The history of the world is riddled with the effects of great inventions. Penicillin drastically improved life expectancy worldwide. The motorcar forever changed transport. And the internet permanently changed international communication.
You may not know it yet, but the internet has a new use. “Things” (like tablets, TVs, and refrigerators) are also able to send and receive information all over the internet. This is called the “internet of things” (IoT), and it’s about to change every facet of our lives.
Here, you can read about the magnitude of IoT growth so far. You can also find some predictions about this extraordinary invention’s future. After all, so many devices that you wouldn’t expect are now equipped with the ability to access the internet, meaning the IoT’s capabilities are available to these smart devices so long as they’re connected.
What Are the Most Common IoT Uses and Benefits?
Humans use the internet in many different ways to access all kinds of information. But most smart devices don’t care about updating social media profiles. Instead, they use the internet with other intentions, often using a variety of functions to supply clever solutions to everyday problems. These solutions may seem simple at first glance, but once you understand the internet of things’ market size, you’ll realize the magnitude of these functions.
Most IoT devices can be controlled by their user through something as simple as a smartphone. In fact, 76% of smart devices are currently controlled by smartphones since IoT technology enables its users to control their smart devices remotely.
A greater sense of control and influence is available to the people and computers using IoT technology. Managing processes and controlling systems are much easier now. You can log onto your connected devices and systems using IoT technology from anywhere in the world. The devices will even work on their own accord according to the mandate they’ve been given. This is probably the greatest benefit driving IoT growth in 2019.
The ability to control things remotely also opens new doors. Automating systems and processes are among the top benefits of owning IoT-capable devices. You can program a computer nowadays to do almost anything. So giving it the capability to connect to other devices worldwide will help automate businesses, services, and many more industries.
Smart home products love to market home automation as a major benefit. Automation-based smart home technology leads to four specific benefits for its users:
- Saved time
- Saved money
- Saved effort
- Improved personal security (smart security products)
Automation will be one of the key value propositions to grow the consumer IoT market in the coming years.
Interestingly enough, artificial intelligence is older than the internet. John McCarthy is widely referred to as the father of AI. The term “artificial intelligence” was adopted back in the 1950s at a Dartmouth Conference. Research centers all across the US, and subsequently the world, started looking into the nature and uses of AI.
Today we find traces of AI within some of the most basic smartphone apps, like predictive text. But generally speaking, a computer will only have AI capabilities if the software is installed directly onto the device. Thanks to the global IoT market, you don’t need to download AI software to gain its benefits. AI can be integrated into any system or device that logs onto IoT networks.
Some brief AI benefits:
- Saving humans from monotonous tasks
- Eliminating human error
- Enhancing automation
- Combining technology and creativity
Big Data Harvesting
IoT devices have the unique advantage of recording data and sending it to a service that will store the information. The simplest IoT devices will record specific types of data that are useful for a wide array of things. Information from different IoT market segments will be used by companies to do the following things:
Automation of Production Facilities
Manufacturing plants can track all kinds of metrics in real time to monitor and control their value chains. Identifying malfunctions and rectifying problems will be much faster. This will help automate production facilities at a faster and cheaper rate. Robots may soon even be deployed to service machines that can notify their operating systems of any malfunctions.
Devices that source information in an ethical way can assist a country’s healthcare programs and improve its services. IoT market forecast tools will help product suppliers stock enough medicine in locations with the greatest need. Patient information will be kept anonymous, but information on a greater scale can pinpoint trends in diseases and illnesses. It will help with the accurate distribution of medicine and medical personnel. Knowing the prevalent illnesses in a geographical area can help medical services better understand and provide the quantity and type of medicine necessary for that location.
One of the biggest needs in the marketing world is customer data. Companies pay millions of dollars for market research and customer surveys to improve their value propositions. IoT market analysis functions can help. Information about customer habits and the way they use a product can assist companies in improving their products. It may even help those same companies launch services that aid their customers in ways that have never before been possible. IoT devices will connect straight to the manufacturer and speed up the logging of any manufacturing faults. Tedious and expensive endeavors like product recalls will be much easier to orchestrate. The manufacturer can communicate with the product owner via the product itself.
Launching of New Services
Big data harvesting is only useful when the information can be interpreted and presented in a valuable way. IoT market report services will spring up all over the world to help large companies with services for IoT data harvesting and analysis. IoT big data will be the precious metals of the digital world with IoT devices across the globe recording all kinds of data stored in large servers. This information is acquired, refined, and presented in a way that the customer (primarily large corporations) can use to improve their business models.
Marketing improvements have already made an appearance here, but contextual marketing is a whole different ball game. It’s difficult and costly for companies to track a customer’s decision process. IoT market research tools and services will help a company better understand and even predict their customers’ decisions. Knowing the needs of your customer will help you guide them and close a sale much more easily. It will also help predict new needs.
As an example, a smart car will know when the tire of a vehicle has blown. It’s reasonable to assume that its driver will be looking to buy a new tire. IoT technology will consider the customer and present them with tire specials in their immediate location.
Bridging the Gap
The growth of the internet of things will soon cover every imaginable industry and market in the world. This places it in a unique position to bridge gaps that exist in various services and industries.
Devices like refrigerators have never been able to communicate over the internet. But now a smart fridge can make contact with other devices. It can contact the manufacturer to log any manufacturing faults. The product owner can even authorize a smart refrigerator to buy things at scheduled times. Your refrigerator may soon be able to order your groceries online.
Industries may, of course, experience certain information gaps in the collaboration process. Some IoT predictions have said that industries will find new ways to collaborate with the use of IoT-enabled devices. It may very well be cheaper and faster to collaborate through the use of IoT technology.
The Birth of New Industries and Devices
The world is constantly changing, and industries that are unwilling to adapt are dying. It was evident at the turn of the millennium that companies with a reluctance to accept the information age would see crippling blows to their sales figures. The IoT market has brought the latest changes to a world dominated by information. New industries and devices are invented as IoT demand and hardware needs increase.
Take the smart home display, for instance. Simply put, it’s an iPad for your home. Not too many years ago, humans went through life without mobile phones. Today, people want a touch screen device for the sole purpose of controlling their IoT-enabled domestic devices. And this is bringing about new inventions. After all, need truly is the mother of all invention.
New industries, too, are birthed by this technology. IoT-driven products and services want faster network speeds, hence the need for 5G mobile connectivity. So 5G product and service providers have created a new type of stock in the world’s financial markets. The IoT in the stock market is now tradable. You can buy and sell stocks like Qualcomm Inc. (NASDAQ: QCOM), Marvell Technology Group Ltd (NASDAQ: MRVL), and Sierra Wireless Inc. (NASDAQ: SWIR), which plays a major part among the companies involved in the IoT. The world is changing again, and those willing to surf the wave will smoothly ride to a beach full of opportunities and sales.
Some Myths About the IoT
As with anything related to wide-scale change, some people will only get on board with the internet of things trend the day they are forced to change. These people may have individual reasons for their reluctance, but mostly it consists of fear of IoT-based solutions.
Here are a few busted myths about this new technology to help those who are concerned about the IoT’s capabilities and reach. It will certainly help put your mind at ease, and you may even pick up a few tips