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Internet Act. 21 Aug 2017

The Internet of things, booming business models

The Internet of things has been considered for some years as one the biggest trends, and it looks like 2015 will be its great year. We already know what it offers, although there are major challenges ahead. What changes will it bring? Many, and these are the sectors that will drive its growth and expansion.

The Internet of things (IoT) is a concept that dates back to the end of last century and is related to connecting everyday objects to the Internet, but as technology continues to advance, it becomes more important in the disruptive innovation segment.

This object-to-object or multiobject connection using different communication protocols opens up a vast field of applications in everyday life and a new action-reaction approach in events in which human beings are not always involved.

The concept is simple: taking any everyday object and connecting it to the Net, with its utilities and the multiple uses that can be given to that object in the interconnection with communication with third parties. From transfers or interconnections via WiFi, to much more complex communication protocols, we can find from smart sneakers that monitor our running to biomedicine applications that control the proper operation of a pacemaker and anticipate critical situations for the patient according to the data extracted. This is the future, and these are the key business models:

Domotics, key in the Internet of things

Did I switch off the light when I left? Did I turn off all the faucets? Could the heating be turned on based on the outside and room temperature? All these questions that we have asked ourselves many times outside our home will have an answer in the very short term with the boom in domotics and the interconnection of our home's appliances.

Tasks as complex as planning our home's energy efficiency, checking damage to our installations or adapting the use of our household appliances will become key innovation niches and business models in 2015.

Biotechnology and health, monitoring our lives

The implementation of biometric control systems for our body, the control of our vital signs, nutrition, sleep and physical activity, is the best way of preventing problems and applying corrective methods on our health.

IoT is combined with global information processing and subsequent decision-making using systems as simple as having interconnected clothes, physical exercise control systems in the sneakers or the use of multiple wearables that obtain all the information we can provide. Health and personal care is an emerging sector where the development of new business models is already present in cases like Zentox and Xtintia Corp.

Microtargeting, a key niche for the Internet of things

Microtargeting refers to advanced market segmentation at individual level and its expansion could be key in fashion and accessories if we are capable of monitoring and identifying the usage trends of consumers.

For example, a runner who lacks the right sneakers or the use of clothing better suited to the usual environments opens up a new horizon for marketingproducts and services with much greater segmentation than the usual marketing techniques.

The motor industry and the future of smartcars

Can we imagine a vehicle that is capable of detecting the best route in a city in real time to avoid traffic jams or traffic lights? This is possible as long as we have an interconnection between the car or auxiliary device and the existing traffic in real time.