The Internet of Things promises to change the way we work with data and do business. Thanks to the advent of ubiquitous connectivity and low-cost sensors, massive volumes of data are being generated that needs to be collected, processed, analysed and interpreted.
Studies indicate that IoT adoption is increasing and there will be nearly 50 billion IoT devices connected across the world, impacting most sectors and industries, by year 2030. The continual rollout of IoT applications across many sectors and various industries are leading to cumulative deployment and investment in IoT based solutions. Bot opportunities and challenges have emerged with the advancement of IoT technologies. To unlock the potential of IoT we have to overcome the data challenges that come our way in our business or industry.
Certain conditions need to be place for an organisation to take advantage of IoT applications, particularly to overcome the challenges of change, technology and regulations. Some companies will take up the role to lead or develop the right systems and processes for IoT deployment to maximise its value. Studies have revealed many aspects which are discussed below.
- Interoperability between IoT systems is a crucial factor in creating value to stakeholders.
- Data generated over the IoT system is mostly unused. Multitude of sensors are deployed to generate data traffic, but they mostly remain redundant.
- It is projected that IoT users like consumers, businesses and other organisations, would capture 90% of the value that IoT applications generate over the digital space, as seen in remote monitoring.
- Business-to-Business applications in IoT offer to give more value than those for consumer uses.
- Digitalisation is merging the lines between the tech companies and other types of businesses, creating and evolving a dynamic industry or market around IoT technology. For instance, OE manufacturers are creating new business models using data and IoT tech for their products and services.
Even at this infant stage IoT is impacting our world noticeably. It is digitising management of machines, vehicles and other physical assets in the real world, including how goods and products are manufactured and distributed. It has influenced how products are serviced, how health and wellness is managed.
IoT applications need the support of innovation in technologies, investment in new skills and capabilities as well as new business models. Policies are now encouraging interoperability, security, privacy and rights, to help IoT reach its full potential and to help leaders truly adopt data-driven decision making which unlocks the great potential of digital transformation and the Internet of Things.
Trinetra tSense provide secured and scalable IoT software solutions for unique project for business and industries. Because of tailored IoT applications developed and delivered to various industries from different sectors, we possess the expertise and experience to deliver such solutions. To get more details just use the enquiry form online, or please email a request. We’ll be happy to contact you.