For many businesses, 2021 is one of the most challenging years in their company's history. But thanks to the Internet of Things (IoT) technology, businesses around the globe are perfectly able to keep everything under control. Whether assisting enterprises in finding the latest consumer trends or shaping a business model, IoT plays an important role.
From retail and manufacturing to automotive and healthcare, every industry is getting smarter by adopting technologies like IoT. If your business fails to stay in the competition, it can result in unwanted losses.
The pandemic was a significant obstacle to the growth of IoT in 2020. However, a November 2019 research had predicted that IoT spending would significantly grow 15 percent in 2020, but it could only grow 8 percent. But as predictions from the International Data Corporation show, IoT will get back in swing this year. It will likely reach a growth rate of more than 11 percent from 2020 to 2024.
Therefore to step up your game, you can't ignore the importance of merging IoT technology with your business model. Here are the trends that you need to look for to help your business drive innovation and success.
The local servers and clouds are not the only platforms where computation performs. However, most of the time, using remote servers means transfer delays. For this reason, cloud computing is not always an option for executions that need real-time computations like self-driving vehicles.
On the other hand, edge IoT is already in use with traffic cameras that detect pedestrian movement, vehicle prioritization, adaptive traffic lights, electronic tolling, and parking detection. Industry leaders like IBM, Microsoft, and Amazon have trusted edge computing by investing heavily in it. And there has been a growing demand for smart IoT devices, data security, and faster data processing.
Amazon's second-gen AWS IoT Greengrass services have now become operational, encouraging developers to use edge devices with Lambda functions. It further helps developers to help absorb machine learning and accomplish tasks within IoT devices.
Soon, many IoT solutions will begin to include onboard AI and encourage computing from the cloud to end-point machines. Three main reasons adding to this are cost per cloud processing, data privacy and security, and reaction time. So, if your business is targeting any one of these, implementing IoT technology can help you achieve your goals more efficiently.
Google has spoiled us with its insights based on our search trends. Other multimedia platforms like Spotify and Netflix also know what we like to listen to and watch perfectly. However, their algorithm can still make mistakes and recommend irrelevant content since this technology is constantly improving.
The sector of innovative home technologies thrives on personalization. Consequently, technologies that help a homeowner manage everyday home activities need an elaborate personal experience to deliver maximum consumer satisfaction.
AI growth and the latest edge computing are confident in helping this area of the market grow remarkably. AI will soon start to make choices based on the owner's habits. For this reason, general data is not sufficient and demands acute personalization to train the neural network. Hence, you'll need the personal data of your customers. However, this type of data is often secret, and users don't want to share it with you.
The answer to this problem may lie in edge computing, where your customers' private data are stored and processed locally on customers' devices. A business needs to improve customer perceptions of intelligent technologies that are used with your business model. As a result, edge computing with IoT (internet of things) will add a protective layer to customers’ data when using smart devices. This will enhance customers’ satisfaction levels and help a business achieve its desired goals more efficiently. And if your primary objective is to maximize customer satisfaction by providing them a secure environment for their data, adopting this technology can have countless benefits for your organization.
The most remarkable IoT vertical in the previous year was healthcare due to the coronavirus pandemic. For several years, performing IoT projects in the healthcare industry had shown less effectiveness due to the industry's usual passive stance and highly regulated nature.
However, as things change, there is now growing evidence that the pandemic has led to a digital revolution in the healthcare industry, especially in hospitals. The US Food and Drug Administration has issued multiple temporary policies to encourage digital tools during the pandemic. For the first time, Germany in October 2020 greenlit access to digital health apps for particular health problems. For instance, apps that help treat stress and anxiety.
At the end of 2020, renowned supply chain monitoring developer Controlant started providing monitoring support for the United States government and Pfizer for accurate vaccine distribution. This is specifically important because these vaccines need to be kept in a cool environment during the transit process.
One other application that grew exponentially during the pandemic is telehealth, in which a doctor treats a patient on a video call. Many health care experts believe that telehealth is seen as the first step toward digital diagnosis that encourages the use of IoT devices that diagnose patients remotely. As a result, several hospitals around the globe started using this technology in 2020. In December 2020, a surgeon's video from London went viral while performing remote surgery on a banana in California.
There is no doubt that IoT technologies will continue to surprise us by significantly impacting the healthcare industry. However, this will only become possible with other technology trends in the healthcare industry that enhance doctors, patients, and management.
The latest advancements in the Internet of Things technology push us further than we have ever thought possible. If your business is looking for a technology that can take it to the next level, IoT is what you've been waiting for. It will help you redefine your business model and enhance your productivity. With a proper IoT ecosystem, you can give your business an edge over your competitors and satisfy your customers at the same time.
