The Internet of Behaviors (IoB) is a fascinating field that combines the power of behavioral science, psychology, edge analytics, and the Internet of Things (IoT) to unlock the mysteries of the human decision making process.
By collecting and analyzing data from various sources such as wearables, online activities, and household digital devices, IoB platforms can pinpoint patterns in human behavior that many industries use to influence future buying habits, but also to predict the user’s next move.
What are the near future projections for the development of IoB?
IDC has forecasted that within the next two years, we can expect the average person to have one digital data interaction every 18 seconds from one of the billions of IoT devices, generating over 90 zettabytes of data. These interactions are changing the way we work, learn, shop, and take care of ourselves. The pandemic has only amplified this need for smarter technology, driving businesses to transform rapidly.
The global Internet of Behaviors (IoB) market is expected to grow at a CAGR of approximately 22% during the forecast period due to the increasing usage of Internet of Things (IoT) devices and the global expansion of machine learning capabilities. The IoT sector is projected to have over 14 billion active connections in 2022 and 26 billion linked devices by 2025. Businesses can use the behavioral data collected through IoB to improve decision-making, service quality, and value chain efficiency. The market growth is also expected to be fueled by increasing demand and investments from various industries for data management warehouses or data clubs. The cost to create a data warehouse can range from USD199 to USD2.1 million, depending on the complexity, originality of the data, and the size of the organization.
What are the benefits of the rapidly increasing use of IoB?
Development of smart cities
Smart cities are revolutionizing urban living with the power of the Internet of Behavior (IoB). By gathering and analyzing data from a variety of sources, IoB helps city officials understand people's behavior, preferences, and daily habits to make smarter decisions. For instance, sensors monitoring traffic patterns, pedestrian movements, and weather conditions can optimize traffic flow, reducing congestion and ensuring seamless transportation.
But IoB goes beyond transportation. It can also enhance public safety, allowing law enforcement agencies to track individuals who pose a threat using facial recognition technology and other sensors. By analyzing crime patterns and predicting where crimes are most likely to occur, law enforcement officials can allocate resources more efficiently, making communities safer for everyone.
IoB also helps improve energy efficiency in smart cities. Smart grids and sensors can monitor energy usage, optimizing consumption and reducing waste. This not only saves money but also helps cities reduce their carbon footprint and contribute to a more sustainable future.
One of the examples of smart cities that have successfully implemented IoB is Singapore. One of the most densely populated city-states in the world, is turning to digital advancements to boost productivity and address its aging population. To achieve its Smart Nation vision, the government is using sensors located throughout the city to collect data on traffic, pedestrian activity, and more. This data is then used to improve services and analyze patterns. Open sourcing allows citizens and businesses to access and make use of the data for their own purposes.
As part of this effort, the National Research Foundation is developing Virtual Singapore, a 3D city model and data platform that lets both public and private firms test concepts and services. Meanwhile, the government is partnering with private firms to integrate smart technologies into public housing, where 80% of residents live. Engineers are even analyzing factors like wind flow, solar penetration, and shaded areas to better design and site new buildings.
Immersive customer experiences
Imagine using a fitness app that not only tracks your progress but also provides personalized workout recommendations based on your unique health data. Or browsing an online art gallery where the art pieces are tailored to your individual preferences.
IoB has opened up many possibilities for businesses to enhance their customer experiences. For example, a furniture retailers use IoB to create a virtual reality showroom, giving customers the ability to visualize how a piece of furniture would look in their home before making a purchase. On the other hand, an art museum could use IoB to create an exhibit that responds to a visitor's movements or gestures, enabling them to interact with the artwork in a new and exciting way.
By utilizing IoB, marketers can gather valuable insights about their target audience, understand their responses, reactions to different products, needs and preferences, and provide a more personalized customer experience. From designing intuitive interfaces to creating tailored content, IoB enables businesses to connect with their customers on a deeper level, creating a relationship that goes beyond just a transactional interaction. The result is a more engaging, satisfying, and ultimately profitable customer experience.
Increased reliability of IoT devices used in healthcare
One of the most significant advantages of IoB technology is its use in the healthcare industry and its ability to personalize treatment plans based on patient behavior data. For instance, wearable devices and IoT sensors can track patients' daily routines, including their physical activity levels, sleep patterns, and dietary habits. This data can then be analyzed to develop customized treatment plans that take into account the patient's unique needs and behaviors.
IoB technology is changing the game in remote patient monitoring, making it possible for patients to receive medical care from the comfort of their own homes. By using IoB-enabled devices, patients' vital signs, such as blood pressure, heart rate, and oxygen levels, can be monitored and transmitted to healthcare professionals in real-time. This empowers doctors to keep a close eye on their patients' health, intervene promptly if necessary, and provide timely medical care. But IoB technology is doing more than just monitoring patients' health from afar; it's also revolutionizing the way patients communicate with their healthcare providers. For example, via virtual assistants.
What are the challenges and limitations to IoB?
The Internet of Behaviors (IoB) is a data collection system that uses various devices and sensors to understand and influence human behavior, providing benefits such as personalized experiences and improved safety. However, there are several challenges and limitations associated with it. Privacy and security concerns arise from the collection, storage, and potential misuse or breach of personal data. The use of IoB technology raises ethical issues, such as the possibility of abuse of power and manipulation of individuals through collected data. The massive amount of data generated by IoB devices can cause data overload and inaccuracies, leading to incorrect insights and decision-making. As long as the society learns how to manage this vast amount of data, the IoB can carry a multitude of benefits.