A Comprehensive Guide to the Internet of Things (IoT) for 2017
Google Home, Apple Smartwatch, and even your refrigerator
While you might be thinking all of the elements are different from one another, they all contribute to create a common technology known to us as the Internet of Things.
Such devices can be connected to the web and used to transmit and receive data. Besides that, IoT sensors embedded devices can be linked to each other and used to contribute information to a shared database. Such innovations have helped the Internet of Things to gain recognition as the second generation of the Internet.
Kevin Ashton who coined the term “Internet of Things” explains, “If we had computers that knew everything there was to know about things—using data they gathered without any help from us—we would be able to track and count everything, and greatly reduce waste, loss, and cost. We would know when things needed replacing, repairing or recalling, and whether they were fresh or past their best.”
Today, the Internet of Things has made a stout presence in our daily lives. So without wasting more time, let’s see how the IoT will impact our lives in 2017.
The Internet of Things is growing
Undoubtedly, the IoT had a gruesome start!
With a lower adoption than predicted, IoT manufacturers had to strive to keep their business alive in the initial days. Despite the rocky start, IoT is spontaneously growing and the rate is not coming down anytime soon. But, the big mystery remains to be the lofty prediction of 50 billion connected devices until 2020. Whether it reaches the mark or not, companies that will learn to harness the benefits of IoT will be the ones to thrive in the future.
Here are some IoT innovations that will grow by leaps and bounds in 2017.
The massive adaptation of smart home technology in 2016 is mind boggling. Compared to 2015, Amazon sold its Echo ten times more in 2016’s holiday season. On the other hand side, Google competitively sold its new product “Google Home,” matching the sales chart of its rival Amazon echoes.
So what does this mean?
It’s simple; smart technology is taking over fast with the IoT in the core. And, experts assume that smart technology will become more popular in 2017. According to a survey conducted by Smart Home Technology, more than 75% of people who have brought their first smart device believe that they will purchase more.
In 2016, consumers purchased more than 80 million wearable devices including Fitbit and smart watches, and the number is expected to grow to 423 million until 2020. Needless-to-say, all the wearable gadgets generate a large volume of that businesses are still not able to capitalize. The data produced by such devices can unveil the gates of new possibilities and opportunities to take businesses to a new horizon.
In 2017, we might see more innovative wearable gadgets. For now, we’ll just have to wait for what is yet to arrive.
Smart cars are gaining rapid momentum, and they are rolling on the streets fast. According to a survey, more than 84 percent cars will be connected to the internet within 2021. Features such as auto navigation, app integrations, self-driving, diagnostic tools will be integrated into vehicles which will be empowered by the Internet of Things. The automobile is investing a huge share into the next IoT innovations.
Business Transformation with the Internet of Things
The potential of IoT and connected technology is greater than we assume it to be. It doesn’t only offer possibilities for consumers, but will also alter the way we do business. Here are few ways how IoT will change our businesses.
Inventory Management: Today, we have tons of IoT devices for inventory management. Such devices can track the volume of goods in your store and create a reorder quote automatically when the stock runs dry. Anyone who has spent years counting dresses in a clothing store will understand the value of the IoT for inventory management.
Shorter Buying Cycle: The use of IoT devices shortens the consumer’s buying process. Customers can instantly recognize what they need and where they can buy it.
Understand Consumer Behavior: The data generated by the IoT devices will help businesses to understand consumer behavior. Marketers can analyze the data and recognize customer needs to design specific products to suit their requirements.
Remote work: The IoT has allowed individuals to work from remote locations. As every device will be connected to a cloud network, people will be able to operate every IoT devices from their smartphones.
It’s obvious that we are only able to scratch the surface of IoT. Businesses that will start to recognize the potential of IoT now will have a competitive advantage in the days to come.