In the recent years, IoT has taken the global tech industry to the next level of mass connectivity. From real-time GPS tracking of vehicles and people to monitor the consumption of water, electricity and even fuel, IoT has brought afresh possibilities of expansion in the industry. IoT is an innovative technology that when fused with other technologies transforms everyday utility products and forecasts an exponential growth of the market.
Vikram Kumar, Founder and CEO, Letstrack feels that IoT has the potential to completely revolutionise the way humans interact and work with technology. Its capability to integrate wireless technologies in the world that generates a mass volume of data can make significant improvements in business planning and decisions.
Majority of enterprises are using IoT to connect devices to drive and digitise their business. The integration of IoT technology into core operations potentially automates everyday functions and improves overall productivity. Since IoT is creating a lucrative space in the technology industry, several tech experts are predicting that it will become the next norm in business planning and the decision where every function will be monitored and controlled remotely.
Moving ahead from adoption, various industries have already reached the level of integrating it into their systems. Specifically, there are very strong impressions of IoT in sectors such as retail, healthcare, insurance and supply chain that is likely going to boost their overall growth. These industries are redefining their customer experience through the integration of IoT in combination with other technologies such as artificial intelligence, blockchain, etc.
The concept of IoT is helping every business in streamlining their operations through the bulk of data gathered. For instance, the healthcare industry is using IoT technology to increase customer engagement and connect remotely located doctors and patients. Similarly, the Indian insurance sector which has not undergone any major revolution since two decades is now reshaping the industry through IoT enabled applications combined with machine learning, artificial intelligence and others that also helps in keeping a check on claims and reimbursements.
Although, there is still a lot to be worked out in IoT analytics and applications, enterprises have already started learning the value of embedding IoT to make their business profitable. Most companies deploy IoT systems in order to save cost, enhance employee efficiency and increase customer satisfaction. Moreover, through digital transformation, companies are changing their business models while identifying new revenue sources.
With such technological transitions, IoT is providing more efficient and easier life to its users. As per the recent estimates, more than 50 per cent of businesses will opt for cloud-based strategy around big data analytics and by 2020, there will be nearly 50 billion connected devices that are going to leverage the concept of smart data and smart cities in developing nations like India.
Along with the integration of IoT, cybersecurity will remain a major concern for individuals as well as companies. The increased access to data is going to increase the chances of cyber attack dramatically. To overcome such challenges, many companies are investing in a highly skilled human resource to create software that can protect data and privacy of the users. The year ahead will reshape the adoption of IoT with its known pros and cons and prepare the world for a new revolution of mass connectivity.
