Internet of Things
What Do You Need To Know?
Interconnected through Internet
With the introduction of the modern internet to the world in 1983, development in various sectors such as the marketing area has boomed since then. That’s not the end yet. With various technologies connecting one another to fulfill various needs and tasks, things have become much easier and reliant for everyone. This is called the Internet of Things or IoT in short.
Wondering what IoT is? You have come to the right blog. As you read along, you will know more about IoT and its purpose in the digital marketing world and on a personal level.
What is IoT (Internet of Things)
IoT? Ever Heard That Before?
The “Internet of Things” (IoT) is a term coined to best describe the network and communication between several Internet-enabled devices for everyday use. These devices transmit and collect data via Bluetooth signals, beacons, or the cloud. These can be smartphones, laptops, tablets, computers, smart TVs, vehicles, smart appliances, door locks, wearable devices such as smartwatches, and heart and blood pressure monitors. These devices use sensors and actuators to collect data from their environment and exchange it with one another over the Internet.
A simple way to understand the internet of things can simply be through an example. For instance, How are you reading this blog right now? It might be on a desktop computer, mobile device, or tablet. Regardless of which device you are using, it is most likely connected to the internet. It just means taking all physical places and things in the world and connecting them to the internet. Take a moment to read some quotes on IoT.
“The Internet of Things is not a concept; it is a network, the true technology-enabled Network of all networks.” – Edewede Oriwoh
“If you invent a breakthrough in artificial intelligence, so machines can learn, that is worth 10 Microsofts.” – Bill Gates
Interesting Stats Regarding IoT
IoT Is Growing?!
Here are some sources that show what IoT will achieve soon. Although these stats may seem contradictory, that is because of the various methodologies used in the calculations and studies made by different sources.
- The IoT devices market predicted to top $1.3 trillion by 2026
A report by Mordor Intelligence predicts that the global IoT market, valued at $761.4 billion in 2020, will surpass $1.38 trillion ($1.386.06 billion) by 2026. This corresponds to a compound annual growth rate (CAGR) of 10.53% between 2021 and 2026. It will be lower than previous estimates due to the impact of COVID-19 on global IoT investments and deployments.
- 83 billion IoT connections estimated by 2024
Juniper Research reports that the “Total IoT Connections” according to its IoT whitepaper ~ The Internet of Transformation is likely to reach 83 billion by 2024 which is an increase from the 35 billion connections they reported in 2020.
- Global IoT healthcare market to top $14 billion by 2024
Data from Zion Market Research shows that the global market value of IoT healthcare will reach $14 billion by 2024. This corresponds to a CAGR of 12.2% between 2017 and 2024, and they attribute the increase to the increasing use of cloud computing in healthcare facilities.
- Global IoT medical devices market to reach $62 billion by 2025
It is estimated that the global IoT medical device market will have a CAGR of 15.27% between 2019 and 2025, and they forecast that this will result in a market value of $62.69 billion ($62.694 billion) by the end of that period.
How Does IoT Work (Components Of IoT)?
IoT Doesn’t Work At Random
There are 4 major components of IoT that are crucial for IoT to function. Those components are as follows:
Gathering information is the first step in the IoT workflow. Sensors continuously collect data from your environment or your measurement object. Cell phones, handheld devices, and automobiles also have many sensors that collect data. A sensor can measure a physical phenomenon like sound, heat, pressure, etc., and converts it into a digital representation.
Some common sensors are:
- GPS trackers
- Temperature sensors
- Humidity sensors
- Pressure sensors
- Moisture sensors
- Smoke sensors
- Radiofrequency identification tags
- Infrared (IR) sensors
Modern smart devices and sensors use wireless networks like WiFi, Bluetooth, and Zig Bee to stay connected.
A gateway is like a bridge that connects IoT devices to a cloud. The IoT gateway is a key element in the IoT ecosystem. They collect data from IoT sensors and transfer it to the cloud. It also receives information from the cloud and sends it to the devices.
- Cloud / Big Data
The Internet of Things generates a huge amount of data. Activities such as data storage and analysis are carried out in the cloud infrastructure known as the brain of the IoT. The analysis involves interpreting raw data to determine what is really valuable and ultimately providing useful information for the end-user, which is valuable for a predictive analytics model.
- UI (User Interface)
The final step is to provide useful information to the end-user and that is the visible part of the IoT. The end-user can be an industrial user or any other device that is in the M2M (Market to Market) workflow. Raw data is converted into information and displayed graphically with metrics and indicators. Mobile applications act as an interface for controlling and monitoring smart devices.
IoT In Daily Lives Of People
IoT Has Always Been A Part Of Us
The goal of IoT is to improve people’s quality of life. Let’s imagine you’ve had a long day at work and you’re stressed out. Your smart air conditioning, smartphone, car, water heater, music system, smart lightbulbs, everything is connected via the Internet and works in harmony with one another.
Now your smart bracelet recognizes the stress level of your heart, your blood pressure and shares the information or data with the other connected devices. Your car communicates with the devices in your house, indicating that you are nearby. The air conditioning, lights, and heating water are already switched on in the house. Your music system will play music to relax in. Everything will be ready according to the previous instructions and now you can take a warm shower with nice music. This shows how IoT has been an influential part of our daily lives.
IoT As A Part Of Business
IoT Is Crucial For Any Business
Companies will benefit from this technology shift as they can collect significantly larger amounts of consumer data. When used correctly, this data enables companies to reduce operating costs, increase productivity, expand into new markets, and develop new products. The healthcare industry is also developing ways of harnessing the potential use of the IoT.
These IoT devices are quickly becoming part of everyday life for everyday consumers. Every day more devices are being developed that will help in all areas of life including industry and medicine. With the IoT growing faster than most of us realize, it’s imperative to understand what IoT means for the digital marketing landscape and how we as digital marketers can better prepare for the changes to come.
Trends In the Internet of Things
What Trends Does It Have?
IoT is constantly evolving in terms of design and functionality. These connected devices get better sensors, processors, and monitors, all of which can bring invaluable information to the market. Digital marketers need to understand these trends to stay ahead. for its applications in companies where electronic commerce is booming.
The pandemic accelerated the shift towards an increase in online shopping, which means that more people than ever before are likely to continue to shop online. It can generate revenue and customer experience benefits. Here are some of the trending IoT developments that are driving these opportunities:
- Blockchain and Cryptocurrency
Blockchain is a technology invented and popularized by cryptocurrencies like Bitcoin, but its use goes much further. In a blockchain system, data is better protected by interlocking cryptographic hashes. Companies are using this system to create internet browsers to manage consumer data more effectively.
- Cloud Platforms
Cloud commerce is the trend for many products. Developing commercial platforms that can seamlessly handle all types of devices and respond to new forms of search is a priority for e-commerce companies.
New smart IoT devices with improved NLP (natural language processing) help users search and buy more with their voices. Your trading data in the cloud should be able to handle these devices and purchasing methods so that the customer experience is seamless on any platform creating a flexible workplace for the work-from-home economy.
- Wearable Tech
IoT has seen its heyday in wearable technology. These tools provide consumers with health and fitness data, and this has far-reaching implications for digital markets, especially in healthcare.
Portable devices extract data in large quantities. This data represents consumer behavior that can be analyzed. and rated to produce better product offerings. This could even have the potential to save lives by measuring vital signs and risk factors for preventable diseases.
Digital marketers can use the dataset gathered through wearable technology in the IoT to better study customer needs and create targeted ads. This awareness enables the revenue-enhancing personalization that consumers expect.
Where Does IoT Stand In Marketing World
Marketing World At Your Fingertips
The Internet of Things is a largely unspoken concept in the modern digital age. The concept of IoT can be applied to almost anything from your cooling device to air conditioning to your vehicles, thermostats, room lighting, etc. It lets your everyday devices learn what best suits their needs and act accordingly.
For marketers, the IoT paves the way for a myriad of opportunities. These opportunities allow advertisers to listen and respond to the unique needs of their specific audience. The idea is to capture what they want based on their behavior while using these devices for their personal use.
On the other hand, consumers are more anxious than ever to improve their lifestyles with a large number of IoT devices. As a result, they will feed in a wealth of information that can be used to create better and more personalized campaigns. The capabilities of the IoT go far beyond the boundaries. Not only is it enriching to make user access easier, but the future promises the introduction of more interactive branding experiences.
IoT And Digital Marketing: How Does IoT Benefit Digital Marketing
Does IoT Benefit Digital Marketing?
There are various ways in which IoT functions in the digital marketing world. These includes:
- Product Development
With the help of IoT, digital marketers can understand what customers want from their brands, which helps improve the quality of their products. The Internet of Things not only contributes to increasing product quality but also forecasting demand and planning for newer products. Accessing data from IoT devices helps companies make informed decisions.
- Analyze customer’s behavior
IoT helps digital marketers understand customer buying behavior from start to finish and gives them a clear view of where the customer is on their buying journey.
It also helps to analyze consumer needs, buying behavior, and location which enables marketers to customize products accordingly. IT can provide more accurate information about consumer preferences.
- Large Data
With smart devices, marketers can collect a lot of data about consumers to use for effective marketing campaigns. IoT devices can provide a lot of data about conventional research results via sensors about consumers. Big data provides more precise information that marketers can use to reduce risk and increase opportunities.
- Tracking Data
Tracking data from IoT devices helps marketers predict when a customer will need a particular product or service. It is also used for sales timing and real-time customer intelligence which helps marketers increase sales.
- Analysis of customers
Smart devices let you read the minds of your consumers. Smart devices offer a wealth of data that provides deeper and more important insights into customers. Smart device data is used to understand the everyday life of your consumers enabling digital marketers to promote products based on the data collected.
- Large connectivity
In IoT, any smart device can be used as a channel to connect with your customers. Every smart product helps marketers connect with their customers, which leads to greater customer loyalty.
- Satisfaction of the customers
In today’s digital world, everyone wants the fastest customer service that is paramount to all marketers. Real-time data enables marketers to respond to their customers faster.
- Better Personalization
Personalization is an effective way to reach and retain your audience. IOT helps marketers to get in touch with their customers in real-time. It helps to address the target group more precisely and to improve the effectiveness of the marketing campaign. Based on the data collected, marketers can deliver the optimal message at the right time to complete the shopping journey.
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IoT or the Internet of Things is simply the devices that connect to the internet for everyday use. The various use of IoT on both business and digital marketing trends shows how important it is. IoT is a trend that will grow more as years pass by with its effect on people in their daily lives. If you are keen to learn more about digital marketing in Bhutan, Chhundu Training Institute (CTI) is the go-to institute that provides digital marketing training in Thimphu.
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