Internet of Things (IoT) is going to Change the World. Future of IoT

    For the past two years, there’s been a lot of buzzing about the Internet of Things (IoT). This has to lead to the rapid selection of connected devices over industries and is determined to pass the 11 billion mark by the end of the year. Major Companies including IoT software development as their major services.

    All these “things” are now creating their things, namely, lots and lots of data. This data will be at the core of commercial and industrial digital transformation (which is essentially the underlying force behind the fourth industrial revolution).

    In other words, life as we know it is about to change forever! How is it going to change? Let’s take a look.

    1. AI (Artifical Intelligence) can Effectively Manage Oceans of information

    We can’t talk about IoT without AI as the latter has the power to make IoT a whole lot smarter and more efficient.

    In fact, consultants believe that AI is the brains behind IoT systems that may facilitate build them run power tool.

    For example, as more and more connected devices start communicating with each other, enterprises will need to leverage deep learning, image recognition, natural language processes, and neural-network driven decisions to help them understand each other (and us humans) better.

    So far, we can say that IoT has felt like an isolated experience where it was just about simple data. Going forward, businesses will strive to achieve highly integrated experiences by using AI to better understand their employees, customers, and the general public living in smart cities.

    2. Solve Complex Operational Challenges with Machine Learning (ML) and Advanced Analytics

    To take manufacturing and operations to the next level, industrial companies will leverage ML and advanced analytics to improve production. However, achieving this will be a challenge as the infrastructure isn’t set up to easily integrate ML and other advanced analytical applications.
    Some of these challenges include the following:

    • Managing highly complex and engineered physical assets
    • Making sense of multiple layers of equipment and instrumentation (accumulated over decades)
    • Effectively managing varying levels of control systems
    • Scattered ERP and knowledge storage (often across varied third-party vendors)

    Such complexities have created a massive opportunity for startups to come in and bridge the gaps.
    For example, Arundo Analytics (started in 2015) helps large industrial entities (from oil and gas to shipping) automate end-to-end challenges by leveraging edge analytics to drive daily business decisions.

    This is achieved by applying ML and advanced analytics to edge data inputs and integrating them into daily scalable operations throughout the organization. This also leads to the development of enterprise-grade software which is then managed by the platform.

    Going forward, you can expect this to become the blueprint for all industrial enterprises.
    If they fail to embrace IoT, ML, and advanced analytics, they will lose their competitive edge and risk becoming irrelevant.

    Some other innovative IoT startups who are disrupting industrial operations with information include deposit and Canvass Analytics.

    3. Transform Transactional Relationships into Value-Based Relationships

    IoT is rapidly changing the way businesses, and their customers share information with each other. When this is conducted in a highly securely and transparently, it can have a significant impact on the way highly personalized services are delivered to customers.

    For example, one industry that’s going to be highly disrupted by IoT is automotive insurance.
    This is as a result of connected cars enable the seamless exchange of data between the driver and also the insurance firm.

    This data can be used to better analyze pricing risks, and this can lead to significant cost savings for the policyholder and the insurer. So the days of car insurance premiums being dictated by the type of car, driving history, and residential addresses are numbered.

    Soon, connected cars with IoT sensors will track the driver’s behavior and driving style to determine insurance premiums. We can already see this use case unfolding as Admiral Insurance recently partnered with Vodafone to provide underlying telematics services for Admiral LittleBox.

    This blog post just touches on the tip of the iceberg when it comes to what’s about to happen in the world of IoT. As more and more connected devices enter our workplaces, homes, and automobiles, security and privacy risks will grow exponentially.

    As a result, it’s essential for the IoT revolution to also remodel into a “connected cybersecurity revolution.” In alternative words, IoT without sturdy increased security may equal chaos and that we
    just can’t let that happen.
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    Comments 6

      0
      This article is really informative and impact of IoT is very well explained. Two sectors that embraced IoT the best over the past few years are Healthcare and Transportation.

      Coming to healthcare industries, RTHS (Real time health system) aims to reduce response time in decision making by collecting relevant data from different resources. IOT enabled clinical trial solutions to evaluate specific outcomes. It also provides wearable devices to monitor pulse, heart, walking, biking and other health data. Apart from RTHS, smart pills, healthcare management, EHR etc opens scope for endless possibilities for IoT penetration in healthcare.

      Now if we talk about global IoT in transportation market, According to Allied market research,it is expected to reach $328.76 billion by 2023, growing at a CAGR of 13.7% from 2017 to 2023. IoT is already incorporated in transportation whether it’s something as small as real-time traffic information or as massive as fully autonomous self-driving cars.

      Apart from that, IoT along with a mobile app can alert drivers, in real-time about issues with the vehicle health and their driving behavior.

      There are countless opportunities for IoT-enabled devices in the transportation sector and healthcare sector as well.
        0
        Such a detailed Explanation. Thank you for the information.
        0
        it looks interesting, many thanks for the information
          0
          Thanks for reading the article!
          0
          The increase in IoT devices is just one reason security and privacy concerns are rising.
            0
            yes, Thanks for reading the article!

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