The Internet of Things (IoT) is changing the world. To better understand why this is the case, let’s take a look at some of the key questions surrounding the IoT.
What is the IoT?
The IoT refers to a network of internet-connected devices that use sensors and chips to collect and exchange data.
How does the IoT work?
With the IoT, sensors and chips are embedded into physical objects. These objects constantly communicate with one another across a common IoT platform.
An IoT platform integrates data from multiple devices. It uses analytics to mine data and address industry-specific needs.
Additionally, IoT sensors and chips send only relevant data to an IoT platform. This ensures businesses can use IoT data to generate timely, pertinent, and actionable insights.
What types of businesses are using the IoT?
Many business sectors are using the IoT, including:
- Automotive: Enables automakers to analyze vehicle performance.
- Banking: Helps banks provide more accurate lending decisions and deliver personalized, real-time offers.
- Hospitality: Drives guestroom automation, hyper-personalization, and mobile engagement.
- Manufacturing: Increases visibility at each stage of the manufacturing cycle.
How are consumers using the IoT?
Many consumer IoT devices are available, and these include:
- Home automation gadgets: Help transform ordinary houses into smart homes; home automation devices include connected light bulbs, switches, and other gadgets.
- Security cameras: Enable consumers to monitor home security on any device, from any location, and at any time.
- TVs: Allow consumers to access internet and network-based media via an Ethernet or Wi-Fi connection.
What does the future hold for the IoT?
Several leading market research firms are predicting big things from the IoT in the years to come – just consider the following IoT market projections:
- Gartner: Forecasts 20.4 billion connected “things” will be in use by 2020.
- International Data Corp (IDC): Expects worldwide spending on IoT hardware, software, services, and connectivity to reach $1.4 trillion by 2021.
- McKinsey: Predicts the IoT will have an $11.1 trillion per year impact by 2025.
The bottom line on the IoT
The IoT represents a valuable opportunity for businesses of all sizes and across all sectors. If your company offers IoT applications, products, and services, it may be able to differentiate itself from the competition in a crowded global marketplace.
Please contact us today to find out how Seamgen can help your business capitalize on the IoT.