4 Ways IoT is changing business in 2021
IoT, the internet of things, is an unprecedented technology revolution. 2020 has been a year like never before due to the worldwide COVID19 pandemic. So where does that leave IoT? How will IoT lead to business transformation in 2021? Yes, IoT spending slowed this year. However, IoT investment is expected to regain steam again in 2021. In fact, according to IDC, worldwide spending on the Internet of Things will “return to double-digit growth“!
A forecast for 2020-2024 says that the compound annual growth rate (CAGR) is 11.3% for total spending using connected devices. This will create more artificial intelligence and machines that track human behavior than ever before in human history.
“The IoT market revenue was 164,504 Million USD in 2019, and will reach 525,051 Million USD in 2025, with a CAGR of 21.34% during 2020-2025,” according to marketwatch.com.
As well, more than 26.66 billion IoT devices are active in 2020 and 127 new devices are connected every second to the internet.
In addition to the already vast amount of IoT connected devices, more people have become reliant on technology because of the COVID19 pandemic. Many millions of people suddenly learned how to conduct and participate in Zoom meetings. People around the world needed to rely on technology for work and also personal functions such as grocery shopping or shopping for retail items. At times in 2020, online shopping was the only option.
The following are some trends that IoT will bring in 2021:
1. Changes in the Real Estate Sector
Companies and organizations will increasingly develop IoT connected devices for smart office initiatives similar to the ever more prevalent smart home technology. These initiatives include smart lighting, environmental monitoring, and energy saving. Activity monitoring and sensor-enabled space utilization will become ever more widespread.
All of these efforts are being made in order to save money on space and energy. This will be in place as long as employees continue to do work from home.
2. Monitoring of behavior in the workplace
In order to enforce health and safety, organizations are implementing IoT technologies to monitor behavior. For example, the use of carefully placed sensors to make sure employees take health-related preventative actions will also keep expanding. These actions might include: hand washing, temperature sensing, and wearing masks to help prevent the spread of COVID19 and other diseases.
Computers will monitor this behavior and analyze the data to see the impact it makes. More and more, multiple sensors are being used to pick-up data, Sometimes referred to as sensor fusion, this trend is allowing people to have access to more profound and meaningful real-time information. This ‘sensor fusion’ concept is also expanding into areas such as commercial vehicles where multiple sensors help make meaningful sense of the data. As a result, the importance of privacy laws keeps increasing. These laws and their enforcement will determine ethical principles and to what extent IoT related technology can track personal, and otherwise sensitive information.
3. Location data will be relevant
Curbside pickup and remote check-in are prompting retailers to gather data about customer location. The pandemic has caused this shift and this is expected to become the norm for the next couple of years.
Gathering customer location data will be the center of good customer and employee experiences.
4. Connected Health Care Will increase
Due to the pandemic, more people will monitor their health and take care of their illnesses through remote solutions. Wearables and sensors can help monitor diseases and track progress as more people are staying home. Digital health services will also increase and become more convenient and affordable.
Best Practices & SDSolid 7 Process
Many technology projects fail by simply going way over the anticipated budget and timeframe. Lack of proper planning and effective execution often are the primary cause. For example, the world saw this situation first hand with the recent Iowa Caucus Technology Fiasco. Therefore, following Best Practices, and securing the right tech partner, when implementing an IoT strategy is paramount to success. At SDSol Technologies, a software development company in Miami, we have developed and successfully utilized our methodology called the SDSolid 7 Process which consists of seven steps and two phases.
IoT Success in the Digital Age
Due to the exponentially accelerating pace of technological innovation, it is a big challenge for everyone to keep up. This problem of “keeping up” is common for the largest multinational corporations, the smallest startups, and every other sized business. And adapting quickly enough is necessary to effectively navigate all of the technological options, capitalize on new innovations, and to find the best solutions. Finally, harnessing the potential benefits of IoT and minimizing its risks, requires alignment with a sound and executable business plan. Thorough planning with technology development experts, who also have practical business experience, captures and delivers value to the customer, and each user of the IoT system.
Many factors contribute to the success of a business. To be clear, technology alone is not a substitute for visionary and effective leadership, thoughtful strategic planning, and sound execution. Above all, business transformation relies on leaders and managers to adapt by nurturing a culture of learning and innovation.
Business leaders also understand that managing technology is a priority for success in both the consumer and trade sides of their operation. Firstly, correctly executed technology projects empower hardware and software to do their magic behind the scenes to make things work seamlessly. Secondly, by integrating scalable technology, businesses optimize their chances of continued success as they grow and system demands increase. Thirdly, when scoping out tech projects, it is smart to start small with clearly defined goals, budgets, and timelines. And lastly, of course, it is paramount to engage top tech talent with the right business experience and tech support.
SDSol Technologies: 1200+ projects delivered
For good reasons, many businesses turn to companies like SDSol Technologies, a software development company, for creative, and custom-tailored technological business transformation solutions. SDSol Technologies has over 20 years of demonstrated success in delivering technology projects. SDSol maps out solutions to better integrate technology. Lastly, SDSol has developed numerous successful IoT projects to fulfill customers’ needs.
Projects including fully patented products where we have implemented IoT catered solutions are PADL and MyPark. PADL is a ground-breaking IoT automated paddleboard smart-lock rental system. PADL's rental service allows users to rent and unlock paddleboards from the app.
MyPark is a revolutionary IoT parking solution. It empowers app users by allowing them to reserve and park in spaces closest to their destination. The MyPark solution provides value, convenience, and a powerful management tool to solve the parking problem in high traffic, high-value venues.
Streads is another technology solution we are proud to have come up with. It uses targeted ads based on where riders are located, and has a per view income generation for drivers.
Some of our other favorite solutions include Smart Bracelet, Photography Devices, Smart Automotive Relay, Smart LED Shoes and Mobile Streaming Device.
Here’s what some clients had to say
“From the first meeting with the guys at SDSol, my partner and I knew we had found the right team to work with us. Their knowledge of the industry and business in general put them head and shoulders above the other firms we were considering”.- Dennis McGinley, Corporate Caterers.
“We’ve been working with SDSol for over 3 years now, and I can’t thank them enough for all of their hard work and support. Their development process is extremely efficient and we’ve experienced steady growth since day one. Hire this dev shop!”- Thomas Jones, Castar
“In today’s business ecosystem companies need to
utilize technology to survive & thrive”-Azam Malik (SDSol CEO), MyPark
Our services that help your business succeed
At SDSol, a software development company in Miami, we have a variety of services available in order to develop your tech project. They include the following:
- IoT Product Development: SDSol will design and develop smarter hardware for your project.
- Mobile App Development: Top rates award winning iOS & Android app development shop.
- Custom Software: We build amazing solutions for our clients.
- Custom Web Development: We develop web applications that turn your site into a revenue generating machine.
- Technology & Business Consulting: SDSol Technologies offers technology consulting for businesses of all shapes and sizes- from start-ups to established corporations.
At SDSol, clients benefit from better products, services, and user experiences. Partnering with SDSol Technologies means you are engaging a tech company that is also business savvy, committed, and creative. SDSol has the expertise and proven track record of implementing technology solutions for customers’ day-to-day business needs.
“The Internet of Things, simply stated, is the convergence of the physical and digital worlds. It is a merging of data, processing power, and human intellect. It represents a technological revolution. As such, it creates many new challenges and opportunities for businesses.”
Azam Malik, SDSol Technologies CEO and Founder
*IDC Worldwide Internet of Things Spending Guide (https://www.businesswire.com/home/20200618005125/en/Worldwide-Spending-on-the-Internet-of-Things-Will-Slow-in-2020-Then-Return-to-Double-Digit-Growth-According-to-a-New-IDC-Spending-Guide)
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