The Internet of Things (IoT) is rapidly transforming our lives. It has changed a lot over the past few years, going from a concept to a reality in many homes, workplaces and cities. Whereas previously, IoT devices were limited to a few functions, they’re now becoming more and more advanced. That makes for an exciting decade because the technology will come on in leaps and bounds over the next 10 years.
An increase in IoT devices
You can expect that IoT devices will quickly proliferate over the coming years. By 2020, 38.5 billion devices are predicted to be in use. The number of IoT devices have gone from millions to billions over just a few years, rising by 285 per cent since 2015.
More data for personalisation
This means there’ll be more data produced – that can be pored over by businesses to better understand consumer behaviour. These insights will prove useful in an increasingly noisy marketplace, giving a better overall customer experience.
More data and analysis will help organisations build more meaningful, tailored relationships with customers. The amount of irrelevant marketing and other communications will decrease, products can be recommended with greater accuracy and re-ordering will become easier. Shops may not even require human employees. Amazon Go, Amazon’s IoT-enabled grocery store, has proved successful in the US and the tech giant is now opening more locations around America and the UK.
It’s not all positive, however. As the number of devices increases, the opportunities for hackers will also rise and concerns over the security of the IoT will mount over the next decade. Privacy-by-design will become the gold standard for IoT security, this is because security will have to be built into IoT devices themselves, instead of being bolt-on solutions. This will make IoT cybersecurity talent in high demand – people who understand the nuances of IoT security and possible vulnerabilities will be needed to effectively secure it.
Living areas will become smarter
Our homes and cities will become smart as internet-connected cameras, street lighting, ventilation, heating and controls gain popularity.
With Google Home and Amazon Echo, we’ve become used to controlling our homes through smart assistants. The same will apply to our workplaces and when we’re out-and-about. We’ll soon be able to manage our office heating and lighting through a central IoT device, ensuring occupant comfort whilst meeting sustainability goals.
Every business will invest
With its large range of uses, the IoT will be essential to every organisation. Business leaders who embrace it now will have the edge over their competitors. Every industry will use IoT in one way or another, be that o provide targeted communications, to manage equipment or to optimise operations, for example. Around 94 per cent of organisations that have already invested in the IoT have seen a return on investment.
The IoT is the future
It’s safe to say that the IoT is here to stay. Many aspects of our lives will be improved through IoT – which is why every industry leader is excited about it. Time will unveil the various uses and value of using the IoT. For now, it’s worth exploring your options, building IoT skills and knowledge, and keeping an eye on emerging trends.
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