In the article "Software industry in 2022", we understood that IOT and IOB industries could grow much larger in 2023, but what are IoT and IoB?
The Internet of Things (IoT) is a network of interconnected devices, machines, and objects equipped with sensors and communication capabilities, allowing them to collect and exchange data. The IoT has revolutionized how we live and work, making our lives more convenient and efficient. The IoT has touched nearly every aspect of our lives, from smart thermostats and security systems to connected cars and wearable devices.
But the IoT is not just limited to consumer applications. The Industrial Internet of Things (IIoT) or Industry 4.0 has transformed how businesses operate by enabling real-time monitoring and control of manufacturing processes and supply chains.
The Internet of Behaviors (IoB) is a newer concept that refers to collecting and analyzing data generated by human behavior, such as online searches and social media activity. Businesses can optimize their marketing and customer service strategies by understanding and predicting human behavior, and governments can improve public services and policies.
The IoT and IoB are transforming our lives and work, and the potential for future innovation is endless.
Now let's dig into it deeper and see how they impact our world.
IoT and its role
In the Internet of Things (IoT), physical objects connected to other devices and systems via the Internet are embedded with sensors, software, and other technologies. Everyday household objects, as well as sophisticated industrial tools, fall under this category. It is expected that by 2020, there will be 10 billion connected IoT devices, and by 2025, there will be 22 billion.
It has become increasingly important for 21st-century businesses to use IoT technology. We can now communicate seamlessly between people, processes, and things with embedded devices in everyday objects, such as kitchen appliances, cars, thermostats, and baby monitors.
Mobile technologies, big data, analytics, and low-cost computing enable physical things to collect and share data without human intervention. As the world becomes increasingly connected, digital systems will record, monitor, and adjust how each connected object interacts with the other. Where physical and digital worlds coexist.
IoT found its way through technology
Several recent technological advancements have made IoT a practical concept, even though the idea has existed for a long time.
1. Technology that provides low-cost, low-power sensors.
More manufacturers can use IoT technology thanks to affordable and reliable sensors.
2. Is it connected?
Thanks to various network protocols, sensors can easily connect to other "objects" via the Internet. Both businesses and consumers can scale up their infrastructure using cloud platforms without having to manage it all themselves, thanks to the increasing availability of cloud platforms.
3. Analytical machine learning
Businesses can gather insights faster and more efficiently using machine learning, analytics, and data stored in the cloud. IoT is being pushed to new limits by these allied technologies and the data it produces.
4. AI that converses (AI)
The advancement of neural networks has made natural-language processing (NLP) feasible and affordable for IoT devices (like Alexa, Cortana, and Siri).
IoT, this time in the industry
IIoT (Industrial Internet of Things) refers to IoT technology applied to industrial settings, including instrumentation and control devices connected to cloud services. Industries use machine-to-machine communication (M2M) to automate and control their equipment wirelessly. In the cloud-based era, industries can achieve new levels of automation with new business models and sources of revenue. IoT is sometimes referred to as Industry 4.0, the fourth wave of the industrial revolution. IIoT is commonly used for the following purposes:
- Manufacturing with the help of smart technology
- Smart cities
- Logistical connectivity
- Predictive maintenance and connected assets
- Grids powered by smart technology
- A smart digital supply chain
When sensors detect impending failures, manufacturers can take proactive measures to maintain equipment and gain a competitive advantage. Sensors can actually measure production output. Manufacturing companies can quickly check equipment's accuracy via sensor alerts or stop production until the equipment is repaired. In this way, operating costs can be reduced, uptime can be improved, and asset performance management can be improved.
The healthcare industry can benefit from IoT asset monitoring in several ways. Patient-assistance assets like wheelchairs require the exact location of doctors, nurses, and orderlies. Using an IoT asset-monitoring application, someone looking for a wheelchair could quickly locate the nearest wheelchair if the hospital's wheelchairs are equipped with IoT sensors. It is possible to track many hospital assets this way to ensure proper usage and ensure financial accountability for each department's physical assets.
Transportation and Logistics
An array of IoT applications can benefit transportation and logistics systems. Through the use of IoT sensors, fleets of cars, trucks, ships, and trains carrying inventory can be rerouted based on the weather, availability of vehicles, and drivers' availability. Track-and-trace and temperature-control sensors could also be installed itself. IoT monitoring applications that send alerts when temperature levels rise or fall to a dangerous level would be beneficial to the food and beverage, flower, and pharmaceutical industries.
In addition to managing inventory, improving customer experience, optimizing the supply chain, and reducing operational costs, IoT applications allow retailers to improve their business operations. A smart shelf fitted with weight sensors can automatically monitor inventory and send alerts if items are running low by collecting RFID-based((radio frequency identification) data and sending it to the IoT platform. Customer engagement can be enhanced by providing targeted offers and promotions through beacons.
IoT applications can provide significant benefits to the automotive industry. The Internet of Things can provide many benefits, including improving production lines and detecting impending equipment failures in vehicles already on the road. In order to keep cars running, and car owners informed, automotive manufacturers and suppliers can utilize the data gathered by IoT-based applications.
As in other service-related environments, IoT also offers many benefits to the public sector. In the case of water, power, or sewer service interruptions, government-owned utilities can notify their users using IoT-based applications. Using IoT applications, utilities can deploy resources more quickly after an outage and collect data about its scope.
IoB, the son!
As an extension of the Internet of Things, the Internet of Behavior is interconnected.
IoB stands for "Internet of Behaviors," and it refers to the collection and analysis of data from human behavior in order to understand and predict how people will behave in the future. This data is typically collected through the use of sensors and other technology, such as wearable devices, mobile phones, and internet-connected devices.
The goal of IoB is to use this data to improve various aspects of society, such as healthcare, education, and public safety. For example, by analyzing data from wearable devices, healthcare professionals can better understand an individual's health and make more informed decisions about their care. In education, data from IoB can be used to understand student learning better and tailor teaching methods to individual needs. And in public safety, data from IoB can be used to predict and prevent crime and other safety risks.
However, the use of IoB also raises concerns about privacy and security. It is important to ensure that data collected through IoB is used ethically and responsibly and that individuals have control over their own data.
Together step into the world of business.
IoT & IoB applications are already being used in businesses today. In order to succeed in this highly competitive market, they need to adopt agile technologies. Furthermore, IoB helps identify key factors influencing a customer's purchasing decisions by analyzing their behavior. Customers' selection patterns will be transformed by this technology, which can potentially transform the future of retail.
Through IoB, customers can get what they want without having to trawl through multiple options. In addition, IoB can help businesses develop customer-focused strategies and boost sales by analyzing data.
Many businesses have reached more customers through online advertising by utilizing IoB technologies. With the Internet of Behavior, companies can easily identify and target specific individuals or groups to sell their services and products.