$13 trillion in ROI will be generated by 2025 - BI Intelligence.
Over 20 billion devices will be connected to the IoT by 2020 - Gartner
These predictions about IoT clearly reflects how rapidly this futuristic technology is evolving. To stay ahead of the curve, diverse industry-specific businesses are already investing heavily in different IoT initiatives. No wonder why IoT has become the “talk of the town” in the digital world.
In this article, you are going to get a detailed insight on IoT - perks of adopting IoT in businesses, which industries are benefiting the most from it, how IoT is transforming the mobile app development sector along with what we can expect from this futuristic technology in 2020 and beyond.
IoT advantages for businesses
By 2020, the IoT platform is expected to grow at a Compound Annual Growth Rate (CAGR) of 40%. So, what’s the secret behind its global popularity?
Well, through customized IoT mobile solutions, this advanced technology helps in addressing some common business challenges including
- Safe data access
- Safe data storage
- Device control and management
- Integration and maintenance
Allowing the real-time data exchange to carry out different business actions and analysis is one of the major reasons why businesses are going gaga over it. The list of IoT’s wide range of business benefits includes
When it comes to the point of dealing with real-time data and variables, IoT does it the best. IoT-based applications help in management procedures. Also, it can help in carrying out automation of routine-based functions, informing employees about expected technical disruptions along with supporting remote troubleshooting procedures.
Better customer experience
With IoT-based applications, businesses can offer a seamless and smart customer experience. Users can carry out transactions using smart trackers, mobile card readers, etc. Also, the smart meters and smart grid technologies help users to identify and resolve issues.
IoT-based devices are capable of collecting a plethora of data on users’ behavior which helps businesses to come up with innovative ways to keep their customers engaged and offer better customer experience.
Both the IoT devices and the IoT-based applications assist professionals not only to monitor equipment but also to diminish the downtime along with the risk factors. The applications based on this advanced technology can successfully predict possible system misalignments and failures which in turn helps in saving a lot for businesses.
Thus, IoT has become one of the most loved technologies to implement these days.
Industries to benefit from IoT applications
As IoT technologies help in reducing overall business operating costs, increasing business visibility, business efficiency and productivity along with creating additional revenue streams, businesses across diverse industries are embracing it wholeheartedly.
Healthcare and fitness
Today’s market is flooded with different IoT-enabled wearables. Such smart wearables help in monitoring calorie intake, heart rate, steps taken while walking, sleep along with tracking various other activities that help us to stay fit and healthy.
Other than personal use of health wearables, some smart appliances like thermometers, scales, blood pressure monitors, etc. are presently available in the market.
The idea of home automation was relatively unfamiliar to most people until recently. With the emerging IoT technology, smart home automation has started to show its true power. Smart homes make our lives easier, more convenient, and more comfortable.
Increased energy efficiency, better home security, savings on the electricity bill, maximized comfort, etc. are some popular reasons why smart home automation development with IoT is trending in the market these days.
Retail and Supply Chain Management
Well, if you think different IoT devices and applications in the Retail industry is limited to only shopping and SCM, you are wrong. Enabling IoT in business is an opportunity for hospitality service providers, restaurants, and other businesses to manage not only their supplies but also to gather valuable insights.
It allows business owners to avert order overflow, effectively restricting the employees who abuse their privileges along with managing the merchandising and logistical expenses in a better way. Business owners now can manage their inventory in real-time with IoT.
Self-driven cars or connected cars are no longer fiction only. Thanks to IoT. Thus, in the automotive industry, IoT use cases are actively expanding. Smart applications are being developed and integrated into car infotainment systems so that providing telematics, in-car navigation, and entertainment becomes easier than ever.
Also, IoT-enabled apps make sure predictive maintenance, surveillance, security, and safety of the vehicle along with real-time monitoring, cognitive insights for the management, etc.
Other than the above-mentioned ones, industries related to manufacturing, agriculture, logistics are also ripping benefits out of IoT.
IoT in mobile app development - what to expect next?
You have already seen how IoT is transforming the way different industries operate. According to experts, IoT adoption is still in the early phase. The way the connected world of IoT is evolving, soon we can experience its power to the fullest. Even worldwide app developers would agree that IoT is leaving significant impacts on iPhone and iPad app development services. So, what can we expect from this futuristic technology in the future?
Edge computing will become more popular than cloud computing
We all know how cloud computing brought a wave in the digital world. Even today’s IoT devices store all the data in their cloud. However, in the tech world, change is the only constant. And this is why we will probably soon witness edge computing becoming more popular than cloud computing.
Now, the question is how?
Instead of sending all the data from devices to the cloud, now, the IoT devices will transfer data to a local storage device first. This device can filter, sort, and accordingly can calculate the data and transfer only the required data set to the cloud.
Undoubtedly, it will reduce traffic to the network. Also, collecting and processing data locally will allow the IoT apps to consume less bandwidth and work in bad connectivity to the cloud.
IoT security will get more priority
The graph for IoT application adoption in businesses is increasing exponentially. Now, with more devices being connected to the network, not only the data volume increase but the risk for data security increases as well.
We have seen how the smart home industry and health care industry is adopting various IoT-based applications. So, be it patient’s health-related data or data related to the home security, everything is being stored in the cloud. So, with sensitive data floating in the cloud, we can expect IoT security will get more priority in the next year and beyond.
A unified framework for integration
To keep the industry safe and secure, a unified framework is required. The lack of a unified IoT framework - this is a serious challenge that IoT has faced while cooperating with different industries. However, another trending technology Blockchain will be a great help to accelerate the IoT adoption process by allowing the app developers to improve and develop mobile and web applications.
So if someone is looking to develop IoT apps and looking for an Android or iOS app development company, it is important to know beforehand if they are capable and know the integration.
IoT and AI
Both Artificial Intelligence and IoT are data-driven technologies. And both technologies are used for storing and analyzing data. So, to make automation more efficient, we may see these two thriving technologies being implemented together to gain better visibility along with accurate insights into various services.
Other than what we mentioned above,
- We will see the rise of predictive maintenance
- Businesses will deliver more personalized customer experiences
- Software-as-a-Service will be the new normal
And all of these will be the direct or indirect impact of IoT being implemented in the mobile apps.
However, mobile app developers have to advance their skill sets to integrate IoT successfully in their apps. Having sheer knowledge of Swift or Xcode won’t be enough for smart iPhone or iPad app development services.
Of course, we will witness new technologies being emerged. However, these will make IoT easier to use and more intuitive to a large extent.