The next big step in the technology space is the Internet of Things (IoT). You do not need to look too far to see why, as the present market, as well as in the near future, will be taken over by the Internet of things both in your home and your business.
IoT is a general term that refers to the internet working of things. This includes all machines or devices that can be connected to the internet - or any other cloud-based program - letting our lives be more efficient, while making it possible to collect and exchange data. A smartphone is now a part of IoT; accepted both by the public and big companies, due to a diversified market for such devices.
Two years ago, Amazon entered the IoT space when they successfully integrated Amazon Echo with its intelligence software called Alexa that represents the artificial intelligence of the product. By uttering the word ‘Alexa’ you can watch television, play music or even purchase a TV on Amazon through internet marketing. Mizuho, an investment firm, has estimated the generated revenue of Alexa and Echo combined to be more than $11 billion by the year 2020. In fact, if the market potential for various devices for IoT is marketed effectively, it will be a truly staggering figure.
Future predictions for the IoT market
Do you feel stuck when it comes to using IoT? Here are a few predictions that will help you get some perspective on IoT being the future of 2017 and beyond.
According to Bain, the annual revenue of IoT vendors selling comprehensive solutions of hardware and software will be more than $470 billion by 2020.
McKinsey has estimated the market size of IoT to potentially grow to $3.7 billion in 2020 and $6.2 trillion by 2025.
GE has predicted an investment growth for industrial IoT at $60 trillion in the next 15 years.
According to IHS prediction, the IoT market will double in installed devices by 2020 and grow by 5 times by 2025.
Globally, the market potential of IoT devices in the next decade will see an increase of 489.55%. With such a tremendous market growth by 2025, every person or business will be using IoT devices, bringing about a desired change for the better in your personal life or business.
How your personal life can improve with IoT trends
Due to the large number of market players who have their own set of devices or cloud-based software, the number of apps and appliances in the market is also large, with no active solutions to give a single effective user experience. But Samsung, GE, and IMB are hardware firms that are making these IoT products common. The next decade will see your home appliances - such as cars, phones, computers, lamps - and in fact all electronics, becoming interconnected to a certain extent. The minute you drive into your driveway, the house lights will automatically turn on as your car communicates with the IoT sensors in your home. Your personal calendar will be synced with your appliances, telling them when daily tasks need to be done. If you possess a smartphone, smart TV or Amazon Echo you are already on the way to living an IoT kind of life.
A great example, yet maybe less obvious, is the GeniCan installed close to your garbage bin. When you throw something in the garbage, its barcode will be scanned and automatically added to your shopping list through the device.
How can businesses and key industry players improve with IoT trends?
IoT is seen as a big opportunity for many businesses by improving customer relationships on the one hand, and developing quality and productivity on the other. Adopting such technology will give your business a definite edge by reducing risks and costs.
The various reasons for businesses adopting IoT solutions are:
Productivity of workforce will improve
Improvement in the quality of products and services
Reliability of operations and asset productivity will increase
Reduction in wastage and cost of production
Access to new customers
Increase in customer satisfaction
Decreased developmental costs
Cost-effectiveness for new products and services
Reduction of loss or theft
The application of IoT is very wide when it comes to industry, focusing mainly on remote asset management and predictive maintenance. In the medical industry you can optimize your visits to the doctor, making them more effective in the medical process. Companies like Thames Water, Caterpillar and ThyssenKrupp are reaping the benefits of IoT. They use it to foresee equipment failure by using sensors, real-time data and Google analytics, enabling them to respond quickly to such situations.
Jawbone is another wearable technology with activity tracker that is now focusing on B2B devices, rather than on consumer fitness trackers. The company is switching to selling products to the medical community rather than directly to consumers. This way, the company can create a medical device it can sell alongside other software services to clinics or health providers. IoT has innumerable options and innovations with wearable IoT medical devices. In the same way, all industries like financial firms, energy, retail, automobile and e-commerce can bring about a revolution if they combine IoT into their daily operations, end products or business workings.
How can governments and municipalities improve with IoT trends
Traffic, lack of parking spaces or construction works are things we have to deal with in our daily lives. But governments and municipalities can predict such situations with the help of IoT. With a 'smart' car moving around a smart city, it is easy to optimize traffic flow with the help of smart spotlights that respond effectively to changes in the flow of traffic. Car drivers will be communicated with according to traffic or street conditions, so they can change their route accordingly, moving away from congested areas or areas with construction going on. The same applies to ice or snow on a bridge. This will be detected by sensors in the concrete, and communicated to your car through wireless internet. The car will detect the hazard and instruct the driver to stop or slow down. If the driver does not slow down the car will do it for them.
The road ahead with IoT
The Internet of things is a complex ecosystem leading us to the next level of computerization. It is bringing about new technologies, making the implementation of IoT much faster and simpler. IoT innovations are slowly and steadily being included in our society. Besides bringing about a revolution in our personal and professional lives, IoT is going to transform our economy, improving the quality of our lives. As more and more aspects of our daily lives are being brought into the digital fold with the help of IoT, it is sure to become a multi-trillion dollar industry in the near future. IoT as a service technology is the future of services provided, and as this becomes more of an accepted reality, the possibility of real-life applications will become unlimited.
IoT is a transformational trend that will affect businesses in 2018 and beyond. IoT uses are seen as profitable opportunities by many large firms, promising to strengthen customer relationships, and improving the quality and productivity of business. If the right model of IoT is obtained, there will be greater benefits for companies, from new customers to better customer satisfaction.
What do you think of the IoT revolution? Do you have anything to share with us? We would like to read your views, and don’t forget to share this article with your friends.