Existence of IoT can be witnessed everywhere in the world, it has given a potential way for business development. This technology is rapidly transforming business industries and shaping them with the digitized force all across the world. The expected growth of IoT sector in the year 2021 is counted as $520 billion. It will be direct growth of 13.5% as compared to the present year. Most of the businesses, regardless of their sectors are incorporating IoT without exploring the future of IoT. Undoubtedly, there is plethora of benefits of using IoT, but before making it a backbone of your business you must be aware of the route map of this technological development. IoT can serve you with long term objectives, but condition is that you must know where it is heading to and what you will gain after a certain time period.
Future trends of IoT expected in the near future:
Asset tracking and inventory management:
Inventory management and asset tracking is one of the most tedious task for product based companies and also it demands a huge human labour to perform the tasks. Still the efficiency of work can’t be expected 100%. An easy and prompt solution for asset management and inventory management is offered by the IoT sector. It allows you to activate few automated options granting programmed control for asset handling and a precise check over the available stock.
Receiving real-time data from the on-going processes, devices and also people can assist business industries to understand the current market and other requirements and also facilitate them to fix it on the go. This work strategy is going to be a game changer for every business sector with an enhanced and improved user’s experience. At present day, IoT has been already acquired a leading position in retail and also automobile sectors. IoT can be the most potential tool for business of every size, ranging from the small scale of farming till launching rockets by providing real-time data of every single movement and step taken in the process.
IoT: A revolution in the automobile industry
Internet of Things, more commonly familiar as IoT has already established its footprints in various business industries, but the adventures it has made in the automobile sector is almost unbelievable. In the past years we have automobiles with a combination of mechanical and electronics engineering. Upcoming years will add several facilities to your existing automobile by incorporating IoT in it. It is estimated that in future there will be much more demands of software incorporated in the vehicles and most of the revenue will be generate with it. IoT will be completely changing the automobiles sector with its uses also. There are several benefits of IoT incorporation with automobiles; few of those are discussed here.
Benefits of IoT in automobile industry:
Connected cars are going to be a game changer in the automotive industry and the latest cars with IoT technology are predictive to yield a revenue generation of approx. 1.3 trillion dollars in the very near future. Connected vehicles makes the driving very safe by taking decisions based on the real-time driving conditions. These high end technological cars have the potential to sense the speed of other vehicles and roads conditions too making it safer than ever before. Connected cars have various features integrated to make it relevant for a road full of traffic. The cars are connected with various elements to make it safer such as:
- Vehicle to vehicle connection
- Vehicle to local satellite network
- Vehicle to pedestrian
- Vehicle to the road infrastructure
How about a driverless car that takes you to a predefined destination safely and effortlessly? Isn’t it great to enjoy an effortless drive? This is not just a dream, but a truth. Autonomous cars are the hot current topic of the town. These cars will be programmed for all the driving function just like a manual driving. Already semi-automated cars are available in the market, and sooner the world will witness a miracle with driverless cars.
Ways to use IoT for business acceleration and management
Internet is used by every single folk but hardly knows about the latest advancement emerged in the world of networks and internet, that is Internet of Things better known as IoT. Most of us might be even using IoT but hardly think of it. The usage of IoT has extended its wings almost in every sector, right from our daily work schedule of turning on and off electronic appliances till a rocket taking flight to several miles away from our reach. Then how the business sectors will remain untouched with this magic baton? From past decade as small incorporation of IoT was depicted in various businesses sectors but the involvement of this technology was very less. Within a time span of ten years this technology has taken a great hold over various business sectors and now it is really playing a huge role in transforming the business procedures, making them to think bigger, and of course being a ray of hope for a new technological world with amazing spike if revenue generation. IoT can help a business in various ways, if you are seeking for more details about IoT and its uses then here are the answers for your question.
Uses of IoT for leveraging the business ROI:
For a business to run successful you need a potential and proven strategy and to build the most effective strategy for your upcoming goals you need to know every single element about your business operations and the products you are selling to your customers. IoT facilitates you to know your user experience by fixing sensors and collecting efficient data from it, such as their consumption, demand, type of usage, and different aspects. Putting all the data collected for your sensors it will be easier to know your customers and market trend better and also prediction of future market trend and demands are easier with the use of IoT.
Effective and simplified management:
IoT refers to a basic idea of connecting devices with each other so as to enable them to communicate and facilitate elements connected with the network to work automatically. IoT allows you to develop a centralized control over entire business operations and give you a hold over it. Sensors fixed with your business elements are made smart enough to detect the issues before it arises and reach the server and also it is potent enough to solve it using data from several connected devices.
IoT: Giving a new dimension to the world of internet
There are billions of devices round the world with a huge amount of data stored and transferred using long tedious methods. Now all the devices available can be interconnected for data collection, storage, and inter communication between devices, all this is possible with the emergence of Internet of Things. This technology has a potential to connect all the devices using small computer chip and wireless networks. IoT also facilitate us to add sensors to the devices so as to enable the device to communicate and share its real time position with other devices without any manual assistance. This technology is bringing a perfect balance between the digital and physical world by connecting it together and serving us more efficient and responsive future to work with.
Real world devices working on IoT:
Now we are enjoying a world which has power to switch on and off and change the functionalities of devices using your smartphone apps, this all is the miracle of IoT that enables your devices to connect with your smart phone using internet. The result of IoT devices can be a simple child toy and also a giant self-driven truck that automates it’s driving along with the route and hurdles detection. Not just these elements, but there are many more devices which are a result of IoT technology and are being used in our daily lives.
How IoT works?
IoT devices resemble to the devices which are connected with the internet using various processors, sensors, controllers, and also communication system embedded all together on the same device. The major functions of these IoT devices are to function without human assistance and communicating with devices and collecting data from the IoT gateway. The data collected from all these devices can be either driven to the cloud for further procedure and store can be assessed manually by taking the input to a local device.