The Flamboyance of IoT and Mobile App is a never- ending phenomena
Internet of Things or we call it as “IoT” is the generic word these days. The Covid headwinds has led to the digital disruptions. All the businesses and companies have either reoriented their existing business processes already or are currently doing it. The IoT and different mobile apps are on the rise because every organization wants to achieve digital transformation.
In mythical period, there was no word call internet. In the Indian culture people meditate, read scriptures to gain knowledge to become a scholar. There were several characters in the ancient Indian scriptures. One of them is “Arjuna” – a multitasker, who was known to be the best performer amongst all his brothers as he was proficient in practicing the art of archery with both his hands and that is why he was called as “Savyasachi” (an epithet of Arjuna in the Indian lingo). These unique capabilities were accomplished after a long practice.
However, in 21st century time is running like a tide and people wants to take decisions faster. These calls for innovation. Here the technology is the saviour. The technologies evolve and it continuously gets modified. It enables to overcome the managerial challenges. Organizations can also improve existing business process and also be futuristic by gauging the market trends simultaneously. All these happen because of technology. The mythical word “Savyasachi” will now be called as “Ambidexterity” which is cultivated among managers to achieve breakthrough. The Global world can now relate that there is a paradigm shift in the technology from this Indian example of Arjuna. Let’s discuss in detail about the recent trends that have emerged- IoT & mobile app in detail.
The IoT market is expected to reach $1.3 trillion by 2026 and its CAGR between 2021-2026 will be around 10.5%. With this piece of data, it can be interpreted that there would be billions of devices that can be connected and this will increase the data created by IoT exponentially.
Let’s dive deep into this flamboyant term and understand the latest trends in IoT and mobile applications:
1. Healthcare & Smart wearables: The smart watches and wearable devices are now the latest trends. It enables the person to know his health status through variety of health care metrices. The sensors in the devices can help to track the health. The telemedicine and Covid-19 vaccine distribution apps are also developing to improve efficiency.
2. Edge computing: This will soon replace the cloud computing. It involves placement of analysis where the data is being created thereby supporting real-time app creation. The use of self-driving cars can be the best example of this.
3. 5G technology: There are several trials taking place for 5G technology. It has the advantage of faster speed and reliability. It has the ability to scale up the business processes of different sectors like logistics, automobile, automotive healthcare as well as the gaming sector. 5G technology augments your mobile gaming experience with fast and seamless gaming and reducing processing power of the device.
4. Banking & fintech apps: The BFSI sector has also been automated and the application of IoT in BFSI sector is growing at a CAGR of 52%. IoT enables banks and financial institutions to provide seamless and differentiated insurance and other offerings. Banks are also improving their operational efficiency through software, unified payment interface and banking as a service (Baas) which run through application programming interface. Chatbots, voice payment features in mobile banking and CRM software support to retain and acquire new customers. Fintech sector is growing by 70 times. The fintech hub has to be set at GIFT city in Gujarat has also given huge impetus to Fintech sector in India. Globally, it will be growing at a CAGR of 23.58%. This involves continuous upgradation and development of apps. The Bluetooth beacons, battery powered interactive payment cards, streamlining the collection of debts etc can be upgraded. In the retirement planning the app development and IoT helps to deliver tailor made customized retirement planning solutions through algorithms used in financial planning solutions. The tech-driven system enables people to enter their specific goals like financial planning for retirement, holiday, career or marriage goals and the advance simulators and calculators using predictive technology in the system to advise the automated financial solutions.
5. The rise of native & hybrid apps: The apps which are built and developed for specific platforms as well as the hybrid apps is also gaining popularity. The integration of chatbots in mobile app development can also deliver $8 billion of costs savings.
6. AI & ML: These are also crucial for mobile app development. In retail apps also they can integrate to enhance customer experiences, inventory management. If coupled with augmented reality will provide customer delight. Because of virtual trial rooms people can easily choose the products and it leads to better customer retention. Blockchain is also used along with AI to track the supply chain making the distribution efficient and reduce lead times.
With these trends in IoT and mobile applications organization can leave no stones unturned to achieve cost optimization, operational efficiency, customer loyalty and profitability. Through these trends managers can hit the nail on the head by tracking the root cause of the problem and thus they can solve the problems by taking right decisions. IoT is a never- ending phenomenon as it can be upgraded and will emerge as a new concept. IoT is pervasive in nature because be it healthcare, gaming, banking, video streaming, manufacturing, retail, IT or the automobile industry the use of IoT, mobile app, AI and ML is essential to streamline the processes so as to ensure innovation.