The Internet of Things (IoT), is it just a hype or is it something real? The term “Internet of Things” was coined back in 1999 by Kevin Ashton and has come a long way since. We stop and focus on how IoT has emerged and how it can play a key role when implementing a digital transformation strategy.
What is IoT?
Imagine controlling your appliances with a device that is connected through the internet. Imagine being able to switch on and off your TV, lights, air conditioning or blinds all from one device.
IoT is a network of devices that share data over the internet. With IoT, businesses, both medium and large have been able to scale up their operations and boost business efficiency, benefiting greatly from new revenue streams and expand their digital capabilities to provide better operations and become productive, protected and profitable.
Advanced technology solutions utilizing IoT can help companies achieve and maintain a competitive advantage in their industry. Through leveraging the tools available, businesses can benefit from increased productivity and decrease costs while enjoying higher operating capacity and delivering a superior customer experience.
Internet-of-things technology is constantly evolving, and therefore IoT trends are something that always needs to be looked out for and kept pace with to determine the future.
- Blockchain is one of the key IoT technology trends today. The exchange of money and data between IoT devices in a reliable way is becoming possible once the blockchain technology provides them with a simple infrastructure for doing so.
- The list of emerging trends in IoT would be incomplete without mentioning Artificial Intelligence. In the most complex instances, the combinations of the Internet of Things, blockchain, and artificial intelligence will provide the opportunity for the business models of the future.
- 5G networks in 2021 will continue to be deployed across different industries around the globe providing faster, more secure connectivity that will be leveraged by IoT.
A common example of IoT in the real world is the use of Machine Learning (ML) and IoT on the streets, controlling and directing traffic in real time.
Imagine the basic traffic camera system already in place. Street activities are monitored and any incidents that take place are identified and reported by cameras. Data gathered from the cameras are then communicated through a network gateway which is then relayed back to a common traffic monitoring system. Everything seems to work fine until an accident or construction project comes into play.
If a certain road leading to a highway needs to be repaired, sever traffic congestions can take place due to the lack of awareness.
With a ‘smart’ system in place such congestions can be avoided due to the rapid speeds of data processing by IoT devices. With the system able to predict and learn traffic patterns instantly with Machine Learning , the ‘smart’ system can now inform traffic centers in other cities that use the same road network, preventing any bottlenecks and traffic congestions from taking place.
Reference: https:// www.ibm.com/blogs/digital-transformation/in-en/blog/internet-of-things-iot-and-its-true-potential-impact-of-iot-and-beyond/
The system can analyze data collected and direct drivers to bypass the construction zone as live instructions can be communicated through smart devices. Furthermore, other schools and workplaces around the construction zone can be informed to make adjustments in their schedules.
IoT and digital transformation
Digital transformation is a growing and constantly evolving trend in the world of Information Technology with approximately 70% of organizations already having a digital transformation strategy in place to help compete in any industry.
Analysts predict there will be over 55.7 billion IoT devices connected by 2025, with IDC also predicting the data generated from IoT devices to exceed 73.1 ZB by 2025. Global IoT investments has predicted to surpass $1 trillion by 2022 and is a major contributor to adopting to a digital strategy.
A few things a business needs to successfully implement and benefit from IoT:
- A cross functional strategy
- An in-built infrastructure for connecting and managing:
- Networks and gateways
- Cloud computing
- Strong information management
- Edge and cognitive analytics
- Risk and security management
- Analytics and data management
- Application enablement and management
- Market responsiveness and monetization
Businesses need to identify that for IoT to work effectively a cognitive engine and an integrated approach is what’s going to cause a change.
IoT in the telco industry
How does this technology benefit communication service providers (CSPs) and telcos? How does IoT help telcos?
IoT enables service providers to collect, process and identify customer details from connected devices as efficiently and effectively as possible. Identifying customer needs in advance allows unique services to be developed that gives customers the opportunity to satisfy their digital needs.
Our engineers identify 4 key reasons what IoT means for telcos:
Stay tuned with our blogs to discover the many other ways IoT is ramping up the rate of digital transformation across industries.
Gain a further, in-depth analysis by reaching out to our 1000+ engineers and technicians around South East Asia via firstname.lastname@example.org