The whole world is now digitally enabled. Digital transformations are continuously upgrading every day and are fully changing business operations and lifestyle patterns. IoT (Internet of Things) is one of the emerging technologies that the world is witnessing right now. It is also one of the most trending technologies in the world, as it has completely changed the face of device connectivity.
In simple terms, IoT means connecting multiple devices via wired or wireless mode with the help of the internet to an Application Software, which is either on-premises or cloud-based and operates remotely.
The IoT (Internet of Things) is based on Platform, Things (Devices), Connectivity. Let’s go over each of these now.
Platform: A few years ago, IoT operated on on-premise systems, but the introduction of cloud technology and its capabilities unlocked the hidden potential of IoT.
Things (Devices): All types of wired and wireless devices can connect to IoT systems including smart wearables, appliances, electrical devices, mobiles, machines, and robots, etc.
Connectivity: There are lots of modes used for connecting the devices to one another like wire, Wi-Fi, Bluetooth, etc.
IoT applications are just in the introductory stage right now with respect to the product life cycle and have tremendous growth potential because of the continuous digital transformation of the world. Because of 5G technology, IoT is going to reposition itself as the world’s fastest-growing technology.
According to a forecast by Statista, by 2030, there will be more than 50 billion IoT devices are in the world.
Additionally, in another research by IDC, by 2022, the global spending on IoT technology will reach more than a trillion US dollars, and 5G technology will play a crucial role in its growth. And we are already witnessing it today.
Internet of Behavior (IoB)
Internet of Behavior is an extension of the Internet of Things, and, consequently, both are interlinked with each other.
By definition, IoB technology gathers and processes data based on the user’s behavior. This data is then linked with the IoT applications so that users are only recommended basis their choice of output. Pretty soon, IoB technologies will also be used to deliver users a better quality of life.
IoB, in simple terms, can be considered as a perfect amalgamation of technology, data analytics and behavioral science.
To further understand IoB, let's look at the case of the healthcare industry here. With the adoption of digital transformation, doctors can now give patients smart wearable devices to track their health 24*7. These devices track patients’ daily habits, diets, physical activities, and sleeping patterns. Now according to the behavioral data gathered by applications via these smart devices, doctors can provide better prescriptions as well as treatment to their patients.
And this is just one of the examples. There are numerous applications of IoB in tandem with IoT across industries, not to mention our daily lives.
How IoT & IoB Benefit Businesses
Businesses today have already started implementing IoT & IoB applications in their operations. The simple reason being - they need to adopt agile technologies to succeed in this competitive market. Moreover, by analyzing customer behavior, IoB helps in identifying the key influencing factors of a customer’s buying process. This technology will completely change a customer’s selection patterns and has the potential to transform the future of buying.
IoB will help customers get what they exactly want without wasting time shuffling through multiple buying options. And by analyzing data, IoB can help businesses plan result-driven strategies to satisfy customers, and potentially boost business sales rates.
Applying IoB technologies has helped many businesses utilize online advertising to out to reach more customers. With the Internet of Behavior, companies can easily identify and target specific individuals or groups to sell their services and products.
For instance, Google and Facebook both make use of behavioral data so that they can display relevant advertisements to their users. With IoB, companies can not only connect with their potential audience but will also be able to track their behaviors for improved services. Additionally, the latest technologies like Alexa, OK Google, and Siri are also programmed to study and interpret the data and user behavior to work more efficiently.
Given this myriad of benefits, (in addition to sectors like retail, healthcare, agriculture) sectors such as interior design and architecture, have also started adopting both IoT and IoB technologies exceptionally well in their day-to-day business.
The below flow chart shows how IoT and IoB are interlinked and how customers’ data gets extracted. The company closely analyzes this data and targets its products and services as per the customer’s buying preferences. IoB technology and IoT applications will help both businesses as well as customers.
The Future Is Bright but How?
IoT and IoB together are rightfully regarded as two promising digital technologies that will become more useful in the near future. Even at the present stage, the capabilities of IoT solutions when combined with IoB technologies are impressive and advantageous. Moreover, despite IoB being in its nascent stage, in the coming years, the Internet of Things with Internet of Behaviors extensions will become an integral part of people’s lives, making life much easier and more efficient. It could surely become an ecosystem that would define human behavior driving the digital world.