The Internet of Things (IoT) is all about Smart and independent, interconnected and self-managed. The technology continues to grow in complexity and intelligence. The aim is to connect devices to simplify the everyday life of a human. Technology with advance level trends to make a difference for every customer, citizen, and manufacturer. The solution for IoT provides industrial security, and protect the environment.
Giving emphasize on the growing volumes of the Internet of Things the future of IoT looks promising, and the facts speak for themselves:
Gartner believes that the number of IoT devices installed worldwide will hit 20 billion by the year 2020.
A study by General Electrics and Accenture estimates that IoT can add $15 trillion to the worldwide GDP growth.
Business Insider predicts that, by 2021, business spending on IoT solutions will reach $6 trillion.
Analyzing reputable sources and professional observations, we can estimate the power of the IoT trending for the future. The top predictions, all the researchers are working on the new opportunities IoT can offer for the betterment for the society.
Let’s find out what are the future trends for IoT. Smart businesses are using the Internet of Things (IoT) to create products that serve unmet consumer needs.
Thus new business opportunities are evolving with the number of possibilities. Whether your business is evolving, with IoT connectivity is going to accelerate your business engaged with IoT journey.
When it comes about the Business and opportunities IoT is the best way to expand the business. But there are many challenges that come in the way.
The most irresistible challenges:
- To meet your current and future needs, selecting the right IoT technology stack for the enterprise with the scalability.
- To sustain in the market there is a need for a flexible and modular architecture to quickly respond to changing market conditions.
- Faster time to market for IoT driven digital capabilities.
- There is a Lack of IoT open standards and interoperability across various platform vendors.
Been practical, updating infrastructure suitably takes a lot of time and costs money. Hence, any changes needed, to allow a smart city needs planning and developing strategies from now onwards.
Discover How Smart Cities & IoT Enhance Different Industries
1. Advertising
IoT created an array of new channels and screens for advertisers. Today everyone carries smart devices that are providing brands with incredibly granular data. Thus, consumer’s data such as spending patterns, movements, behavior are the most influential points for marketers.
This helps marketers to tailor advertising to maximize target users at the right time to encourage conversions. Hence, with such connections established between everything from wearables to cars, smart products empower the markets.
IoT is offering marketers a window to analyze consumer behavior by enabling access from purchasing to consumption habits.
2. Hospitality
With the IoT, there is a change, the way people travel and the experiences the world. The user experience is changing drastically. The holiday accommodation sector is changing where the introduction of IoT.
There are many solutions the Hotels are already using. Such as with the introduction of sensors and emotion recognition cameras will also help hotel employees to predict if a guest is hungry. Apart from that facial recognition technology that can allow managers and providers to know who the customer is before they arrive and check in.
IoT is available for taking the process to the advanced level. Hence, such personalization may also include automated temperature and light settings upon arrival of the guest.
3. Smart buildings
The internet of things (IoT) is offering a new breed of smart buildings. Construction companies have focused on cost reduction methods hence having a significant impact on both the construction and commercial real estate industries.
All over the globe, there is a trend of smart buildings. Extraordinary energy and cost savings alongside new levels of user’s comfort is the motive of the IoT.
IoT applications help to build developers with more efficient building operations and new revenue generation opportunities.
The best part of IoT is now users can protect offices in real-time, taking account of risk factors with the help of connected facial-recognition cameras used in the building.
4. Retail
A big change in the retail sector is a result of the IoT. With extraordinary solutions, there is a blend of physical shopping and e-commerce.
IoT is here for supermarkets to set drastically alter with a unique retail approach. New collaborative technologies combine farmers with the connected supply chains made possible by IoT.
Thus these approaches will result in supermarkets with an abundance of low-cost products, which can be produced only as and when they are required by consumers.
When we talk about the possibilities customers rather than visiting stores consumers will soon be able to try on hundreds of different outfits using augmented and virtual reality headsets.
Gap is trialing connected AR changing rooms across selected stores, with over 10 billion items of connected clothing set to join the internet of things by 2020.
5. Financial services
Internet of things is developing with the time. Thus it helps to secure both banks and consumers with the idea of managing their financial transactions through a variety of connected devices. As we all are aware of that already society is becoming the part of smart cashpoints with connected vending machines.
Thus embedded with IoT customers can take out a loan, accept a deposit, transfer money straight from the device.
Offer personalized services like this will not only provide banks with a more vivid picture of their consumers but will also allow them to understand how they buy and where they spend their money.
Furthermore, in future banks will see themselves using sensors and analytics to gather more information about customers.
Wrapping Up…
There is a need to bring smart city preparations up-to-date. In addition, IoT is coming up with the game-changing technologies that will change the vision, we admire our future.
Looking at the current IoT trends make us believe that homes and cities can be safe and friendly to the environment. Smart techniques will transform customer experiences to make life more fascinating and, somehow, simpler.
This Article is contributed by Colleen Jansen, a digital marketing expert in Quy Technologies, a Top Mobile app development company in India which provides enterprise mobility solutions, iPhone app and Android app development services across the global.
