Internet of Things has become the strongest buzzword in tech circles of recent times. Not a single day passes when we do not come across a reference to this emerging horizon of IT. Although it started only as a smart home solution connecting home devices and gadgets soon it continued to encompass workplaces, vehicles and city outdoors. IOT is being dubbed as the next Industrial Revolution or even as the next internet. Most IOT development companies have to take this seriously as it is on them to ride the growth based on the opportunity provided by the new connected devices.
Why give it so much importance and call it the future? Well, connected devices and the platform will actually shape the way companies, authorities, and customers interact and engage with the world now. If you look closely at the overwhelming growth of connected devices that populate the homes and workplaces, the sheer dominance of network ready devices in shaping the user behaviour and business interactions becomes prominent. No longer, we can think of connecting people, places and things across any distance (whether inside a premise or across geographic locations) without a reference to connectivity solutions offered by IOT platforms. Today, from manufacturing sector to city streets embracing smart lighting solutions to home indoors with all connected gadgets allowing seamless interaction to smart systems inside cars, IOT has literally penetrated every single areas of life.
So, while IOT is the future for almost the whole of urban mankind, how can businesses serving these people can stay blind to this trending technology? No, they cannot and hence most companies are acting proactively to integrate and develop connected systems that can help serving their customers better in a high-tech IOT -infused way. The huge growth of connected devices apart, IoT ecosystem comprising of sophisticated and future ready analytics, networks, and security arrangements make way for unprecedented amount of activities for businesses. Businesses are now working proactively to become well equipped to the new standard of interaction offered by IOT let platforms and gadgets.
- IOT Statistics: As per a latest report published by Business Insider, there will be 34 billion Internet connected devices by 2020. The figure is almost double from what it was in up 2015. The same report also states that, specifically there will be 24 billion IOT devices among which there will be only 10 billion computing devices including smartphones, tablets, smartwatches, etc. To make things even more astonishing there will be close to $6 trillion spending expressly on IoT solutions just over a span of five years from now.
- IOT for Businesses: Besides these statistics and figures that are enough to convince anyone if the dominant role to be played by IOT, businesses will be able to take advantage of the IOT solutions in many ways. Among these let us mention here some of the principal ways IOT will benefit businesses and improve their bottom line.
- First of all, IOT will help lowering the operating costs to s great level
- IOT by minimising the time and boosting the efficiency level will boost productivity to an unprecedented level
- Thanks to the cost advantage and innovations, IOT solutions will expand to new markets make new product offerings.