Over the last few years, the Internet of Things (IoT) has grown exponentially, and it isn’t going to slow down anytime soon. It includes a network of internet-connected devices to gather and seamlessly transfer data across the devices easily. IoT assists in better understanding of how people interact within the environment. Moreover, it will assist firms to make better decisions with the information collected to introduce successful business practices. In fact, by the year 2020, there will be more than 31 billion devices connected to the IoT.
Benefits of the Internet of Things
As the Internet of Things becomes a reality, organizations are rapidly experiencing effective and efficient conduction of day-to-day business operations. For instance, IoT will enable retailers to reduce wastage of resources, eliminate duplication of tasks and decrease human error. Therefore, businesses can deliver value to consumers and gain a competitive advantage in the highly dynamic industry.
Through the use of IoT platforms, businesses can reduce costs, improve efficiency as well as increase sales and profits generated. As a result, more than 80 percent of the companies will or may plan to implement IoT technologies this year. Also, it will play a critical role in maintaining and monitoring devices, thus improving IT effectiveness and optimal asset tracking.
Nowadays, businesses implement IoT optimally improve industrial automation. The advancement assists in collecting previously untapped information to provide new opportunities for industry growth and development. Moreover, they gather in-store data and provide real-time information to retailers to improve customer experience and boost innovative business practices. As a result, more than 65 percent of businesses believe that these technologies are crucial to companies now or will be in the next five years.
Overcoming the Challenges in IoT Adoption
Security and risk concerns will continue to be a challenge in optimal Internet of Things adoption. According to industry experts, over 1/4th of cyber-attacks will be IoT based by the year 2025. The benefits received from the Internet of Things is incomplete without a secure infrastructure. As a result, businesses must invest in digital advancements to secure the connected devices and the collected data. Furthermore, smart city initiatives will play a crucial role in overcoming the incompetence of incorporating technical standards to deal with digital threats.
According to industry experts, Artificial Intelligence will assist IoT devices to evolve and provide accurate services digitally. AI-enabled technologies help businesses to plan better and more intelligent strategies to boost store growth. Machine learning, on the other hand, will assist in simplifying the decision-making process and provide a better understanding of the current market opportunities and threats. As a result, IoT will require AI and Machine Learning to evolve and help enhance market effectiveness and success rates.
Despite threats, over 75 percent of the businesses consider that IoT will allow them to evolve into a smart workplace. Therefore, experts believe that the IoT market will continue to rise exponentially in the future and play a crucial role during this time of the digital revolution in the industry.
Written By: Ranjeewa Dias
Business Technology Manager