The Internet of Things (IoT) is disrupting businesses, governments, and consumers and transforming how they interact with the world. Companies are going to spend almost $5 trillion on the IoT in the next five years — and the proliferation of connected devices and massive increase in data has started an analytical revolution. The Internet of Things (IoT) has been highly discussed, especially as the capabilities of smart technologies continue to evolve. Essentially, IoT is about connecting anything to the internet using sensors. It is part of our business smartphones, as well as devices, and this is only the start. So what exactly is Internet Of Things…
IoT is a combination of sensors, networking, and analytics that can be combined to create greater production efficiency, better quality of life, and a higher level of automation. But just as the Internet revolution suddenly connected tens of millions to the network, IoT expands that reach to tens of billions. Most tech-savvy consumers are aware of the way that the Internet of Things will impact their home and work life, but what does this upcoming trend mean for the business world? The area is going to get so big, so fast that firms who will be slow to embrace it will fall behind their rivals.
Vernon Turner, an analyst at IDC, predicts that the worldwide Internet of Things market will grow to $1.7 trillion in 2020. “Wearable devices are the consumer face of the Internet of Things, and where recognition of IoT appears to begin,” said Turner. Another report stated that there will be a total of 22.5 billion IoT devices in 2021, up from 6.6 billion in 2016. It further states that there will be $4.8 trillion in aggregate IoT investment between 2016 and 2021.
The Internet of Things (IoT) has a reputation for being something that only large companies can capitalize on. However, in reality, the growing realm of connected technology has the power to provide invaluable customer insights to even the smallest businesses. This is where IoT technology can help:
New business opportunities:
The Internet of Things doesn’t just offer greater efficiency, but it also opens the door to many new business opportunities and revenue streams that entrepreneurs can seize upon. It has the potential to change the way businesses and consumers approach the world, and, they will need new devices and services that help them navigate this changing, ultra-connected landscape.
As the price of devices comes down, it’s likely that most firms will eventually be IoT enabled. But small businesses must get their data in order first. Because it generates huge amounts of information, the Internet of Things is very much linked to big data and analytics. These huge amounts of data are seeing increasing use of cloud, making IoT more accessible for small businesses. As a result, the opportunity lies in making this more efficient.
In the future, this could mean the potential to use the information that is generated by machines to improve customer service, for example. Other industries that will also benefit include healthcare, retail, and transportation.
More efficient, real-time operations:
Being able to connect more devices to the Internet will allow businesses greater intelligence and the ability to strengthen the efficiency and effectiveness of their operations. Many small businesses will likely upgrade their equipment in the coming years and install “smart” machines and devices that can be connected to the internet.
Influential support and backup:
You will be amazed to know about the number of influential investors and supporters from all across the globe who are willingly shelling out their money to help IoT inspired businesses to flourish. With multimillion dollars already invested across various ventures in the IoT scenario, it is needless to say that Internet of Things will help your small business in barging in more investors and supporters who will not hesitate to provide your IoT dream with wings. Looking at the fact that Internet of Things technology is not a joke, once your IoT business idea is out of the closet, you will certainly find interested investors willing to invest in your IoT idea.
Perks of the “SENSOR” technology:
Needless to say, sensors are going to be probably the most widely used technology by the Internet of Things scenario for at least the few coming years. Whether it is related to building smart cities, smart transportation, making traffic efficient, smart lightening in our homes/ workplaces, home security, etc. one thing that is common in all these IoT niches is the use of sensors. The sensor technology can be programmed for sensing the environment and then sharing the information over the internet with utmost ease and at minimal costs. Based on the capability of the small business to make use of the Internet of Things technology, we can undoubtedly say that all small businesses can benefit from the aspect of sensor technology in the long run.
What we have to keep in mind is that the “connected world” vision is no longer a buzzword, and it’s already happening. Over the next few years, we will see it becoming part of our lives, whether it is through smart homes, smart cars or smart healthcare. It’s clear that the IoT will disrupt most industries, so make sure you’re keeping your business up to speed.