Our thoughts on product design
Home automation, smart warehouses and intelligent irrigation systems.
These are all made possible due to the exciting field of Internet of Things; also known as IoT.
Advances in IoT have made it possible for the features of a device to be less constrained by its cost, size, location and complexity. With IoT the functionality of a device is dictated by the sum of the functionality of the interconnected system it is part of. This allows for rich, complex behavior which opens up a wide range of possibilities for product development.
Devices such as the Amazon Echo represent the IoT mindset extremely well. The Echo is a virtual assistant with the ability to execute voice commands and act upon other Things. This requires a considerable amount of processing power and storage capabilities. By offloading these tasks to the cloud, Amazon has managed to keep the cost of the Echo relatively low while still providing the user with an extremely smart device. Furthermore their cloud architecture makes it possible to easily add additional functionality to the Echo over time, which allows Amazon to quickly adapt to market trends and consistently solidify their market position.
Not only consumers, but also businesses benefit from IoT solutions. Data is key in making good decisions and IoT makes acquiring large amounts of data very accessible. The relative low cost of the devices allows for massive sensor deployment to harvest big sets of data realtime. With the advance of machine learning, trends in data can be discovered and analyzed. The added insight allows companies to make better decisions, save costs and increase profits.
A lot of companies are already profiting from IoT but the growth signals that there is still enough market share to capture; Data specialist Statista estimates that the IoT market will be worth 418 billion dollar this year and will grow to 1.5 trillion dollars in 2025. With this much growth there are plenty of opportunities to gain a foot in the market with your IoT device or devices.
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