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What is IoT and Why is it Important? 9 IoT Statistics to Watch Out For

The Internet of Things (IoT) is surely a term that you must be familiar with. Perhaps you have stumbled across it at work or read it online. Although most of us have heard the term, a lot of us are still confused about what it actually means and why it is important.

Imagine a world in which every device in your home, workplace, car, and city are connected. That is the type of world that the Internet of Things can create, and it is only getting bigger and better.

What is IoT and how does it work?

Simply put, the Internet of Things is a network of physical devices that are embedded with software, sensors, and network connectivity to collect and exchange data. IoT makes everyday objects ‘smart’ by enabling them to transmit data and automate tasks, without requiring any manual intervention.

An IoT device could be something as simple as a health tracking wearable, or as complex as a smart city with sensors across all its regions. One of the most prominent examples of IoT is perhaps the “Smart Home”. It allows you to control everything in your home – from your thermostat to your lighting to even the surround sound. Essentially, any object that can be connected to the internet and controlled that way is a candidate for an IoT device.

What can IoT do for you?

The Internet of Things offers numerous benefits to organizations. Most modern enterprises are already leveraging IoT to automate and simplify many of their daily tasks. Connected devices are being integrated into existing and evolving business processes. The industrial Internet of Things focuses on automation – not just to lower operating costs but also to increase productivity, improve business processes, enhance customer experience, expand to new markets, and generate additional revenue streams. Industrial IoT is all about being well-informed to make timely and better decisions. It can help organizations shift from the traditional way of selling hardware or software to selling all-inclusive solutions – products equipped with sensors and wireless communications to generate valuable data.

Here are a few benefits that IoT can bring to your business.

Access valuable data at low cost

IoT platforms are designed to collect and process large volumes of data without causing any impact on system performance. Along with data collection, IoT has the ability to perform analytics on the data and make it readily available to all the right teams. This eliminates the need to hire expensive business consultants or market research firms.

Analyze big data

Since IoT generates and analyzes vast amounts of data, it is a significant driver of big data analytics projects. In particular, it can deliver large amounts of data in real-time. This gives businesses a thorough picture of how their products and services are performing in the real world, allowing them to make the necessary improvements rapidly.

Understand customer behavior

The valuable information provided by IoT platforms enables organizations to easily assess customer demand and overall purchasing behavior. Regardless of the industry, companies can use IoT devices to effectively tailor their offerings to meet the customers’ interests, deliver enhanced customer service and increase the value of the business.

Reduce operating costs

The cost of operating an office is a major expense that the Internet of Things can significantly reduce. There are a variety of products available through IoT, which automatically control energy usage and interact with other devices to reduce the overall costs. Meet the connected conference room.

Introduce remote working options

With the help of IoT, it is easy to share information and collaborate effectively with other team members, no matter where they are. Data can be collected, updated and shared with all the relevant team members in real-time, with the touch of a button. Through various IoT devices, it is possible to monitor the performance of all employees as well as improve operations at all locations.

IoT statistics defining the future of IoT

For the benefits mentioned above alone, IoT is here to stay. As more and more items get digitized and the world becomes increasingly connected, IoT will continue to bring innovation in our personal and professional lives. It is predicted to be one of the most crucial factors in impacting an enterprise’s business model in the coming years.

Keeping that in mind, we have rounded up 9 IoT statistics that you should look forward to this year and beyond.

  1. A market for IoT managed services will surface in 2019 to manage, monitor, and operate the fragmented array of IoT networks, devices, and assets.
  2. IoT is set to generate $344 billion in additional revenue by 2020 while reducing costs by $177 billion.
  3. By 2022, there will be 28.5 billion networked devices.
  4. Globally, another 127 devices are connected to the internet every second.
  5. The smart home global market will reach up to $53 billion by 2022.
  6. Companies will invest $15 trillion in IoT by 2025.
  7. IoT data will be increasingly used to automate customer service and sales efforts using CRM software.
  8. Industrial IoT devices are expected to add $14 trillion to the global economy by 2030.
  9. 5G will broaden the IoT market in areas where time and bandwidth speed are crucial, unlocking untapped revenue and potential.

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How can big data and IoT build smart cities?

Internet of Things, normally known as IoT is built to add the capacity to transfer and share data across systems without the requirement for human mediation. IoT devices incorporate home machines, electric meters, vehicles, security frameworks, speaker frameworks, and so on. These devices are outfitted with software and sensors that help the transfer of data, which is then prepared to settle on a logical choice, adding smartness to the gadget.

To serve the more up to date requests of smart urban communities, the Government is going to IoT advancements that can possibly improve each part of Smart living. A portion of the current IoT applications incorporate city surveillance, smart parking, traffic observing, squander the executives and smart lighting.

According to IEEE Standards Association, Smart City is characterized “As world urbanization keeps on developing and the all-out population expected to twofold by 2050, there exists an expanded interest for canny, supportable conditions that lessen ecological effect and offer residents a top-notch life. A smart city unites innovation, government and society to empower a smart economy, smart versatility, a smart domain, smart individuals, smart living and smart administration.”

IoT is changing the way smart urban communities work particularly in the accompanying zones:

Efficient Water Supply

Internet of Things can change the way urban communities use water. Smart meters can encourage spillage discovery and diminish wastage. Moreover, these meters can be expected to outfit inhabitants with constant access to data about their usage and water supply.

Smart Traffic Management

Because of rapid urbanization, traffic problems are drastically increasing. Traffic congestion is a massive problem and it is deteriorating as the number of vehicles are increasing. With the help of IoT, it is going to be much easier to handle traffic congestion with smart traffic signals that will help in better management of traffic control. People can collect and share data from their mobile phones, vehicles and road sensors to monitor real-time traffic incidents. When routes are blocked, drivers can get an alert message about the incidents and re-direct to a different route.

Reliable Public Transportation

Whenever there are roadblocks or closures, transportation is disrupted. IoT devices can give real-time insights expected to execute plans to tackle such problems and have safe, reliable and effective open transportation.

Energy-Efficient Buildings

IoT innovation is making it less difficult for constructing energy efficient building structures. With the utilization of IoT, the devices can be associated with a Smart Management Application that controls nonstandard heating, cooling, lighting, and fire-safety frameworks.

Smart Parking

GPS data from smartphones and video monitoring (or sensors embedded on parking spots) can assist a car driver to find a vacant parking spot. The data is real time, and it helps to create a virtual parking map what will tell the car proprietors when the nearest parking spot becomes free. The drivers will receive a notification on their telephone to find the parking spot.

These kinds of frameworks are already installed in cities around the world and have been fruitful in assisting compelling utilization of parking spaces.

Smart Street Lighting

IoT devices can be implemented for the maintenance and control of streetlamps in a more cost-effective way. Sensors with the help of a cloud management arrangement can help in controlling and scheduling the switching operations. Smart lighting arrangements can be implemented with sensors to monitor development of people and vehicles. With the help of this data, the streetlamps can adjust the lighting to either diminish, light up or switch off or on automatically based on the earth.

Healthy Environment

IoT devices can also be utilized to guard the cities clean and safe. Cities can execute various strategies like defining parameters which are important for a safe and healthy surrounding. Sensors can be incorporated to measure the quality of the water by examining the degree of pH, air, soil, and so forth.

Waste Management

IoT devices like sensors can be attached to a garbage container that gathers the data about the degree of waste in the container. This sensor upon a certain threshold will give an indication to the waste management arrangement and send a notification to the truck driver’s mobile application.

Conclusion

Perhaps, the major advantage of a smart city is the collaboration for sustainability. Everybody must cooperate for the future the individual in question desires. The benefits are only a fraction of what the internet of things has to offer us.

IoT has the potential to bring communities around the world into “smart cities”. It will improve our standard of living and increase safety and better traffic control, efficient utilization of energy and lower levels of contamination. With sensors attached to each vehicle, equipment’s IoT frameworks will revolutionize the way we live. The possibilities of IoT are perpetual as it produces invaluable data for businesses, crisis administrations, parking management, and so on.

How is IoT changing online advertising?

Marketers appreciate innovations and are among the first to experiment in cutting-edge technologies when it comes to consumer retention and interaction. Currently one of the greatest and most exciting phenomena is Internet of Things (IoT). It is bringing internet access to all facets of our lives. It can turn any system we communicate with into an intelligent system. A device that can connect over the internet to other devices and share location information, browsing habits, among other things, that Marketers can harvest and transform into rich insights to strengthen their campaigns. For some time, the idea of connected devices has been around, but the so-called smart devices with local computing and AI capabilities, powered by smartphones, have taken off in the last few years.

According to industry data on IoT,

  • companies will spend up to $15 trillion in IoT by 2025,
  • the economic impact of IoT could be between $4 and $11 trillion per year by 2025,
  • home IoT market is projected to rise to $53.45 billion by 2022, and
  • approximately 44 zettabytes of data will be generated by IoT devices by 2022.

There are well over 50 billion linked devices that equate to 7 times as many computers as people on this planet can communicate with one another. This has a far-reaching impact and has the potential to transform the way we live. This data treasure chest is what advertisers want to pursue. To process the IoT data on a scale, development systems such as public cloud and deep learning have developed. With 2,7 billion smartphones in operation, mobile applications have been the popular platform for communicating with the IoT computers.

Why will IoT be of interest to marketers?

Smart devices like smartphones, smart TVs, smart home appliances and wearable devices use sensors and actuators to gather and exchange data over the internet with other devices. Sensors capture information, upload it to the internet and share it among themselves.

Now let us look at the IoT use case for connected cars. These days, all new cars are GPS fitted and come with smart navigation software. It will monitor the distance to the closest petrol station depending on the condition of the petrol and urge you to stop for refuelling. Based on prior data, it can propose preferred points of interest. It knows the time of the day; it can recommend the nearest restaurant of your choice to stop for food, based on weather and real-time traffic.

These usage cases-where IoT apps not only share information but also help make real-time decisions-leave the advertisers behind rich data, which is very important in this modern era. This allows advertisers to be better at creating objective assessments and to build more effective approaches for attracting and communicating with customers. Marketers can understand more about their clients and make smarter and quicker choices with the aid of IoT. They get to learn what consumers want from their brands, how to boost the price of their products, help predict product demand and prepare for new apps. Simply put, it lets us consider the consumer actions from the beginning to the end, which provides a good view of where the consumer is on their buying path.

Weaving the IoT data insights into the marketing strategies, helping marketers identify consumer desires, purchasing habits, location, payment mode and other consumer preferences. It helps the most efficient way of communicating with the clients. Enabling deeper consumer insight, forecasting customer behaviour more correctly and helping advertisers to sell the best goods. IoT data can help monitor commodity use, forecast sales timing, and control product inventories effectively.

Marketing is about jumping in on the right platform with the right client at the right time and helping them make the correct buying decision. To put it simply, it is about personalization and real-time connection with the customers. IoT helps accurately identify markets, fuel effective marketing strategies, and display more specific advertising. There are many proposals already placed in motion by advertisers to push IoT to the next stage of digital marketing. Certain have evolved naturally with social media convergence and mobile-first customer engagement behaviours. This has turned digital marketing into smart marketing that links smart devices to social media data.

Think of a marketer who links their sales machine to their Twitter account. A tweet is posted on Twitter each time someone buys the product letting us know who is purchasing this product. Extending this concept further can allow self-advertising of goods. Through a low-cost embedded chip on a soda bottle, consumers can post feedback directly from the bottle on the social media site of the company. That is now being accomplished by many smart watch and fitness apps to share their activity logs on social media that basically lobby for the app.

A further area that can benefit from IoT is customer engagement and relationship management. Marketers can uncover insights about the customer journey based on the data collected and can modify the campaigns in real-time to effectively nudge customers into converting. Marketers will push towards a single-touch identification for IoT-smart home apps. For example, think of a scenario where a smart home lightbulb stops working or a daily consumable runs low, the IoT network can record and send your smartphone a digital coupon. The customer will order the intake electronically.

Through this way, campaigns are more relevant, actionable, and cost-effective and remove inefficient ad serving.

Conclusion

IoT for marketing is just about looking outside the box and using technologies in the right way to engage in the most real way with the actual consumers. To date, it has lived up to its commitment to allow advertisers to think in the most concrete way about digital campaigns while communicating with their clients.

As IoT technology becomes simpler with seamless interfacing and data assimilation to the public cloud over the internet, tech-savvy marketers can integrate IoT into the digital marketing fabric and transform how they engage with their customers.