Tag: IoT Development Services and Solutions

In today’s IoT world, almost every aspect of our lives generates data. Our smartwatches monitor each step and sense every single heartbeat. Our smartphones know our exact locations, our hobbies and, even what we want to buy. Ultimately, we all are emerging into the IoT sphere at a fast pace as the technology aids our daily lives and keeps us connected to the people and things that are important to us.

Similarly, the impact of IoT in the business world is no different. IoT-enabled devices garner data and transfer it to IoT apps to track important operations, provide profound insights, enhance efficiency, and enable businesses to make better and informed decisions.

IoT informs companies about what’s really going on, instead of what they assume or expect to happen. And the massive data they collect can be beneficial for analytics and AI systems that can identify the pattern of use or behavior that were hidden earlier. So, if you’re devising to invest in IoT development services and solutions, here we have shed light on a few IoT benefits to influence your decision.

Benefits of IoT to your Business

Increases Productivity

Productivity drives the profit as well as the growth of every business. IoT provides real-time training to employees, enhances their efficiency, keeps them updated, and reduces mismatch of skills while boosting organizational productivity. 

Uncovers New Business Opportunities

IoT discovers new business opportunities and allows you to leverage new revenue avenues driven by smart business models. It can significantly reduce time-to-market and increase your return on investment (ROI). Besides, you can redefine the way to interact with customers and establish a better relationship with them by leveraging the scope of IoT beyond connectivity.

Improves Asset Utilization

IoT apps improve tracking of tools, vehicles, machinery, and equipment integrated with sensors that provide real-time operational insights. Just imagine the scenario if your machine overloads or overheats in your absence, it can cause massive destruction. However, IoT switches off the equipment if the sensors sense any issue and notify you to take immediate action via an IoT app. You can also locate issues even before they occur using an IoT app and run preventive measures to keep your processes streamlined.

Boosts Efficiency

Being connected with various devices via the internet, IoT allows you to be smarter with profound, real-time insights. The data gathered from the factory floor, logistic network, and supply chain reduces downtime due to maintenance and operational costs while efficiently managing operations.

Enhances Workplace Safety

IoT allows you to monitor your workplace to ensure equipment safety and protect employees from physical hazards. The IoT app instantly informs you if the sensor predicts machine breakdown so that you could swiftly resolve the issue and eliminate the chances of mishaps.

Saves Costs

The enhanced productivity, process efficiencies, and asset utilization can save huge expenditures, thanks to IoT. For instance, predictive analytics and real-time diagnostics lessen maintenance costs.

Improves Customer Experience

Seamless customer experience is the key to the success of businesses. By leveraging IoT-enabled devices like mobile card readers and smart tracker, you can allow your customers to easily process transactions and track their shipped products respectively. This way, IoT can help you provide the best customer experience and boost their satisfaction. 

Final Words

IoT has reached the pinnacle of business transformation since its inception. Even though the technology offers immense potential value and streamlines processes considerably, businesses must overcome challenges like lack of interoperable technologies, data management issues, and data security and privacy concerns. However, a professional IoT application development company can easily overcome these challenges and foster your business growth by providing a smart future-proof app.

 IoT is redefining both the industrial and the consumer worlds. This smart technology is finding its way to every business and consumer domain – from healthcare and energy to finance and agriculture. Due to the continuously increasing popularity and adoption of the Internet of Things, the market share of this technology is also surging.

By the end of 2020, IoT is anticipated to rake in additional revenue of $344B and drive $177B in cost reductions. Besides, the year 2020 will impact all the major components of an IoT model – Sensors, Analytics (Cloud), Networks (Communications), and Applications – with different degrees.

IoT and smart devices have already been improving the performance metrics of major US-based organizations. By investing in IoT development services and solutions, businesses can overcome routine management issues and enhance their productivity by 40-60%.

The following trends will give you an idea of the potential of IoT and what future holds for this technology.

1 Artificial Intelligence – A Big Player in IoT

Leveraging the data and even understanding how modern infrastructure operates require computer assistance through AI. AI allows businesses to extract more value out of their massive collection of data. Thus, various startups strive to boost their market share through AI algorithms i.e. Machine Learning and Deep Learning. The major cloud platforms are also competing with one another based on their AI capabilities.

Since AI is the fundamental ingredient to leverage garnered data these days, it will facilitate IoT data analysis in various ways, including data preparation, data preparation, time series accuracy of data, visualization of streaming data, real-time geospatial and location, and predictive and advance analysis.

2 Voice User Interface will Gain Mainstream Adoption

Industry leaders are competing to dominate the IoT market at an early stage. Digital assistants like Alexa, Siri, and Google Assistant are the future of smart devices, and companies are endeavoring to bring forth more and more devices to improve their consumer experience.

Voice represents 80% of our daily communications. The use of voice technology in setting up the devices, change the setups, giving commands, and getting results will be the norm in this smart world, including homes, companies, cars, and more.

3 More Investment in IoT

The impact of IoT will continue to attract more startup venture capitalists toward innovative projects in software, hardware, and services. Investment in IoT development services and solutions will hit $1.4 Trillion by 2021.

IoT is one of the few markets that have the interest of traditional as well as emerging venture capitalists. The meteoric rise in smart devices and the increasing dependency of customers to perform many tasks using them will foster the investment in IoT startups. Customers will also be waiting for more smart innovations like smart ATMs reinforced with smart security cameras, smart beds that will automatically turn off the lights when everyone falls asleep, and more.

4 The Growth of IIoT and Digital Twin Technology

The blend of IoT and automation is driving this new industrial techno revolution, and making manufacturing less risky, more efficient as well as profitable. Besides, Industrial IoT enhances efficiency and productivity through data integration and analysis in a way that is impossible to achieve without an interconnected manufacturing process.

Another idea that is gaining momentum is digital twin technology. This technology allows businesses to create a clear picture of how IoT devices can interact with the manufacturing process. Leveraging this advancement, they can also gain insights into how the life cycle of their equipment works and predict changes that may be required down the road. As per the Gartner reports, 48% of smart manufacturing businesses have devised to use the digital twin concept.

5 More Movement to Edge Computing

Edge computing is a paradigm that distributes the load of data processing and moves it closer to the edge of the network – sensors in case of IoT. The benefits of this technology are very attractive to IoT app developers, allowing users to minimize latency, operate accurately with quick decisions, conserve network bandwidth, garner and secure a vast amount of data, and move it to the best location for processing with better analysis and insights of local data. Edge computing has been on a surge in recent years, but the growing adoption of IoT will make this technology even more pronounced.

Two aspects propelling this change are:

• Powerful edge devices in various form factors that are becoming more affordable
• A centralized infrastructure that is becoming more stressed

Edge computing also makes on-device artificial intelligence (AI) a realistic proposition. It enables businesses to exploit real-time data sets rather than having to sift through massive data in a centralized cloud in real-time.

Final Words

These are some of the IoT trends that will dominate and fuel the IoT ecosystem in 2020. Industry experts believe that both the industries and the consumers will witness immense advancements in devices, thus making a big difference in the lives of people. With these trends in the market, IoT devices will become more intuitive and convenient to use.

So, if you want to create your own next-gen IoT product and step in the IoT market to bring disruption, approach the experts of our IoT application development company.