{"id":63891,"date":"2020-08-01T00:30:06","date_gmt":"2020-07-31T21:30:06","guid":{"rendered":"https:\/\/afterteam.com\/?p=63891"},"modified":"2021-08-02T12:16:40","modified_gmt":"2021-08-02T09:16:40","slug":"the-internet-of-things-iot-a-bright-future-vs-doomed-to-slow-adoption","status":"publish","type":"post","link":"https:\/\/afterteam.com\/the-internet-of-things-iot-a-bright-future-vs-doomed-to-slow-adoption\/","title":{"rendered":"The Internet of Things (IoT) – A Bright Future vs. Doomed To Slow Adoption"},"content":{"rendered":"
Along with Artificial Intelligence and Big Data, IoT is at the centre of the digitalisation of the world economy. The excitement over IoT is driven by its ability to bring previously isolated objects, from fridges to Ferraris, online.<\/p>\n
Data collected from IoT sensors can be monitored, fed back to instigate an action, inform the design of an algorithm or trigger a response in another connected object, maybe hundreds of miles away.<\/p>\n
However, current adoption rates lag in comparison to potential benefits. Business leaders cite concerns over security and privacy, gaps in digital infrastructure and opaque regulation as holding back adoption, even after successful IoT pilots.<\/p>\n
The Internet of Things is a network of physical objects or devices that communicate and interact with each other via an internet connection.<\/strong><\/p>\n The other central component of IoT is the internet connection. Connectivity is necessary for the transmission of data between the IoT object and the computing power that is collecting and analysing the information. Telecommunications (telecoms), as the sector that provides internet connections, is therefore at the heart of IoT transformation<\/p>\n IoT can revolutionise the business and consumer landscape by bridging digital and material worlds. Any industry reliant on making, moving or selling objects that were previously not connected to the internet stands to benefit. The specific benefits IoT can bring to a business depend on how the technology is used.<\/p>\n For example, sensors can be used to reduce waste by optimising lighting or heating based on occupancy levels, or reduce spoilage of products in transit by monitoring temperatures.IoT can also generate revenue and increase productivity, such as acoustic offshore oilfield sensors that analyse activity through pipelines to maximise output and help identify new resource pools.<\/p>\n The retail sector today can be divided into two distinct camps: the physical retail sector, which has suffered disruption from the rise of ecommerce platforms \u2013 a situation that is being compounded by COVID-19 movement restrictions. And the internet retail sector, which is going from strength to strength \u2013 with over half of UK consumers now shopping online and the sector forecast to account for over 50% of all retail sales within 10 years.58 IoT has the potential to support both sides, helping brick-and-mortar outlets leverage the very perks that digital players like Amazon pioneered, and online platforms manage ever expanding, complex supply chains. Broadening adoption could help reinvigorate the sector; overall the global IoT retail market is forecast to reach US$94.4bn by 2025, a 21.5% compound annual growth rate from 2020 (source: IoT in Retail Market Size Worth $94.44 Billion By 2025 | CAGR: 21.5%, Grand View Research, 2018)<\/span><\/p>\n Retailers are making the in-store experience more efficient and personalised, eliminating pain points like products being out of stock, and helping companies better monetise their customers. Target uses IoT to collect shopper data and provide personalised recommendations as they move through the store, enabled via a mobile app that gives product recommendations based on their location within the physical store.<\/p>\nWhat is the impact of it?<\/strong><\/span><\/h3>\n
IoT and retail<\/strong><\/span><\/h3>\n