The Internet of Things (IoT) has found its way not only into large industries but also into the homes of everyday users. Today, with just one click on a smartphone, people can control the temperature of their AC or request a song from a smart speaker. By connecting objects to the internet and cloud-based platforms, IoT has fundamentally transformed business operations across the globe. For instance, car owners can now switch on their ACs from their bedrooms, ensuring a cool interior before a drive—that’s IoT in action.
IoT and Business Opportunities Forecast
Importantly, IoT isn’t limited to tech giants—it’s a game-changer for everyone, including households, startups, and large enterprises. The Industrial Internet of Things (IIoT) has especially encouraged SMEs to modernize their operations. According to McKinsey and Gartner, IIoT adoption jumped from 13% in 2014 to 25% by 2022. Furthermore, forecasts suggest this number could triple by 2023.
“The industrial revolution has gained a significant next-gen boost through the simultaneous rise of IIoT and 5G.”
Meanwhile, Forbes projects that the global business security market will hit $270 billion by 2026. Notably, around 77% of that market will rely on IoT.
Similarly, Statista predicts the global IoT market will surge to $1.6 trillion by 2025.
A recent report by Digitalist reveals that by 2025, IoT will influence 11% of the global economy.
In addition, the International Data Corporation expects IoT-related service spending to surpass $1 trillion by the end of 2022.
Several Case Studies
What is IoT or IIoT?
The Internet of Things (IoT) or Industrial Internet of Things (IIoT) refers to the process of embedding internet connectivity into physical devices, allowing them to connect to cloud servers and communicate data. For example, a smart fan or car can now be controlled through a mobile app—something not possible before. As a result, companies can monitor product performance in real time and enhance product quality efficiently.
“IoT is turning the world into a smarter place by making innovation more accessible and results more measurable for businesses globally.”
Benefits of IoT Solutions for Businesses
IoT offers a simple yet revolutionary advantage: it allows businesses to add sensors to virtually anything—from light bulbs to industrial machines. These sensors gather data, which is then stored in the cloud for analysis.
Consequently, companies can:
- Design smarter, more user-friendly products
- Introduce innovations faster
- Outperform competitors by adapting to real-time data
- Provide data-driven services that deliver better results
- Reduce costs while maintaining quality
- Continuously optimize performance and longevity
Ultimately, IoT and IIoT are opening up countless business opportunities. Whether it’s automating routine processes or identifying bugs quickly, these technologies make it easier and cheaper to innovate. Hence, more businesses are evolving into smart enterprises using IoT.