How IoT means more business opportunities?
IoT or the Internet of Things has found its footstep not just in big industrial and business sectors but also in the homes of common people. Today one click on their smartphones lets people control their AC’s temperature or ask their home devices to play a song of their choice. Connecting objects to internet and cloud devices, software and applications have changed the course of business and industries across the globe. A car owner can now just switch on the AC of his or her car right from his or her bedroom, to ensure interior is well cooled when it’s time for that long drive – that’s IOT.
IOT and business opportunities forecast
IOT or Internet of Things is for everyone, homes, small and medium businesses and large enterprises. IIOT of Industrial Internet of Things has made SMEs around upgrade their way of working and it can be clearly seen in the data from McKinsey and Gartner.com that the use of IIOT has moved upto 13% in the year 2014 to 25% in 2022, this is further forecasted to a threefold increase by 2023.
“The industrial revolution has found a dynamic next-generation push with the existence of IIOT and 5G in the same time-frame. “
Forbes believes that by the year 2026, the global business market like security is expected to grow to $270 billion worth and almost 77 percent of this market is going to make IOT a part of it.
According to Statista, by the year 2025 global market for IoT would touch 1.6 trillion Dollars.
A recent report on IoT from Digitalist, by the year 2025 IOT will be impacting 11% of the global economy.
International Data Corporation on the other hand predicts IoT technology-based service consumption to cross $1 Trillion by end of 2022.
What is IOT or IIOT?
Internet of Things or Industrial Internet of Things is the technology of adding internet to objects and connecting them to cloud-based servers for data reading. One such example would be a smart fan or smart car that previously didn’t have internet but now can be accessed via an app. Companies are using IoT to understand the performance of their products, improving them accordingly. Reading the output and efficiency or bugs of a product is a cost-effective means of getting through the quality phase.
“Turning the world into a smarter one and making innovation accessible is how IoT is changing things for modern businesses all over the globe. “
Benefits of IoT solutions for businesses
IOT does something very simple yet extraordinary for businesses, it lets them add sensors to objects, pieces of machinery and products which can be as small as a household bulb to as big as a commercial tractor. The data is stored in a cloud and can be further read and analyzed to understand the output of the object or device.
This very straight mechanical magic allows businesses to create better and smarter products, and services, do innovations in their existing technology and turn their equipment into longer lasting. IoT-enabled data also helps in fixing any inefficiency or bugs to do better. Result? Growth, innovation and a chance to beat competitions.
IoT is changing the course of modern businesses by enabling a business with advantages like:
- Smarter products
- Overtaking competitions
- Data-enabled services
- Low-cost quality analysis
- Optimized improvement
IOT or IIOT is largely creating new business opportunities for small and big scale enterprises by making innovation easier, cheaper and possible. Creating products or services that relay data for analysis to ensure low-cost automation, bug fixing, quality control and upgrades is how many regular businesses are entering the world of smart business.