The pace at which internet and technology are diffusing in our day to day lives illustrates how dynamically the market is going to transform in next 5 years. Soon after sharing files, fiery social media and e-commerce, the upcoming generation of the cyberspace is connecting devices and this is called the Internet of Things (IoT). To be more precise, internet that enables everyday objects to have network connectivity and send and receive data is defined as Internet of Things.
Maybe to your surprise, the first Internet device came about in the 1980s, the magical Coke machine at Carnegie Melon and it allowed programmers to link with it over the internet to check its status and also to decide whether or not there would be a chilled drink waiting for them. Ever since IOT has been surprising us with the series of unquestionable inventions. Google glass, smart cars that fascinate you, tattoo sensors that stick on your body are all real life examples of IOT. These connecting devices are opening new insights, business models and profit and loss streams that in return give a push to trailblazing services to compliment conventional market demand. This sort of modern connectivity brings both the entrepreneurs as well as the buyers together on a much paced up and transparent platform which massively impacts both the strategy. Here, if you may notice, a point of sale is not just one but it’s an ongoing communication unlike former times, where buyer saw an ad, bought the product or service and that’s the end.
Today with connected devices, apps, and social media coming into play, it’s about having consistent interaction, which also depends on how long he or she is interested in making use of the product or the service. Another major part of IOT is that it works on sensor technology, which means you can put sensors on your favorite bottle of ketchup, connect it with your favorite cup, make a video, record the sound and put the data back on private or public cloud. It will let researchers collect feedback on how precisely a product or service can be used and what users can be expecting from it in next coming days. This revolution of connected devices and sensors is ought to observe the direct impact of new products and the services they bring to the marketplace in terms of comfort, security, fun, cost savings, financial gains and better distribution of resources.