IoT devices and IoT analytics have found a wide range of uses in many different industries, and many business networks and IT infrastructures are even designed with IoT applications in mind. Here we talk about some of these industries and discuss some of the newer, up-and-coming business use cases for IoT data analytics.
Proliferation of IoT Applications
Smart devices have been around for a long time. For example, the first Bluetooth-enabled headset was sold in the year 2000. GoPro was launched in 2004, and voice-operated devices such as Google Glass came on the scene in 2013. However, smart sensors and IoT devices have been used in other industries for years as well. From smart meters and sensors used to measure environmental conditions to RFID chips used to track individual items in a supply chain, IoT spend in manufacturing had almost reached $200 billion in 2016, and on the consumer side, the number of connected wearable devices worldwide more than doubled between 2016 and 2019.
This is impressive growth, but it pales in comparison to future projections. Global IoT spend is expected to hit $1.4 trillion this year, so the question for businesses is: where can we expect to see some of this growth?
Here are a few spaces to watch when it comes to IoT and IoT data analytics.
Consumer Product Usage Analysis for Marketing
We’ve come a long way since customer data and online search histories were first used for targeted marketing. Now, with the right tools in place, you can not only market specific products or offerings to specific consumers, but you can even analyze how your customers use your products. Such data can offer a whole new set of insights that can be used to direct product design and development initiatives. In addition, by predicting consumer requirements based on their product usage, businesses can foresee future purchases and customize pricing and offer flexible payment plans to individual customers. IoT data can also be used to focus on lucrative market niches and pivot strategies or approaches where progress is lacking.
IoT devices and analytics can even help businesses serve their customers and themselves at the same time. For example, when deploying a smart energy meter, a consumer portal can be developed to help users manage their energy consumption. The same analytics can be used by the company to learn about energy consumption patterns in different neighborhoods at different times of the day, month, or year, and more effectively combat issues such as fraud and wastage and better handle maintenance and servicing.
Sensor and Camera-Enabled Connected Events
Social analytics has gained considerable interest over the past few years. Devices that can capture, measure, and understand qualitative data such as facial expressions, stress levels, emotions, and more, and analyze this data in the context of social events using tweets, likes, shares, and other forms of social data can provide deep insights into how people behave and react in – and to – events of different kinds. Sensor data, social media data, video data, and more can be used in this way to extract actionable insights from the information you have and can be used to tailor large-scale social events to the wants, needs, or expectations of participants.
In terms of current uses, social analytics can create business value by supporting video coverage of large-scale social events. Crowd sentiment analysis based on behaviors and emotions exhibited by participants can be used to customize content that aligns with what works with specific customer segments. Much of this is done using real-time data streaming so that events, content, or company responses to customer comments or queries can be customized for maximum effect.
IoT usage in connected events relies more on the analysis of human emotion than traditional IoT metrics such as device usage. For example, facial expressions, cheering and booing, stress tests, measures of physical motion, and heart rate measures are being used in new ways like never before, and combining this data with machine learning-based analytics to interpret and analyze people’s emotions is something that will likely grow in application over the years to come.
Precision Farming and Manufacturing
Agricultural and manufacturing uses of IoT are not new, but the precision with which it can be done has improved considerably over the last few years. We can now track individual livestock animals, the composition of water or soil, and even individual fish and plants in a given environment down to within a few square feet or meters. Such improvements can lead to considerable savings in terms of maintenance, resource usage (think of pesticides usage or food for animals in a farming setting based on real-time needs), and remote management to predict or react to issues such as sick animals or machine breakdowns.
Depending on how it is defined, smart cities may include smart roads, advanced smart metering, smart healthcare services provision, smart waste management, and more. Smart roads can have sensors embedded in them to measure moisture, pressure, or physical damage. Smart hospital beds can help in the diagnosis and treatment of preventable illnesses. Utility services provision and resource usage can be optimized based on specific routes or services that are required in specific areas (for example, more or less trash on a given route on a given day). B2C apps that can be used to report accidents, road damage, or low store supplies or file complaints and receive custom answers or assistance based on the individual user or customer can also massively improve how smart cities are run and how much is spent (i.e. wasted) on other ways of doing the same things.
IoT continues to help businesses and communities improve the way they do things by boosting efficiency and lowering costs. This is still an emerging industry, and creative and innovative use cases for IoT data analytics will continue to emerge as businesses look for better ways to understand their customers and deliver their products, solutions, and services to them.
At Kajeet, we empower businesses to take advantage of developments in the IoT space to help them work better, more quickly, and more cost-effectively. Contact us today for a consultation with one of our Solution Engineers.