The Internet of Things or IoT is made up of a massive collection of everyday devices that are equipped with the ability to collect data and connect to the internet. Once connected, IoT devices can capture and share data in real time, producing insights that not only benefit businesses but the consumers they serve. IoT technology may seem a bit intrusive, however, the impact it will have on the user experience will only benefit the consumer.
IoT data will allow businesses to sharpen their consumer service response time, incorporate consumer feedback to enhance their products, create innovative tools, leverage automation services and much more. But, are there enough connected devices to produce meaningful insights?
Americans and IoT
Well, according to the latest annual networking forecast by Cisco, North Americans on average will have at least 13 IoT connected devices per person. This number may seem a bit over exaggerated for the everyday consumer, but it makes perfect sense. Let’s take a moment to think about the everyday devices we own or keep in our home that are IoT connected. Just to name a few…
- Fitness Trackers
- Audio Speakers
- Smart TVs
- Home Thermostats
- Weight Scales
IoT Brings Businesses Closer to the Consumer
The Internet of Things has expanded our source of data by not only leveraging digital sources like smartphones, tablets and computers, but to include everyday devices we all own. Why does this matter? Well, these devices are in homes and on our wrists. This is very important because IoT data brings us one step closer to the consumer.
This type of intelligence can be used to drive innovation across multiple industries. IoT data can help businesses transform the consumer journey by reaching them more effectively with intelligent insights. For starters, IoT data can tell us how many miles the average consumer walks, what type of music they love and what movies they watch. Smart watches now monitor sleep and keep track of activities, while Smart TVs can be activated by our voices!
The potential volume of IoT data is beyond belief and brings a new meaning to the term, “Big Data.” According to the International Data corporation, there will be as many as 50 Billion connected devices within the next three years, which could generate up to $9 Trillion dollars in Sales by 2020. The impact of this data can be used to enhance digital advertising, improve financial services, streamline retail stores, improve connected homes and much more.
If you’re curious about why IoT data will be crucial for improving digital advertising and what it means for brands and marketers, send us a note. Fill out our Contact Us form and we’ll reach out to you as soon as possible.