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IoT development is essential to the prosperity of your business. Click here to learn more about the wide scale of applications for enterprise IoT.

The Internet of Things (IoT) has changed our perception of technology and its application in our daily lives. IoT is a technology that links all other technologies together! The IoT development market is expected to reach a value of over $457 US Billion dollars by the year 2020. Further fueling this growth, many of the top non-IT companies have already invested in IoT services by outsourcing it to IoT development companies.

On the other hand, we have other buzzwords and trends in technology such as blockchain. A technology which is hyped up so much due to its potential, yet not many know too much about it. It is true; the theoretical descriptions about blockchain applications are indeed revolutionary if these find a practical implementation. But nothing, yet, has been done with blockchain development, which proves anything about it.

But when it comes to IoT, its potential is clear, and its application in today’s smart devices has changed the way we perceive and understand objects and scenarios in our daily lives. Just about every sector and element in the corporate world has been affected by IoT development, and an iot development company today finds many clients willing to leverage this technology to attain competitive advantage. Here are all the reasons why your business needs it.

IoT Is Gradually Taking Control Over Hardware Operations

IoT development is mostly connecting smart devices to the Internet via a website, app, or software. Yes, IoT is mostly a better utilization of the Internet. But while its conventional uses involved the sync of virtually existing websites, images, and all multimedia elements within the world-wide-web interface, IoT takes it to a new hardware level.

The simple and traditional Internet could have, at most, affected how a website or app loads. IoT affects how collections of hardware function as a whole! Until the dawn of IoT, offline and online/cloud-based businesses were considered completely different from each other.

Today, as it stands, the online and virtual world is gradually taking control of the physical hardware. At the beginning of the Industrial Revolution, the greatest technologies, such as the steam engine, were almost entirely manually controlled. After the scientific revolution and in today’s age of information, the manufacturing of electronic and hardware-controlled devices is highly automated through software running on Internet networks. Even a finished, electronic product, such as a Tesla vehicle, can be controlled through a smartphone app today!

So, the future isn’t far when the doors of your office, the lights, software, computer systems, payroll, and everything else you could add in between could be controlled through a single device synced with every activity within the business environment.

And unlike something like blockchain, these examples aren’t merely an imagination of the mind. Instead, a primitive stage of such a use case can already be found with smart devices, such as the Philip hue Bulbs, Smart Routers, Smart Cameras by Nest, and Amazon Alexa-powered smart appliances of today.

The businesses of today are defined by their online presence and the ease with which it can deliver services through these mediums. In the future, the best companies will be the ones that make maximum use out of their IoT networks. 

Also read: How to leverage IoT & Big Data for Digital Transformation

IoT Can Be Combined With Anything!

To put the heading into context, we can consider IoT as a flavor enhancer in the world of technology. It can be used anywhere, and not just that; almost every existing technology can benefit from the application of IoT.

Let’s start with blockchain. This is, perhaps, the most hyped technology since the Internet. The integration of IoT with blockchain can result in revolutionary new methods for tracking supply chain operations. The transactions during the entire process of obtaining raw materials from suppliers and its transfer from middlemen to finally the retailer can be recorded on an immutable blockchain network and synced to smartphones through IoT to be viewed by consumers.

IoT can also be enhanced through AI and machine learning. Use cases of smart cameras using AI/ML for face detection and for identifying suspicious behavior have been discussed for a long time now. IoT can further enhance the technology by providing alerts to connected devices in case of threats and other notifications.

Yet, another technology where IoT finds its use is in chatbot development. Chatbots are considered to take the human-business interaction to newer levels with its neat interface, interactive communication experience, and instant delivery of information. With the use of IoT, chatbots can directly communicate with customers on behalf of the businesses. Chatbots equipped with access to sensors on appliances can inform its users about defects in the product or about any repairs or refillings that may be required. 

Also read: What can Chatbot development do to Revitalize your Business

That’s not all. IoT can be implemented in other applications, which include digital identity authentication, device authentication, and detection of counterfeit products through its integration with blockchain, AI/ML, and other technologies.

Remotely Accessing the Real World Through IoT

While the Internet was and is all about accessing tons of information through the world wide web, IoT is all about accessing the real world through the same technology. A company making full use of IoT can manage nearly all its operations through a single controller device. The next generation of consumers will be able to manage routine activities in their daily lives the same way, but the service they would be using to do so depends on which company puts its feet forward the earliest.

Companies such as Google and Amazon were able to capitalize on the Internet to make themselves successful. It is these companies yet again, which are first in the race to develop an ecosystem of IoT powered devices. Yet, it is unlikely that these two giants will hold a monopoly on this technology.

Today, new and emerging startups are coming up with new applications of IoT, and the advantage they have over the corporate giants is their unique specializations, something that top companies catering to wide audiences cannot gain so easily.

As long as you, as a business owner, have a specialization the product/service offered, and as long as you have an audience that can benefit from IoT, it makes absolute sense to have it implemented in your business. Unlike other technologies, like blockchain, IoT isn’t a hope for the future; it exists in the present, and companies are already leveraging it to the fullest.

Download The Comparative Guide to Rules Engines for IoT to learn what are the most common automation technologies used in the IoT domain for application development