Internet Of Things and the latest trends
Internet of things or IoT is seen as the third wave of internet revolution that would allow us to step into a completely new age of technology. The first wave of fixed line internet and the second wave of mobile internet have already been established as the modern day precursors to some of the greatest techno-social innovations.
With the Internet of Things, we would be embarking on a journey where each and every electronic device as we know would be digitally transformed into a more useful tool. Kevin Ashton, a British technologist when he was at the MIT, coined the concept of Internet of Things (IoT) in the year 1999. With the 4G and 5G mobile and wireless internet services at the forefront of this concept, Internet of Things would bring about a profound boost to the way India connects to its day to day activities, whether in daily life or at workplace. And that work place can be as different as a farmer connecting to modern day price indexes for his local produce or a business entrepreneur investing his time in finding new technologies using the internet “pipes”.
A Goldman Sachs report published in the year 2014 deemed IoT as the next megatrend and articulated the following three domains as the focus areas when it comes to Internet of Things:
Enablers: Low cost microcontrollers and sensors utilising the already growing cheaper Wi-Fi internet.
Platforms: Software and interfaces that would facilitate the communication between devices per se.
Industrials: Automation at home and industrial front would lead to seamless integration of IoT technologies.
Whether it is about revolutionizing the lives at home or increasing the workplace productivity, Internet of Things offers a lot of scope for multiple businesses to compete. The focus for the businesses as usual should be on creating cost efficiencies, newer products while watching for privacy concerns and user information safety as the utilise the IoT.
The 5 key verticals which would be adopted as a part of the Internet of Things revolution have been earmarked below and presented as a diagram taken from the Goldman Sachs investment research report.
Connected Wearables, Connected cars, Connected homes, Connected cities and Industrial internet
Every bit of this revolution has to do with the idea that we have now reached an inflection point where the technology and web presence has become pervasive. While with this in mind the e-commerce and commerce world are no longer separate as they have merged within each other seamlessly.
Even the bigwigs who initially were against the idea of selling their exclusive stuff online are following the lead of other pioneers. Why? Simply because in today’s fast paced interconnected world, the only exclusive that exists are the offers the best products carry on different e-retailer websites.
The leading fashion brands are a great example of this who were reluctant to start with when it came to adapting in the modern e-commerce world. But now with advent of technology and pervasive nature of internet and connected devices, their first and foremost challenge is to tackle the demands of customers arising from their online sales.