{"id":179651,"date":"2019-12-07T07:25:00","date_gmt":"2019-12-07T12:25:00","guid":{"rendered":"https:\/\/www.ntegrait.com\/incorporating-the-iot-to-improve-connectivity-to-your-customers\/"},"modified":"2024-02-06T10:37:56","modified_gmt":"2024-02-06T10:37:56","slug":"incorporating-the-iot-to-improve-connectivity-to-your-customers-2","status":"publish","type":"post","link":"https:\/\/ntegrait.com\/incorporating-the-iot-to-improve-connectivity-to-your-customers-2\/","title":{"rendered":"Incorporating the IoT to Improve Connectivity to Your Customers \u00a0"},"content":{"rendered":"
Learn how the advent of the Internet of Things has improved device connectivity and enabled businesses like yours to delivery consumer-driven solutions. \u00a0<\/strong><\/p>\n The Internet of Things (IoT) was first conceptualized in 1982 through the internet connection of a Coke machine at Carnegie-Mellon University which was able to report inventory levels and the temperature of vended sodas. From this beginning 37 years ago, IoT has led to greater connectivity between all types of devices for the purpose of providing and sharing data. What would have been unimaginable 50 years ago in our parent\u2019s and grandparent\u2019s time has been realized today as televisions, refrigerators, telephones, and other types of consumer electronics have been enabled to talk to one another.<\/p>\n IoT has also helped businesses like yours learn a lot about your customers. The way in which consumers interact with IoT-enabled devices provides businesses with valuable data which can be used to transform products and services and solidify customer loyalty. This leads to the development of additional products, increasing the things-to people ratio, which is the amount of consumer products owned per person. As the things-to-people ratio continues to grow, businesses have seen the development of smart homes, smart phones, autonomous vehicles, etc., as well as an increase in the generation of data which enables machine learning and greater human-to-computer interactions.<\/p>\n This white paper is an exploration of the advances in IoT and how it is moving greater automation of connectivity. This automated connectivity is critical as the number of IoT devices grows, warranting cost effective ways to remove the complexity of these connections. Businesses understanding the importance of managing the connectivity of their IoT devices will be best positioned to gain market share.<\/p>\n A simple definition of Internet of Things is the ability of all things, people, machines, objects, etc. to transfer data between each other over a network. Each of the things interacting through the IoT network are given what is called a unique identifier (UID), which is a label or identifier assigned to the IoT things (i.e. people, machines, objects).<\/p>\n IoT connectivity is responsible for moving the number of connected devices from millions to billions. According to business consultancy groups McKinsey and Gartner, there are\u00a0more than 26.7 billion IoT connected devices\u00a0in 2019. The number of things to people in 2020 is projected to be 26 times more in 2020, while the number of connected devices will grow by three times as many or 75.4 million in 2025. The popularity of IoT can be seen in the use of smart and connected devices in the home. This includes applications such as smart thermostats, smart locks, and smart refrigerators. Smart security, one of the poplar home uses for IoT connectivity, has a market expected to grow to $22 billion by the year 2021. Additional markets expected to grow as a result of IoT are home entertainment systems and energy management technology.<\/p>\n The global IoT market is worth $1.7 trillion in 2019. Of this amount, 35 percent or $595 billion of this value is attributed to hardware, such as smart home peripherals, smart phones, etc. Countries North America, Western Europe as well as China make up two-thirds of the installed IoT devices. It is also worthy to note that, on average, 127 new IoT devices are connected to the internet every second across the globe. Industry is also gravitating toward a greater use of IoT connected devices. Industrial IoT, which comprises 17 percent of the IoT related projects on a worldwide basis, has a market value projected to reach $110 billion in 2020.<\/p>\n Growth of Personal Digital Assistants<\/em><\/strong><\/p>\n The development of new devices has advanced connectivity and has also been responsible for this growth. Over the past years, the advent of personal digital assistants (PDAs) or virtual assistants, from Apple\u2019s Siri, to Google Voice has meant less reliance on manual typing and a greater dependence on voice assistance. The global intelligent PDA\/voice assistance market was worth\u00a0$2.4 billion in 2018<\/a>and is expected to increase a total composite average growth rate (CAGR) of 40.4 percent for the period (2018 \u2013 2025).<\/p>\n IoT Growth in the Healthcare Industry<\/em><\/strong><\/p>\n The healthcare industry has been a direct beneficiary of IoT connectivity. Such innovations as robotic process automation (RPA) and artificial intelligence (AI) have helped healthcare sector providers diagnose disease, manage chronic conditions, and bring the cost of care for patients and providers. The healthcare IoT market value was $60 billion in 2014 and expected to reach a value of $136 billion in 2021, a CAGR of 12.5 percent. Growth in the connected devices segment of the market is projected to be the best for the healthcare industry. Asia-Pacific countries are expected to experience a CAGR of 17 percent for the measuring period of 2015 \u2013 2021. Why is IoT important to the Healthcare sector? It provides companies with the ability to grow therapies and processes useful in meeting needs and improving healthcare outcomes through improved:<\/p>\n The future of IoT is more than bright. The explosion in the growth of IoT connected devices, over 300% between 2019 \u2013 2025, is forcing businesses to invest in this technology to experience a cut of the nearly $500 billion in profits generated from more than 2 billion devices in use in 2019 alone. Companies are maneuvering to position themselves as leading innovators in the development of IoT devices and products. For example, Google invested $3.2 billion to purchase Nest products and paid another $2.1 billion to acquire FitBit, in a bid to compete with competitor Apple\u2019s Apple Watch. These acquisitions are strategic moves designed to gain further control of the IoT market and offer an array of products which can capture valuable consumer data and further the development of needed products.<\/p>\n<\/p>\n
What is the Internet of Things (IoT)?<\/h3>\n
How IoT Has Spawned Greater Connectivity<\/h3>\n
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IoT +37 Years: What Does the Future Hold for Connectivity<\/h3>\n