The Internet of Things (IoT) is the accepted ubiquitous transformation platform associated with the application of Digital Technology (DT). The evolution of interconnected virtual data, via the internet, is embedded in everyday devices and transforms everyday lives. It created a market hyper-boom and segued into a mainstream market adaptation. Ultimately, it’s fostering an innovative technical platform, by connecting physical devices with sensors and embedded intelligence, whilst utilizing existing internet infrastructure. Recently, Guillermo Younger, Jr., President & CEO of Cinema Equipment & Supplies (CE+S) stated:
“We’re just starting to see the-tip-of-the-iceberg for benefits within the [cinematic] industry… from an exhibition standpoint, there are [many benefits which derive] from having devices connect to the internet.”
Companies are on the brink of major paradigm shifts; especially, when it comes to data delivery, use and improved customer experiences. IHS Markit’s recent survey covered the rapid expansion of the Internet of Things (loT) and estimates approximately 20 billion +/- devices were connected globally, as of 2017. This pivotal digital technology arena is reshaping today’s business landscape and is expanding, exponentially. Experts foresee retail, healthcare, and supply chain industries will experience tremendous growth; especially, within the loT business sector. For example, a recent Forbes article stated:
“Forrester Research predicts the [Internet of Things] (IoT) will become the backbone of future customer value, the IoT infrastructure will shift to-the-edge and to specialized IoT platforms – developers will have a significant impact on platforms and initiatives, and security will remain a +[primary] concern.”
The Internet of Things (IoT) has directly and positively impacted customer value. Currently, various industries actively pursue and search new ways to harness the innovative power of IoT, whilst continually, enhancing customers’ experiences on more personal levels.
Guillermo Younger, Jr. elaborates further on this specific topic:
“From a moviegoer or consumer’s perspective, the excitement begins when exhibitors connect their loyalty data, with users’ preferences. They tailor solutions, specifically, for patrons, based upon personal interests or previous purchases at the concession stand.”
In this instance, IoT brings together an analytic data ecosystem, which enables the collection and exchanging of data to connect consumers’ information with real-time business applications.
In contrast, as the Internet of Things (IoT) continues to bridge digital technology, it becomes progressively more divided. This creates technological obstacles for companies; especially, as they deal with compatibility issues amongst various platforms. Another consequence of fragmentation is system compromise. The more complex the IoT environment, the greater the network security challenge. Information of Technology (IoT) security and privacy is a primary concern amongst consumers and businesses. The threat of cyber-attacks remains a paramount threat. Subsequently, creating viable and practical solutions and/or maintaining data security remains the primary concern for 2018.
There is another ongoing trend from mobile-first to mobile-only. Mobile devices are becoming the management system for IoT devices. With their increased connectivity, data gathering functionalities, and inherent mobility – they become the hardware of choice for IoT solutions.
Opportunities related to IoT solutions are expected to hit $6 trillion by 2021, according to a recent Business Insider technology report. Will Information of Technology (IoT) remain the star in the industry? In contrast, big investments or investors in this sector continue to shape the foundation and identify new trends in the next decade.
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