered by IoT to make it actionable. As for the future of Internet of Things, customers need to be in control of their data, and organisations should improve trust by addressing public’s security and privacy concerns. Therefore, IoT is rightfully regarded as one of the most promising transformation solutions that will definitely become more widespread and useful in the future.