In just a few years, connected objects have become omnipresent on the planet. Whether it’s speakers with voice assistants, robots or even our smartphones, they are part of consumers’ daily lives. And they are defined as the Internet of Things. This sector is constantly evolving and causes tensions between companies and consumers who must adapt to this presence.
The IoT, a vast and fascinating sector
The Internet of Things (IoT) is a field that is becoming increasingly popular and is defined as a “global infrastructure for the information society. It provides advanced services by interconnecting objects (physical or virtual) through existing or evolving interoperable information and communication technologies” according to the International Communications Union. Even if in general, it concerns connected objects, the field is not defined by clear lines, which leads to several interpretations. It is therefore possible to include other elements than connected objects.
Thus, anything related to the Internet and having its own use can be included in this domain. This definition remains vague and implies that applications, connected objects, but also everything that has a link with the Internet and that is connected to the network to several elements are placed in this category. Even if we tend to confine the Internet of Things to smartphones and speakers with voice assistants, for example, home automation is also part of the IoT. The sector is really vast and all areas benefit from it.
A development in all sectors
The Internet of Things sector is really growing thanks to the popular objects that consumers buy on a daily basis. Brands like Samsung, Apple or Google have invented more and more “revolutionary” products. The number of connected objects has already surpassed the number of people on earth, but according to Samuel Ropert, an expert in Internet of Things, it would be possible to reach 40 billion connected objects by 2030. The sector is aiming at a total expansion and if it becomes so promising it is also thanks to its development in many fields.
Generally, everyone thinks that connected objects only concern consumers, but in reality, they are also found in hospitals, for example. In fact, these technologies are also being used in hospitals, whether it be for patient monitoring, treatment software or artificial intelligence that accompanies surgeons. The goal is to design tools that help both doctors and patients. The Internet of Things is becoming more and more widespread and it allows science to progress just like other fields such as industry, the automobile industry or even the administration…
A trend among consumers, but also in companies
The sector is developing to create new technologies. In fact, it is believed that consumers are the first buyers of connected objects, but with health, medical companies are the pioneers in this field. Finally, the Internet of Things is all the more represented in B2B for companies to progress with new technologies. Certainly, consumers are amazed by the new jewels of the GAFA (Google, Amazon, Facebook, Apple) but companies have an imperative need for them. They would represent 95% of the market while consumers only 5%, according to Gartner (an American company specialized in new technologies).
But if companies finally use the Internet of Things, it is also to better serve the consumer. Through software or even the connected objects they sell, they collect data to understand consumer behavior. Through this big data that companies possess, analyses are developed to guide the consumer in his purchases.
Dealing with the storage of personal data
The Internet of Things sector fascinates, but consumers find it more and more worrying. Since finally everything becomes possible and feasible and companies collect data, users are not very reassured. A sector like the IoT requires total security of personal data, to avoid brands tracking consumers on their expectations or their data being hacked. Even if the Internet of Things is a real craze, companies will have to face the General Data Protection Regulation (GDPR). This European regulation, which goes into effect on May 25, 2018, may well cause difficulties for IoT experts. Companies will be required to aggregate data, delete it if the consumer wishes, and most importantly, secure it. This is a huge task that could well overshadow the Internet of Things sector.
Connected objects fascinate more and more consumers and companies are the first to consider their impact as major. The sector is a golden place to invest in the coming years. IoT spending is expected to approach $772 billion this year, proving that the sector is booming. Almost every business is affected and will want to move towards full connectivity and digitalization before long.