The 'Internet of Things' is Starting to Deliver Value, and Hospitality will be the Driving Force

The concept of the 'Internet of Things' (IoT) was coined 20 years ago by Kevin Ashton in his essay "The Future of Supply Chains." Despite its prominence in debates over the last 20 years, much of IoT's true potential has yet to be realised.

According to statistics, roughly three-quarters of IoT projects fail due to bad infrastructure, integration, or simply being considered a failure. Over half of IoT difficulties are greater than anticipated, but we think that will change.

Because of COVID, we've seen a sudden need for us to provide new technology-based experiences that have accelerated the discussion about the Internet of Things. We're entering a new age of technology, during which verified results and first-hand experience will begin to deliver on the original vision, with hospitality being the driver of commercial adoption.

Over the last two decades, businesses and their sectors have experimented with fits and starts, but we're now witnessing a genuinely epochal cycle of technological development, particularly in terms of machine learning and artificial intelligence (AI). The integration of Bluetooth and wireless communications infrastructure is also a factor. Today's cloud technologies are sophisticated enough to make building strong IoT applications easier, faster, and less expensive.

The IoT revolution will be well travelled

We predict that in the next decade, IoT will finally fulfill its long-awaited potential to revolutionise how businesses and customers interact with one another.

One of the most distressing insights we've had is that people are as vital to IoT implementation as technology. People and their behaviour have become increasingly significant factors in the success or failure of new technology products' adoption. They are also becoming increasingly tech-savvy and have greater expectations for access, dependability, and speed.

Data can be generated, received, and processed. However clever or sophisticated our network of things becomes, the ability to utilise the things' output in a meaningful and long-term way requires people. This is never more evident than with the hospitality industry. Guest experience is key and their wants and needs are paramount in determining the success of a product.

The hospitality and travel industry is rapidly becoming the testing ground for IoT projects in a commercial setting, with lighting, in room entertainment, contactless check-in, digital key entry, mobile concierge, and a variety of new hotel services aided by technology.

Infrastructure

In every technological revolution, the creation of common platforms such as SMPT, HTTP, or Windows has been important for rapid expansion and adoption. That's a continual struggle with businesses having to figure out how to connect networks and put different hardware, software, and procedures together to communicate, store, and protect data in IoT.

Dedicated IoT platforms are now allowing companies to connect and expand their IoT systems, much in the same way as conventional coding and application development platforms helped power computers and mobile devices.

Today, we see IoT infrastructure and platform advancements that, in our opinion, are game-changers. The emergence of a new 5G infrastructure is the most crucial development. Harmonising network speeds across networks has been a major problem in the past. Some experts predict that by 2024, 5G will cover roughly two-thirds of the planet's population.

IoT's applications in environmental monitoring are numerous, including environmental protection, severe weather monitoring, water safety, endangered species protection, commercial farming, and more. Sensors monitor and quantify every sort of natural change in these systems.

The impact of IoT on the hospitality industry's environmental sustainability is significant. From heating systems to solar energy to EV charging networks to fully integrated contactless guest experiences, the possibilities are now becoming a reality.

Cyber Security

The ability to protect data that travels through IoT networks has been a major concern with the implementation of IoT systems. According to Gartner, over 25% of cyber attacks on businesses will focus on IoT. Many will fail in this new era because we've finally reached protocols and platforms—both software and hardware —that allow for secure data handling at all levels.

One such example is blockchain, which can be used to create a distributed ledger of events that is tamper-resistant due to the way it structures data. This means that hospitality businesses can use it to track activity and manage devices in IoT systems with confidence.

The Internet of Things is bringing us closer to a future in which everything is connected and interacting seamlessly. We've only scratched the surface of what's possible, but it's clear that the potential value for hospitality businesses and consumers is immense. The next decade will be the one in which we finally see the Internet of Things start to deliver on its long term vision and support the concept of “Home Away from Home” for hospitality.

Performance

Adding artificial intelligence to straightforward IoT platforms — turning them into AIoT platforms — allows for real-time "thinking" networks and systems that can tackle some of the most difficult issues in hospitality, and automate where needed. This will bring down costs and relieve some of the burden on hiring we are currently experiencing across the travel sector and free up existing staff to concentrate on guest experience.

According to PwC (via Forbes), "AI is expected to contribute close to $15.7 trillion by 2030, making it the largest commercial opportunity in today's constantly evolving economy."

What can we expect to deliver in the future

Technology is evolving rapidly. Organisations are adapting to the changing environment. The pendulum has begun to swing in a new direction. Better planning, platforms, and performance are allowing us to confront the IoT problems of the last two decades.

During the upcoming decade, we at Siemlus believe we will finally begin to realise IoT's full potential. The Internet of Things has the potential to change how we live and work. We are only at the beginning of this journey, but the building blocks are now in place for businesses to start reaping the benefits of IoT. The key to success lies in understanding how people interact with technology and utilising that knowledge to create applications and experiences.

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