How is IoT transforming enterprise software? Find out how to leverage this transformation.
From smart wearable devices and smart home devices to smart cities and vehicles, IoT is spreading fast as tech companies prepare to leverage the advancement of this technology, says Andrew Amann, CEO and co-founder of NineTwoThree Venture Studio. We’re just beginning to scratch the surface of IoT, a technology whose potential capabilities include the possibility of reviving dead objects and enhancing their usability by connecting them over a network.
By easing the process of collecting and securing critical data and facilitating its intelligent processing in real-time, IoT has strengthened different sectors with smart products. However, some IoT initiatives face various challenges that organizations must address before creating impactful products. This article digs deep into the best practices and considerations companies should address as they implement this new technology to enhance compliance and user acceptance.
The increasing adoption of IoT to reduce costs and enhance operational efficiency is among the factors behind the growth of the enterprise IoT market. According to a Future Market Insights report of January 2023, the enterprise IoT market could expand at a compound annual growth rate (CAGR) of 13% between 2023 and 2033: from $595.4 in 2023 to exceed $2021.19 billion in 2033. Moreover, there’s an observed continuous trend toward automation in most industries, further propelling the market’s growth.
The increased penetration of enterprise IoT in smart homes and smart cities and the introduction of IoT-enabled automation in transport, manufacturing, and agriculture are expected to drive market growth further. The rise of big data analytics and organizations out to leverage IoT technology is also increasing focus on the ongoing digital transformation. Most importantly, the proliferation of Industry 4.0 and the adoption of technologies such as big data, artificial intelligence (AI), and machine learning (ML) is expected to drive growth further and make IoT an attractive investment opportunity for organizations that are keen on tapping into the nascent market.
See More: Are IoT Connectivity Providers Ready for the ‘$1 IoT’?
The IoT can positively impact any business that wants to dump the traditional way of doing stuff and adopt digital strategies to help them retain a competitive edge. The following software development practices will help your company’s IoT initiatives thrive.
Programmable infrastructure as code enables you to automate a company’s operational practices to achieve optimal service delivery. Implementing smart procedures via code development leads to automated processes and flexible operations, making it imperative for software developers to carefully select their IoT strategies to drive positive change. This requires a technological architecture that integrates the numerous aspects of workflow.
A good foundation helps you achieve a more favorable environment for a better IoT platform. An agile method is a subtle approach to implementing IoT to address the challenges of connecting culture and technology. This approach includes breaking down your IoT strategies into bite-sized, manageable projects in short-time schedules. Agility enables you to stick to a blueprint while moving until you achieve the final product while safeguarding the viability of ideas, meaning you can better control potential hazards and create enough space for dealing with errors when they arise.
The incredible trend of enterprise IoT adoption points to a situation where it will soon occupy all areas of human life and set in motion new trends leading to a total lifestyle change. As the number of interconnected devices continues rising, designers must predict future demand and ensure that highly scalable software becomes the rule rather than the exception.
Establishing the highest levels of cybersecurity to ensure data protection establishes customer confidentiality. Establishing IoT security can be a complex software development process but omitting this stage will doom all your plans if third parties can infiltrate your network. Introducing multi-level security systems and using cloud servers are among a few ways to guarantee security for smart devices having authentication and identity management properties.
Having learned about the potential of IoT to transform business by combining automation, mobility, and data analytics trends and changing how they collect information and data, many companies are trying hard to place themselves in a position where they can take advantage of the ongoing transformation. IoT enables enterprises to increase productivity while reducing operational costs by introducing intelligent sensors, embedded systems, communication technologies, and internet protocols. To successfully implement the initial stages of IoT, which includes mobile, device-to-device (D2D), and machine-to-machine (M2M) technologies, you need to hire an expert to help enhance your experience.
According to Smart Homes Global Market Report 2023, the smart home market powered by IoT devices and appliances is expected to reach $205 billion by 2026. Since we’re just beginning the digital transformation, one can only imagine the tremendous opportunities available by connecting devices to the cloud and its potential to transform just about every application in our homes and industries.
A McKinsey report estimated that the value of IoT could be worth $5.5 trillion to $12.6 trillion by 2030. IoT-powered solutions cover a wide area of individual, business, and commercial applications with uncountable use cases that can monitor, connect and control billions of devices in entertainment, network connectivity, health, and fitness.
While most people are accustomed to typical IoT applications like smart home devices such as Google Assistant and Amazon’s Alexa, there are plenty of IoT-powered devices designed for businesses and enterprises. They include applications in:
See More: The State of IoT Edge Devices and the Case for IoT Security Updates
Consumer-facing IoT applications have grown tremendously through the increased adoption of smart homes and associated devices. There are already improved adoption rates in agriculture, fleet management, warehouse management, and improved healthcare outcomes, among many others. The commercial and industrial segments that lagged for a while are already catching up.
The proliferation of startups investing in creating unique IoT apps for different industries is the clearest sign yet that IoT applications are the future of the Internet of Things. The future of IoT is just starting and brings promising opportunities for enterprises to grow and evolve.
The future of IoT for enterprises looks bright as new technologies and access to previously unavailable data continue. This remains an exciting industry, and as we anticipate a massive shift in how things are done, IoT will be the backbone of the transformation.
What IoT transformations do you predict for the years to come? Share with us on Facebook, Twitter, and LinkedIn. We’d love to hear your thoughts on this!
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CEO, NineTwoThree Venture Studio