Amazon, Facebook and Netflix already capture a huge amount of consumer usage and behaviour data from our online actions.
This data is stored, analysed, and used to reinvent the way we shop, and facilitate our social interactions, and deliver our entertainment as custom personalised, data-driven services.
This has had a knock-on effect on the creation of new personalised services and new business models. Now, it is predicted, IoT data is poised to power even more levels of innovation over the next few years.
Guildford, UK-based IoT connectivity specialist Eseye believes that what organisations will be able to do with this data will dramatically shift in 2021 and beyond, and that IoT data is on the brink of unlocking significant innovation.
Its 10 IoT trends to watch in 2021 report predicts that data insights will move from digital to physical interactions and huge amounts of data will be mined from new sources due to user interactions with 'things' rather than digital services.
As more IoT devices are deployed, the data they generate will dwarf that collected through traditional online channels.This data will create a wealth of rich data, bigger and more detailed than online data ever was.
According to the report, this shift will enable new business models to appear, new products and services to be created, and data gatherers to gain new levels of understanding of human behaviour.
Nick Earle, CEO, Eseye said: "The people who invented the internet could never have predicted the emergence of services such as Uber and Netflix.
Likewise, we can only speculate around what IoT entrepreneurs will come up with once they have access to data from billions of devices capturing rich intelligence on every aspect of our lives and businesses. We predict it will be an even bigger wave of innovation than the first wave of IoT adoption."
There are a lot of opportunities for IoT. It can can deliver real time visibility into the food supply chain with technology advances such as printing IoT circuits, batteries, and provide cellular connectivity onto flexible labels on merchandise.
Integration with consumer and industrial products can provide brands with a direct line to customers, and bring OEMs closer to the end user.
As we slowly emerge from the pandemic, organisations will be looking for new ways to innovate to survive. Potentially IoT data can disrupt business models and processes in practically every industry.
Whether this is a move away from city centres to home working, using analytics to analyse in-store behaviour, or mobile network operators cooperating to provide the coverage that IoT needs, the data gathering will give businesses huge amount of insight leading to innovation.
Data from billions of devices that captures this rich intelligence covering every aspect of our lives could potentially lead to an even bigger wave of innovation than the first wave of IoT adoption.
The current economic slowdown is forcing enterprises to reduce costs and increase customer value. IoT innovation can potentially deliver both of these things.
Additionally this demand for innovation has happened at a time when IoT is reaching a level of cost and maturity that allows for mainstream adoption, and the insights gathered could power innovation for years.
IoT – as it becomes more integrated into consumer and industrial products – can provide brands with all the insight they could even need to lead the way forward beyond Uber and Netflix.
All brands need is to embrace the concept, invest in IoT, and start collecting data.