Internet of Behaviors is one of the top technology trends of 2023, and it’s for good reason. You’ve probably already heard of the Internet of Things (IoT). It allows us to remotely connect to our smart devices and control the light in our homes, turn off the oven in the kitchen, and lock the door you forgot to lock. In other words, IoT is the network of all “smart” things we own that are connected to the internet. The data that these IoT devices collect is extremely valuable and that’s why IoB is now a part of top technology trends. So, what is IoB?
Internet of Behaviors is a new technology that aims to understand and influence the behavior of IoT users by analyzing their data. IoB looks at the data from a psychological perspective and provides valuable insights. These insights are later used by companies to better market their products and services to you. IoB can track where you are in the sales funnel, detect conversion issues, and help companies create a better user experience.
The Internet of Behavior (IoB) utilizes data collection and analysis to enhance human behavior comprehension and its impact. This trend can give insight into how people behave and make their projections.
Like any other trend, the IoB’s growth sees significant numbers. According to researchers, IoB’s market size is estimated to be more than $300 billion in 2032. Statistics now see a 24.97% compound annual growth rate (CAGR) this year to 2032.
The data presented is a clear sign that IoB is an emerging trend. From this market size number, most of these were from companies and organizations that need big data collection.
IoB is now helping different industries. To better understand how IoB works, you can see the following IoB examples:
Examples of IoB
- Social Media – One of the best IoB examples is the different social media platforms. Many businesses personalize their advertisements that interest their users. This strategy will give them an idea of how to market their products.
- Government – Policy makers like the government utilize IoB to maintain law and order. They keep track of people’s activities in a certain place by surveys, forms, etc. The government can create a policy to keep citizens at peace..
- Healthcare – Industries like healthcare benefit the most from IoB. They use this technology to monitor the behavior of their patient. Healthcare professionals can keep track of and observe their patient’s recovery.
Pro
Efficient resource utilization – IoB can reduce waste and improve sustainability. It can optimize resource management by analyzing information from different sources.
Improved safety – Many companies use IoB to enhance workplace safety. They do this by analyzing employee behaviors to prevent any accidents
Personalized experience – As mentioned, IoB collects data from human behavior. This feature can allow businesses to offer more personalized services or products.
Cons
Risk of data security – Gathering and processing behavior data opens up opportunities for cyberattacks. Unprotected data can be put at risk from data breaches.
Ethical dilemmas – Many people raised ethical questions regarding how IoB works. Some think that this trend crosses boundaries and infringes on personal autonomy.
Privacy concerns – Collecting data raises significant privacy issues. Some people are not comfortable with all the surveillance IoB requires.
