The Internet of Things, or IoT, is the most rapidly growing term in the market.
Amazon, Apple, Google, and Microsoft are the big-scale industries that are adhering to IoT technology and giving their best to attract the consumer. Personal Assistant is one of the most common examples of IoT and AI (Artificial Intelligence). The growth of IoT has brought a number of opportunities for the service providers, vendors, business owners, and retailers.
Based on the analysis, around 45.31 billion IoT devices will happen by 2023, around a 20.3 percent rise in CAGR compound annual growth rate every year. Integration of IoT platforms will improve the customer’s value and cost. It gives the privilege of controlling devices remotely. Hence, it helps in connecting, controlling, and detecting.
Predictions for IoT
- AI will upgrade the devices such that they can adapt automatically according to their surroundings.
- IoT will increase the platform such that the goods can be sold at standardized rates.
- Drones will be used for surveying and monitoring the remote areas.
- Connecting devices will be replaced with predictive or sentient computing tools.
- IoT will attract more cyber attacks due to the usage of unsecured devices.
According to the present scenario, IOT, AI, and ML (Machine Learning) are the buzzwords that are taking over the market. AI and IoT are together forming and designing the future and will define the path of success.
In a recent report for PWC, big-scale companies are switching their previous technology to IoT, and hence, are investing heavily to change the structure and operating model. For example, sensors, connectivity, actuators, and real-time analytics are some of the hardware components in which companies are investing heavily. The huge amount of data collected from all these devices helps the company to make predictions and decisions, and the result helps them to make services and products better.
Machine learning helps to know about the current trends and patterns that customers are following. A few years back, the collection of data was a difficult task, but now, the scenario has changed. Now, the biggest treasure that every company owns is data collected through IoT. Advanced technologies have already made their way into sectors like energy, power, automotive, healthcare, and manufacturing. Transmission and distribution networks are using analytic software and smart meters. These companies are already using digital technology to empower the growth of technology in smart homes and smart offices.
Smart appliances like Google Home and Amazon Alexa are already in use by the customers. The feedback data taken by IoT is beneficial for building customer relations. The collaboration of IoT and AI is used in the healthcare sector in a major way. Also, health care is the first domain that has adopted IoT quickly. And the technology is improving the quality and effectiveness of this domain. According to estimations, IoT solutions will reach $1 trillion in a few years. Until that time, it will become highly personalized, accessible, and will be able to give on-time health services. IoT provides services like clinical efficiency, patient monitoring, and biometrics.
Machine learning helps companies know about the current trends and patterns that customers are following. This involves a huge amount of data and high processing systems. The massive amount of data is collected through customer’s streaming and browsing. The algorithms are able to find the needs of the customer and are also able to find the most trendy brand, price, etc. Brands like Amazon and Flipkart are using the full potential of machine learning and IoT. These companies hold large amounts of customer data collected through online applications and websites. The data is used for evolving the services by interacting with customers, thus, earning them millions of dollars.
IoT, ML, and AI will run the world for about a couple of decades. Data is the only thing that the big-scale industries like Google, Microsoft, and Facebook are holding. In simpler words, IoT is like the oil sources and data is the oil. These data help industries to analyze, predict, quality maintenance, and many other things that make a strong bond with the customer. Through a Deep Learning Course, one can grab the opportunity to be a part of this journey. Many companies are searching for a chance to get into the IoT universe and you can be the pillar of that success.
About the author: Danish Wadhwa is a digital strategist and a HubSpot Inbound Certified Founder.