Unleashing the Power of Internet of Behaviours: Revolutionizing Consumer Insights and Business Strategies
IoB is a field of research and development (R&D) that aims to comprehend how, when, and why people use technology to make decisions about purchases. IoT must be mentioned in any discussion about IoB. The Internet of Things (IoT) is a network of connected physical objects that collect and exchange data and information online.
The complexity of the IoT is always growing and changing, including the manner that devices are connected, the computations that they are capable of doing on their own, and the data that is kept on the cloud. The collection of data (BI, Big Data, CDPs, etc.) that provides crucial details about customer behaviours, interests, and preferences is known as the Internet of Behaviour (IoB).
Internet of Behaviours
- Consider IOT at the bottom of this pyramid, gathering the data
- Then with the help of AI & ML turning it into valuable information
- IOB attempts to turn that information into knowledge
- And finally the information contributes to the wisdom about a particular user group
IoB systems are made to collect, combine, and analyse data created from many different sources, such as wearable computers, home digital devices, and online activities of people. After that, the data is examined through the lens of behavioural psychology to look for trends that marketing and sales teams can utilise to shape future consumer behaviour.
Because of the potential value created by observing and understanding human behaviour with increased precision and accuracy, Gartner named the IoB as a top trend in 2021. IoT medical devices and CRM systems with excellent analytics have already enhanced understanding of consumer behaviour. The IoB expands on these and other current systems by granting businesses access to information and understanding that wasn’t previously available.
Advantages of Internet of Behaviours
Market Insights
- From 2021 to 2031, the Internet of Behaviours market is anticipated to expand at a CAGR of almost 22%.
- In 2021, the market for the internet of behaviours (IoB) was estimated to be worth USD 391.5 billion, and by 2030, it is anticipated to reach USD 2,143.57 billion.
- There are over 17.1 billion IoT devices in use now. This, together with the quick development of machine learning capabilities, has made way for the Internet of Things (IoT) (Internet of Behaviour).
- A 2015 study found that IoB devices reduced 30-day hospital readmissions by 50%. IoB assists in lowering the cost of motor insurance. Users can download an app on their phones that gathers important data, such as the distance travelled, the speed of the vehicle, the time of day the user is driving, etc.
Conclusion
Businesses can take use of cutting-edge techniques for marketing goods and services as well as influencing consumer and employee behaviour thanks to the Internet of Behaviours. Due to the ability to optimise consumer connections based on collected data, this technology is very beneficial to businesses.
Technology for behavioural data is still being developed. The debate over what counts as essential data and what constitutes ethical use is just getting started, though, as new IoT devices multiply.
Author: Kartik Barrot