According to Statistic, in 2019, the number of devices connected to the Internet exceeded 26 billion units. By the end of 2020, there will be more than 30.73 billion smart devices worldwide.
That’s right: it’s a big time for the Internet of Things business ideas. Today, IoT doesn’t end up with smart refrigeration that orders food for you. Or a kettle you can turn on with a mobile app.
We have a huge number of various IoT-powered devices for all customers, needs, and tastes. But what comes next? What is the future of IoT? And how can your business benefit from this technology? In this guide, we’re spelling everything out – IoT trends, ideas, and a couple of success stories.
Let’s dive deeper.
3 IoT Trends to Watch in 2020
First, we need to figure out what’s going on in the IoT market.
That’s why I suggest starting with discovering what trends prevail, and what you should take into account before coming up with the Internet of Things startup ideas.
#1. IoT in Customer Service
One of the Internet of Things future trends is improving customer service by providing real-time access to required data. IoT empowers CRM software, detects customer issues, and informs support staff about them. In fact, IoT devices can report problems without customers actually knowing about it.
IoT devices have one common trait – their connectivity. They can send and receive all manner of data. For example, information that indicates whether the device itself is experiencing any problems. This level of intelligence helps to streamline support processes.
Previously, you’d have to contact the support staff and describe your issue in detail so that they could identify and start working on it. While a smart device transfers data right to its manufacturer’s support center. This way, a service agent gets to the core of the issue twice as fast.
What’s the future of the Internet of Things in this domain? Well, one day smart appliances like a fridge or dishwasher will learn to forecast when an issue is about to arise. And not only want their owners but even schedule the service itself.
#2. IoT and Big Data
IoT and Big Data evolved independently, but now they’re interrelated. IoT devices are built based on special chips which main task is to track users’ activity. All of them gather, analyze, share, and transmit data.
Without this data, IoT devices simply won’t utilize their potential. These huge data flows require a completely different level of computing capabilities to process the information. Besides, we can see that some new generation analytical platforms suggest using GPU powered databased to process vast amounts of data using minimal hardware.
Big Data gathering opens new opportunities and offers brand-new experiences users couldn’t get access to before.
#3. IoT and Machine Learning
If IoT devices collect this much data, why not use it to teach the system? IoT brings more and more smart devices into our lives. In turn, machine to machine communication becomes more sophisticated.
Machine learning helps to make better predictions about the outcomes of various situations. Usual analytics are static, while ML algorithms get better over time, and that’s a pro. As IoT devices interact with other, smart appliance training goes much easier: by training one device, you train all of them.
Here’s one story coming from Apple. The company released its Apple Watch 4 back in 2018 and made it feel like a sophisticated health monitoring device.
First, Apple Watch 4 comes with an electrocardiogram sensor. It measures not only users’ heart rate, but also it’s rhythm. And if the device tracks any irregular rhythm, it will the host instantly.
Second, these smart watches are integrated with an accelerometer and gyroscope. In case the host falls and shows no activity signs in 60 seconds, the watch will send out an emergency call to up to five pre-defined contacts at once.
Wondering what stands behind these features? It’s simple – machine learning does. Healthcare IoT devices are ripe for taking in machine learning terms. All that’s left to do is think of healthcare mobile app development to better track the data these devices gather.
The ability of IoT devices to get smarter over time is really beneficial for businesses.
The system detects minimal deviations from the norm long before a human eye could catch them. Which comes handy to companies that use expensive equipment: its breakages cost millions, but precise maintenance prediction saves the day. That was just a couple of IoT business opportunities. We’re going to look at six more in the last part of the guide.