Steve Janssens, Chief Operating Officer at LastBasic, discusses the evolution of the Internet of Things and how to fully harness the technology’s capabilities to ensure a fruitful future.
The number of devices that use Internet of Things (IoT) technology is projected to rise to 43 billion by 2023, with IoT technology bringing significant value to a wide range of industries. The increased adoption of IoT technologies demonstrates a market maturity made possible by the rapid advancement in the capabilities of the technologies that underpin the IoT.
Sensors, computing power, and mobile connectivity are becoming easier than ever to integrate with existing enterprise functions, as well as contributing to the development of innovative new products.
It is clear that the IoT market is entering a consolidation phase given that we are beginning to see the technology’s integration with existing functions. This phase involves settling the technology and looking forward to its future potential, overcoming any potential setbacks along the way. How can we reap the true value of IoT, and drive its further expansion?
Harvesting the full benefits of the IoT
IoT devices offer a level of digital intelligence that is almost a no-brainer. These devices are enabled with the capacity to communicate real-time data without ever involving a human being, made possible thanks to the growing availability of low-cost computer chips and the ubiquity of wireless networks.
Sometimes called ‘smart’ devices, products enabled with IoT technology use sensors to collect, send, and act on data they acquire from their environments. The IoT is making our world smarter and more streamlined by leveraging the best in automation to remove the need for human input.
The IoT market has matured considerably in recent years. Many of us may think of smart speakers or autonomous vehicles when considering the IoT, but in reality, personal devices only form one part of a much larger market.
Research from McKinsey demonstrates that the greatest potential for the market is in operations optimisation; that’s to say making business activities simpler and more efficient.
IoT technologies have a huge value within the enterprise, allowing companies to automate previously manual processes, as well as capture a broader dataset on their activities, which can then be analysed to further increase efficiency.
It is also important to note that as the IoT ecosystem has evolved, so has the potential of IoT hardware, used both in a business and consumer setting. Sensors have become easier to implement and both the software and firmware part of the IoT has become more user-friendly for non-technical adopters. In general, the market’s expansion has resulted in a complete end-to-end solution for IoT integration in a wide variety of settings.
Integrating the IoT into existing enterprise settings
As the market continues to consolidate, companies should now be establishing how they can integrate IoT technologies into their existing business model. In a world where data-driven business operations are almost essential to maintain a competitive edge, IoT capabilities can enhance existing systems to better track analytics of company performance and consumer usage metrics.
Many companies currently have a wealth of data contained within their products, but often fail to properly analyse this data to gain meaningful insights that can improve operations. According to research from MIT, IoT management and performance tools are a strong solution to this common problem, as they can efficiently examine data so that the business can provide a response or fix. Often this means that teams can harvest relevant information without the need for long and tedious manual processing, leaving them more time to focus on improving the product or consumer experience.
Building better hardware products
The role of the IoT as a source of insights for development does not end in the enterprise setting. The capacity of IoT devices to be ‘smart’, that’s to communicate data without human input, has significant benefits within the personal device market too.
IoT technology is increasingly being integrated into the realm of wellbeing products, highlighting how the IoT can provide tangible benefits to the lifestyles of its users. For example, the Affirmation Smart Mirror takes advantage of IoT technology to use wireless connections to exchange data with the user’s mobile phone over the internet. This allows the user to control a cycle of motivational quotes, or affirmations, which are then displayed immediately on the mirror. As such, IoT contributes to a sense of empowerment and positive mental wellbeing in the home, aiming to combat the negative cycle of poor mental health experienced by a significant part of the population.
Looking forward to the future
The IoT has supported product development in a wide variety of applications, whether that be within businesses or in a user’s personal life. Therefore, it’s safe to say that the IoT is here to stay, with further consolidation of the market just around the corner. The IoT is currently in a phase of integration with existing devices and applications, and the natural next step will involve further integration between different IoT devices.
For a comprehensive rollout of IoT applications, manufacturers, vendors, and users largely agree that a universal IoT connector is needed. Currently, there are a variety of different connections used between hardware and the cloud, which is impeding the market’s expansion. The IoT industry needs to choose a globally-accepted standard and allow for a more ‘plug and play’ approach to popular products so that devices can be developed more easily in future.
Indeed, alongside the provision of standards around IoT connections, the industry would benefit from further guidelines on security protocols to ensure that it is both successful and safe for its users. As with any nascent technology, the process of consolidation involves multiple steps, each requiring in-depth research and multiple iterations. The IoT clearly has an important role to play in the future of technology, and its development promises to offer a more connected, data-driven future for everyone on board.
