Internet of Things (IoT) are interconnected computing devices with unique identifies which capture and transmit huge amount of data over network.
Now a days we have affordable mobile devices, high speed internet connectivity, substantial cheap storage and scalable processing capabilities on cloud and commodity hardware to collect and store massive amount of user / sensor data which can be used to build and train an analytical model.
IoT is considered to be one of the key drivers of business transformations in this decade. Looking at its business value, every organization is looking to develop IoT based products. Let’s discuss components of IoT first.
An IoT product consists of sensors (to receive/detect input), internet gateway (to send this data to cloud for storage), data processing systems (to clean and analyze the data) and Analytical/AI based model (to learn/train the data model for future).
IoT products leverages the power of Analytics and AI by augmenting decision making to provide improved customer experience with the help of customer usage pattern collected with the help of sensors itself. IoT products have their high demand in healthcare, asset tracking and monitoring systems etc.
IoT connects people and product with an automated feedback enabled system to improve on quality of services over the period of time. This leads to huge business gain to the service/product owner as connecting with end users is the key to success for any product or service.