What is IOT?
IoT is an interconnection of devices, sensors, and actuators embedded in everyday objects. It is connected to the Internet, which enables these things to send and receive data.
How does this apply to business?
IoT will give us a real-time view of our businesses. Business owners will use it for predictive analytics & identifying patterns. They will use it for:
- Firstly, Real-time customer service and support
- Secondly, Real-time production and inventory management
- Third, Real-time security and safety monitoring and more.
IOT will allow us to offer products that are tailored to the individual needs of customers. It will also allow us to monitor our businesses on a real-time basis. We can use it for identifying patterns to predict future events.
What is OTT?
OTT stands for Over the Top. This is when you take TV services that are traditionally only available through cable or satellite providers. And make them available on the Internet (or when you replace mobile voice with IP). Examples of this include:
- Netflix, Spotify, and Amazon Prime
- Skype and Whatsapp
- YouTube (although not a service in itself, it is used for OTT services like live streaming)
OTT will be important because it can deliver TV to any device. Consumers will no longer have to pay for TV packages from cable providers. They can go online and subscribe to the services they want.
Cable providers are reacting by adding these OTT services to their cable packages. This is the beginning of the end for cable, although traditional TV will continue to be around in some forms. Likely, in 10 years, most people will not have a cable subscription.
Competition between OTT providers is growing, driving the cost of these services down and increasing their availability. This is one of the most important drivers in delivering TV over the Internet free from cable providers.
It is not only TV that can deliver OTT, but also phone calls. In Europe, everyone has a mobile phone plan that comes with a set amount of minutes. But most people do not use all of these calls. In the future phone, providers may sell you a monthly subscription to OTT services. Instead of paying for minutes, you pay for data, resulting in cheaper calls and more availability.
Future technologies are going to drive innovation and change across all industries.
How is the Internet of things and OTT related?
OTT and IOT are the most prominent business trends of our generation. As such, they will continue to grow and change as time goes on. Companies that adapt their business models to keep up with these changes will succeed.
The IoT is a system where everyday objects connect to the Internet, enabling them to send and receive data. This includes things like cars, houses, phones, TVs, cameras, etc.
These technologies are significant because they will change the way businesses operate – both now and in the future.
An example of IoT has your phone sends emails to remind you to close the garage door before you go out or that there is low milk in the fridge.
Over The Top (OTT) is when TV services are provided over the Internet instead of traditional cable providers. OTT includes video streaming services like Netflix and Amazon Fire TV App Development and voice calling apps like Whatsapp, Skype, etc.
The Future of IOT:
IoT technologies will become the backbone of our society as more and more devices are connected to the Internet. We will be able to provide products and services that are customized for individual customers’ needs.
The biggest challenges revolve around security because the risk of exposing the world’s data increases as we connect everything.
The Future of OTT:
In the next 5-10 years, most people will have cut their cable subscriptions and instead subscribe to OTT services.
Most businesses that rely on TV advertising will struggle as they cannot deliver ads to a customer without a cable subscription, unlike online ads targeting specific users. This is one of the main reasons companies like Google (YouTube), Amazon Fire TV App (Live Streaming), and Facebook are pushing into this space.
As OTT services become more popular, they will also converge; for example, Netflix has started providing movies and TV shows which means it is competing with film studios. Similarly, TV providers will begin offering on-demand internet streaming services, competing with OTT providers. This is why companies like Comcast are trying to buy Netflix – it allows them to provide a bundle of Internet and Cable TV.
The emergence of AI also means that voice assistants like Siri or Google Home will begin replacing traditional ways of finding content on your OTT provider.
There are many challenges in providing OTT services, but most revolve around cost and availability. Providing a high-quality live streaming app for TV is expensive. It also requires a lot of data, so only the larger companies can do it (e.g., Netflix).
The other problem is that just because you have a high-speed internet connection does not mean that your country has the infrastructure to deliver these services.
In some countries, it is more expensive to provide OTT services. The problem is because of low population density and lack of fiber networks. This means that companies have to use more expensive technologies like satellite or microwave links.
However, in the next 5-10 years, OTT will become the dominant way of delivering TV regardless of these problems. It is simple; people are already watching Netflix instead of cable TV, so it makes sense to provide all services over the same platform.
So, here ends the article on future technologies. IoT and OTT are the two most important technologies in the upcoming years. We hope that this article was informative. If you have any doubt, put them in the comments below.