The world is going digital, the entire planet is connected to the Internet, and digital transformation is improving every day and completely changing the business operations and lifestyle routines. The Internet of Things, the subject of this article, is one of the key digital transformation technologies, and according to a report from market research firm International Data Corporation (IDC), the Internet of Things (IoT) will grow rapidly $1.1 trillion in 2023.
What is Internet of Things?
The Internet of Things, abbreviated as IoT is one of the emerging technologies in the world, as it’s fundamentally transformed the way people connect their devices.
In other terms, IoT refers to the process of connecting various devices via wired or wireless mode to an Application Software that is either on-premise or cloud-based and runs remotely via the internet.
Platform, Things (Devices), and Connectivity are the three pillars of the Internet of Things (IoT) as can be described as follows:
- Platform: IoT was limited to on-premises systems few years ago but the introduction of cloud technology and its capabilities allowed IoT to reach its full potential.
- Things (Devices): A variety of wired and wireless devices can connect to IoT systems including smart wearables, appliances, electrical devices, mobile phones, machines, robots, and more.
- Connectivity: There is a variety of methods for connecting devices, including cable, Wi-Fi, Bluetooth, and other methods.
Because of the world’s ongoing digital transformation, IoT applications are still in their introductory stage in terms of product life cycles, but they offer enormous growth potential. IoT will reinvent itself as the world’s fastest-growing technology with 5G technology playing a key role in this growth.
What is Internet of Behavior?
Internet of Behavior, referred to as IoB, is a technology interlinked with IoT which collects and processes data based on the user’s behavior. The data will be linked to IoT applications so the user is only given recommendations based on their output preferences.
In other term, IoB is a mix of technology, data analytics and behavioral science that will soon be used to provide users with a higher quality of life.
Businesses have already begun to incorporate IoT and IoB technologies into their operations to adapt to the digital transformation and must employ agile technologies. IoB also assists in identifying the key influencing variables of a customer’s buying process by analyzing the consumer’s behavior. This technology has the ability to impact the future of purchasing by completely changing a customer’s choosing behaviors.