The Internet of Things (IoT) has changed our perception about technology and its application in our daily lives. IoT in its essence is a technology which links all technologies together! The IoT development market is expected to reach a value of over $457 US Billion dollars by the year 2020. Further fueling this growth, many of the top non-IT companies have already invested in IoT services by outsourcing it to IoT development companies.

On the other hand, we have other buzzwords and trends in technology such as Blockchain. A technology which is hyped up so much due to its potential, yet not many know too much about it. It is true, the theoretical descriptions about Blockchain applications are indeed revolutionary if these find a practical implementation. But nothing yet has been done with blockchain development which proves anything about it.

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But when it comes to IoT, its potential is clear, and its application in today’s smart devices has changed the way we perceive and understand objects and scenarios in our daily lives. Just about every sector and element in the corporate world has been affected by IoT development, and an IoT development company today finds many clients willing to leverage this technology to attain competitive advantage. Here are all the reasons why your business needs it.

IoT is gradually taking Control over Hardware Operations 

IoT development is to networking and smart devices what the Internet is to a website, app or software. Yes, IoT is still mostly just a better utilization of Internet. But while its conventional uses involved the sync of virtually existing websites, images and all multimedia elements within the World wide web interface. IoT takes it to the hardware level.

The simple and traditional internet could have at most affected how a website or an app loads. IoT affects how collections of hardware function as a whole! Until the dawn of IOT, offline and online/cloud based businesses were considered completely different from each other.

Today as it stands, the online and virtual world is gradually taking control of physical hardware. In the beginning of the Industrial revolution, the greatest technologies such as the steam engine were almost completely manually controlled. After the scientific revolution and in today’s age of information, manufacturing of electronic and hardware controlled devices is highly automated through software running on internet networks. Damn, even a finished electronic product such as a Tesla vehicle can be controlled through a smartphone app today!

So a future isn’t far when the doors of your office, the lights, the software and the computer systems, the payroll and everything else you could add in between could be controlled through a single device synced with every activity within the business environment.

And unlike something such as Blockchain, these examples aren’t merely an imagination of the mind. Instead, a primitive stage of such a use case can already be found with smart devices such as the Philip hue Bulbs, Smart Routers, Smart Cameras by Nest and Amazon Alexa-powered smart appliances of today.

The businesses of the today are defined by their online presence and the ease with which it can deliver services through these mediums. In the future, the best companies will be the ones which make maximum use out of their IoT networks.

IoT can be combined with anything!

To put the heading into context, we can consider IoT as a flavor enhancer in the world of technology. It can be used anywhere, and not just that; almost every existing technology can benefit from the application of IoT.

Let’s start with Blockchain, perhaps the most hyped technology since the Internet. The integration of IoT with Blockchain can result in revolutionary new methods for tracking supply chain operations. The transactions during the entire process of obtaining raw materials from suppliers and its transfer from middlemen to finally the retailer can be recorded on an immutable Blockchain network and synced to smartphones through IoT to be viewed by consumers. 

IoT can also be enhanced through AI and machine learning. Use cases of smart cameras using AI/ML for face detection and for identifying suspicious behaviour have been discussed for a long time now. IoT can further enhance the technology by providing alerts to connected devices in case of threats and other notifications.

Yet another technology where IoT finds its use is in chatbot development. Chatbots are considered to take the human-business interaction to newer levels with its neat interface, interactive communication experience and instant delivery of information. With the use of IoT, chatbots can directly communicate with customers on behalf of the businesses. Chatbots equipped with access to sensors on appliances can inform its users about defects in the product, or about any repairs or refillings which may be required. 

That’s not all, IoT can also be implemented in other applications which include digital identity authentication, device authentication and detection of counterfeit products through its integration with Blockchain, AI/ML and other technologies.

Remotely accessing the real world through IoT 

While the Internet was, and is all about accessing tons of information through the world wide web. IoT is all about accessing the real world through the same technology. A company making full use of IoT can manage nearly all its operations through a single controller device. The next generation of consumers will be able to manage routine activities in their daily lives the same way, but the service they would be using to do so depends on which company puts its feet forward the earliest.

Companies such as Google and Amazon were able to capitalize on the Internet to make themselves successful. It is these companies yet again, which are first in the race to develop an ecosystem of IoT powered devices. Yet, it is unlikely that these two giants will hold a monopoly on this technology.

Today, new and emerging startups are coming up with new applications of IoT, and the advantage they have over the corporate giants is their unique specialisations, something which top companies catering to wide audiences can not gain so easily.

As long as you, as a business owner have a specialisation the product/service offered, and as long as you have an audience which can benefit from IoT; it makes absolute sense to have it implemented in your business. Unlike other technologies such as Blockchain, IoT isn’t a hope for the future; it exists in the present, and companies are already leveraging it to the fullest. 

To survive in the competitive corporate world in this technology-influenced environment, being a lone wolf couldn’t help make enhance your presence. IoT development isn’t something your business needs to specialise on. It can be used to its full potential if its outsourced through an IoT development company. Its applications in diverse sectors can change lives, renovate existing business and bring greater levels of productivity, efficiency and profitability through the offered products/services.