In What Ways IoT Trends Impacting Your Business
Read this blog post to know how IoT trends are impacting modern business operations.
IoT trends were so elusive that I find difficult to give them a whirl. Don’t just put your thumb on the scale so soon. There is more to add about the practical application of IoT trends in business operations.
I’m not surprised how IoT trends can be used for business.
If you understand what IoT really is and how it works, you’re probably thinking about wireless headphones, smart TVs, or smartwatches. I’m guessing most of you think the same way. So, we have a general idea of what the Internet of Things (IoT) devices are. Maybe you are currently using one. But let me make it clear that TV and internet devices are a small part of IoT trends.
According to Forbes, “The goal behind the IoT trends is to create intelligent enterprises that work together to drive operational efficiencies, enabling new business models, and creating better customer experiences.”
Thanks to IoT trends, it is now possible to turn industrial machines into part of IoT. As a result, these dumb machines are able to give you the best digital experience over tasks previously done by humans.
In order to complete this goal, 84% of enterprises planning to complete their IoT implementation within two years of span.
Also Read: Applications of IoT in the Supply Chain & Logistics Industry
While IoT trends clearly already having an impact on the enterprise world, this influence is only going to increase in the coming years.
Let’s come to the IoT trends that are gaining popularity in the sphere of businesses.
IoT Trend #1 — Convergence of Blockchain IoT
Tech experts are already working to make the blockchain IoT union useful for businesses in many ways. A resource shared by Tata Consultancy Services (TCS) suggested four-fold benefits of the convergence of blockchain IoT.
- Cost reduction in app building
- Scaled and improved security
- More safe and accelerated data exchanges
- Trust building in digital transactions
While we wait for more improvements in Blockchain IoT, you can secure your business with IoT devices. Yes, the very concept of IoE (Internet of Everything) going to take shape amid the absence of global awareness. In the coming years, it is going to be the best part of IoT trends that will make machines, objects, and humans provided with unique identifiers and provide the ability to transfer data in a decentralized network.
For example, BICS (The Global Communications Enabler and International Carrier) building a global IoT business by leveraging the power of smart chips and SIM cards that can be placed in scooters, smartwatches, etc. to track the performance of components in whatever country the product will be sold.
Let’s see how it works in the real world:
Markets And Markets predicted that the Blockchain IoT market will make $113.1 million in 2019 and $3,021 million by 2024.
So this is one of the influential IoT trends impacting the complete business chain.
You can also enhance your business productivity, security, and authenticity by implementing encryption and proper protection with the blockchain IoT. No matter what business type you own, the process of blockchain IoT integration is fairly transparent and easy.
You can hire blockchain developers to implement your idea so that you can apply blockchain IoT trends successfully to your business.
IoT Trend #2 — AIoT The Future of Business Industry
In the future IoT trends, we will see more momentum in business activities from selling the product to advertising services all will be possible with Artificial Intelligence enabled IoT devices. Many big names in the industry building more efficient AI and IoT devices.
Consider a luxury car like Mercedes Benz E-class with features like self-driving, accurately predicting traffic patterns, and safely bringing passengers to the destination.
Artificial Intelligence is going to change the IoT at two different levels. Firstly, it will apply intelligence to the devices enabled with sensors. Secondly, artificial intelligence will be used to analyze the data stream in real-time or in batches.
AI and IoT trends will only increase in automation to not only manage the devices themselves, but also for analyzing data, market trends, and securing data throughout the lifecycle of IoT devices.
Head of IoT Security, Bodil Josefsson said — “IoT trends in not only about automation, but the same goes for securing them.”
According to reports, IoT trends and AI together (AIoT) will have a significant impact on multiple industry verticals and will lead industrial 4.0 revolution.
Consider a camera that sends each frame for verification to the IoT system. By applying AI to the camera, it will send the frame for verification only when the object is detected. This will improve the process of the camera CPU and saves the time consumed by the CPU to process each and every image.
Another area to benefit from IoT trends and Artificial Intelligence is manufacturing in industrial firms. Different manufacturing processes can be controlled via artificial intelligence that includes the process of customer segmentation, product quality analysis, and balancing production strategies with intelligent processing of data.
Singapore-based NCS Group (NCS Pte Ltd) is bringing a new IoT platform NCS’ unifAI with in-built artificial intelligence that allows the users to receive updates and insights on the current trends and objects via the connected IoT devices.
In the same way, AI and IoT trends will impact industries from aviation to automotive, healthcare, finance, manufacturing to everything. You can also add AI and IoT capabilities to your business by taking the help of AI and machine learning developers.
IoT Trend #3 — Cloud Computing The Part of AIoT
The lethal combination of AI and IoT brings us a lot of innovative things. To complete the process of AIoT, we need to also look at connected systems such as IoT and cloud computing.
It enables better collaboration for businesses by facilitating them to store as well as access data remotely to implement in their business projects without any delay.
Cloud computing is going to be the most important IoT trend of the year 2019 that has provided us with the five key aspects of IoT-connected systems.
Data Collection: Cloud technology collects telemetry data from the devices and sends that data to a central location.
Data Storage: Collected data will then be stored in scalable storage systems for further processing.
Processing: Cloud-enabled big data platforms are now used to process the telemetry datasets.
Analyzation: The insights from telemetry datasets now will be analyzed through a data visualizer.
Data Control: Programmers and engineers will now control the IoT devices based on the recommendation sent by the big data systems.
Cloud computing and IoT provide you the power of data collection, storage, processing, analysis, and control that will result in the reduced total cost of setting up firewalls, switches, servers, and hardware systems.
Cloud computing keeps your business running even in the case of disasters like — flood, fire, etc. Without the loss of your data, you can keep your business running and employees can work without any interruption.
A business does not need to worry about ongoing maintenance of data, updates, and management processes as all can be simplified with the Cloud and IoT system. The goal is to focus on core business activities.
Cloud and IoT work on the patterns of telemetry data that allow businesses to take appropriate actions based on the data.
Further, AI will automatically take action by analyzing the data and becomes the brain of the entire process. Get in touch with the industry’s best software developers to design & develop enterprise-grade software solutions based on IoT and cloud computing.
IoT Trend #4–5G and IoT A Greater Shift For Enterprises
Qualcomm’s 5G IoT innovation is predicted to greatly benefit the next generation with unified connectivity on a wide range of IoT devices, applications, sensors, and objects. In reality, we will see massive 5G deployment on all kinds of IoT devices soon.
It is all about expanding the reach of our mobile to new IoT services such as C-V2X (Cellular Vehicle to Everything), private LTE networks for industrial clients, cellular drone systems, and 5G NR for the responsive broadband experience.
Why 5G one of the most awaited technologies of IoT trends? It is because 5G has the potential to change the whole business world. In the coming years, you can think of 5G as a kind of next-generation connectivity that wasn’t possible with 4G or earlier 3G and 2G technologies. In other words, the union of 5G and IoT will open up new ways to deliver services to all kinds of IoT devices.
Enterprise management and improved connectivity are only the beginning when it comes to 5G and IoT. Companies from facility management and manufacturing will find 5 G-enabled IoT sensors to be more effective and cost-effective than ever. These sensors can be added to any product, object, vehicle, moving raw materials, and many other things. This means businesses can fully track their supply chains, taxis, etc. with the help of 5G data and IoT devices.
So, in an abundance of ways, 5G and IoT are all set to change enterprises. This is just the beginning of the era of 5G to understand its full implications hire IoT developers or you can join discussion forums and talk to the experts of the 5G industry who are working on the IoT projects.
That’s all! You will see more info on IoT Trends and their momentum in the business world. I can mention one thing for sure, 2021 going to be the exciting most year for all the developers, businesses, and firms looking to adopt the IoT ecosystem. Along with connectivity, IoT gives companies a chance to build more presentable products and devices.
Soon you will see IoT in retail, marketing, banking, and computing because data generation, collection, analysis, and communication of data, integration are the pillars of the IoT ecosystem. For more information on how to manage your business operations with IoT and related technologies contact team Shiprocket Fulfillment.
Writer, Researcher & Marketing Specialist at Shiprocket