Rise of Stocks covering the Internet of Things technology

Over the past decade, technological innovation has evolved at an astonishing pace. Nothing embodies this change better than the rapid proliferation of the Internet of Things. Companies harnessing this power are growing exponentially every year as consumers embrace the interconnectedness of products and services.

“IoT technology is likely to play a big role in the future of physical products.”

Some go so far as to say that IoT represents a “new industrial revolution” because of its potential impact on our personal and professional lives. [1]

While the impact of IoT has yet to be measured, it represents an opportunity for new startups to expand their product offerings and create a better customer experience.

Not sure how to use IoT technology? Here’s some inspiration:

Data aggregation and visualization

One of the most popular functions of IoT technologies is collecting data from real-world embedded systems and making that data available for analysis. Data collection systems include one or more physical devices that send data to a central platform, such as a cloud-based application or dashboard. The devices typically connect via Bluetooth, Wi-Fi and other wireless technologies.

An excellent example of a data aggregation product is Fitbit, which collects heart rate and location data and transmits it to a cross-platform application for analysis. In the commercial sector, Thermonitor’s semi-permanent and manual temperature monitoring systems use a similar process to ensure HACCP compliance in the food industry.

“Aggregation technology can be used in many markets, from consumer products to medical, food, logistics and heavy industry.”

Think about the data that can be collected about the use of your physical product in the environment.

Interconnection

If you think of aggregation technology as a network of clock devices communicating with a central hub, connectivity technologies will enable clock devices to communicate with each other. A revolutionary product in this area is Nest’s Works with Nest offering, which allows third-party technologies to integrate directly into Nest’s network infrastructure.

This integrated system significantly enhances the performance of the original product and helps it gain market share. Watch this video to see how the interconnected devices work together to provide a more versatile offering.

What other IoT devices can your product work with?

Network training

When the full potential of embedded systems is realized, it will be possible to imagine devices that can radically change their operating parameters based on the information they receive from other nodes in the network. Machine learning can enable network products to adapt to conditions and problems in the environment without needing to find them.

Imagine a self-driving car that brakes the first time it passes through a remote and beautiful landscape. Or a security program that automatically updates multiple devices in response to a new cyberattack. With networked machine learning, individual devices can work together to learn more about their environment and make predictable decisions about their behavior.

Think carefully about how your device can learn from the network to better solve user problems.

I hope this has given you food for thought about the potential of IoT technologies. If you are interested in learning more about IoT in application development, please send us an email.

1] UK-based Business Insider estimates that by 2020 IoT capabilities will be installed in more than 24 billion devices and that the global market will be worth nearly $13 trillion.

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