Business leaders and technology enthusiasts have been talking about Internet of Things(IoT) for years. But with the launch of products like Google Home and Amazon Echo, IoT is expected to start taking off in 2018. It is estimated that about 30 billion connected devices by 2020. The current count is about 6.4 billion which doesn’t include smartphones,tablets and PC’s.
So, in what ways can IoT gain popularity and have an impact on various businesses? Here’s how
Management and goods tracking
Next level Internet of Things will help you to track and manage your stock and inventory. Intel already announced their IoT platform RRP for the retail industry. If your business is based on manufacturing and warehousing, IoT will help you to provide insights on the stocks available and deficit using remote sensors and tech devices.
With IoT devices connecting consumers in new ways with more interactions, they’ll have greater access to that data than ever before. The devices will be able to track and record patterns of consumer behavior using Data analytics and Machine Learning, possibly even learn from them, making intelligent product recommendations and customized searches in new, innovative ways. Companies can also get benefited by knowing the customer interests to target their advertisements and products.
From supply-chain logistics to public transit, IoT solutions are being used to better business in many ways. By connected shipping vehicles with sensors to monitor temperature can help ensure goods, especially food, arrive in a safe condition. Sensors and smart software can be used to collect data that can help the driver operate the vehicle in a manner that helps save fuel. In the future, connected infrastructure will also work with connected vehicles to help reduce traffic and prevent accidents.
Wearables like FitBit, Apple and others are tracking users’ sleep and exercise timings data and predict the health conditions which could change the way of treatment in healthcare industry.
IoT device installations in the agriculture industry are estimated to grow from 30 million in 2015 to 75 million in 2020. Farmers are collecting data about their crops and livestock in a variety of ways to optimise their yields.
Apart from this other segments like Energy, Video platforms, connected cameras, etc., are likely to start using connected IoT devices. Qualcomm and Verizon recently launched a LTE enabled connected IoT platform where developers could make IoT applications.
It is expected that 2018 will be the year that IoT devices will gain popularity, with at least a third of all homeowners owning at least one smart device.
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