By eliminating the difference between real and virtual, IoT has shrunk the world into a digital frame. If you shift your focus from brick & mortar, the second thing you find with maximum installations across your premises will be IoT devices.
So, sipping a cup of coffee, obviously from an IoT-driven ‘intelligent coffee machine’; if you are thinking ‘How IoTs are impacting the business sectors, and what are the upcoming trends to make your business future-ready,’ then we have met at the right time & right place. Of course, through IoTs.
So, Hey there! We at Whitelotus Corporation are one of the top mobile app development company offering smart & innovative IoT app development services for nearly 10 years. We have keenly studied the global IoT market as well as we have closely worked with a variety of consumer base. After performing a thorough research, we are here with this blog.
Whether you have an already installed IoT set up working at full throttle, or you are planning to install a new set up. This blog is a surely to give you important insights into how IoT impacts business development.
Rather than jumping directly onto the topic, starting with basics is always a good idea!
What are IoTs and why is there so much buzz around them?
IoT (Internet of Things) refers to a collective network of physical devices that facilitates the exchange and communication of data between these interconnected devices over the internet.
Any device that connects with internet is an IoT. Smart TVs, Smart fridges, smart security systems, smart fitness trackers, smart medical sensors, smart bicycles, smart watches, smart phones, smart fire alarm system, etc., are some popular examples of IoT devices.
With the emergence of ubiquitous computing, powerful embedded systems, commodity sensors, actuators, as well as AI/ML; IoTs has evolved in a few years by digitally transforming business sectors.
Let us prove our point by presenting some statistics.
Some Insights into the Global IoT Market:
The global spending on IoTs accounted for USD 749 billion in 2020 and is expected to cross a whooping USD 1.1 trillion by 2023.
As per Statista reports, there were around 9.7 billion units of IoT-connected devices across the world in 2020. This number is expected to triple by reaching 29 billion units by 2030.
The global IoT market size was valued at USD 182 billion in 2020 and is expected to garner USD 621 billion by 2030. Triple growth in a decade!
The global IoT managed services market revenue accounted for USD 30 billion in 2018 is expected to increase at a rapid pace amounting to USD 135 billion by 2027.
According to Statista’s forecast, there will be more than 30 billion active IoT connections worldwide consuming a data volume of 79.4 ZB by the year 2025.
How are IoTs are impacting Business Development?
Given statistics project a bright future for IoTs. Let us further understand how IoTs are transforming organizations by positively impacting business development.
Enhanced Business Productivity & Profitability:
IoT devices have leveraged a smart working ecosystem across all business sectors. With workflow automation, orchestrated task management, resource optimization, real-time monitoring & tracking, risk identification & mitigation, as well as streamlined business processes; businesses are observing an upscale in their growth chart. IoTs perform repetitive tasks and maintain detailed records automatically. Hence, more work is done in less time, with minimal resources. This boosts business productivity.
Moreover, the cost to install, operate, maintain, or upgrade IoTs is comparatively very less as compared to the profit gained. This means the inputs you have to invest are comparatively very less as compared to the output it yields. As a result, you get a great ROI (Return on Investment).
Improved Inventory management:
IoT devices can maintain a record of all the assets, equipment, components, device, or machinery present in an organization. It can also track their location and availability in real time. So, when a component is low in stock, IoTs can automatically track its availability, and place an order for replacements.
With IoT, you have a track of your inventory, record of its usage status, and count of its availability. You can keep a track of these assets or control equipment remotely, to avoid misuse. This helps in space-saving, cost-saving, and earning profits efficiently.
Boosting work efficiency:
IoTs make business processes more streamlined and task management more orchestrated. Automation takes up the load from employees, freeing them to focus on more important tasks. A majority of tasks are being performed automatically, in less time, with minimum resources. This helps organizations in boosting work efficiency.
Crystal Clear Visibility:
IoTs put at your disposal the 3600 view of your organization; giving you real-time insights into ongoing tasks, processes, or operations. This is an underrated yet highly advantageous factor when it comes to devising new strategies for business development.
Big Data Analytics:
Through IoTs, a huge amount of data is transformed to & fro from frontend to backend. Big data analytics helps in understanding your customers better, studying their behavioural patterns, or discovering their exact requirements. Analyzing this data helps you in following a customer-centric approach which thereby helps in enhancing customer experience and customer retention.
With IoTs you can also set personalized communication channels like sending customized notifications or automated service reminders. This can help you retain your potential customers and increase customer satisfaction.
Facilitates Omni Channel Approach:
To take consumer experience at new levels, IoT facilitates omnichannel approach for sales & marketing. This a customer centric approach that enables superior quality shopping experience from all channels (mobile phone, a desktop, or a physical shop). Its primary objective is to offer a convenient, consistent, and seamless consumer experience, worth returning to.
Business Marketing & Development:
Ever thought of automated Marketing? Yes, IoTs make that possible too. With automated marketing emails, push notifications and campaigns; you can leverage your IoTs to perform Marketing for business development.
Businesses also perform automated surveys and analyses to understand audience behaviour patterns, their thought process regarding a particular product, and their feedback. This helps in improvising business strategies and framing new audience-oriented strategies for business development.
Cost Effective:
By implementing IoTs in your organization, you have already saved on energy, resources, and time. This dramatically improves working efficiency and reduces overall costs. IoT solutions help in improving current channels of the product supply chain and leverage predictive maintenance to reduce downtime cost and maintenance costs respectively.
Increased Business Opportunities:
Smart Cities, Smart Industries, Smart Buildings, Smart cars, Smart Energy, Smart Health, Smart Supply Chain, Smart Agriculture, and Smart retail; IoT is turning everything smarter.
Industrial Revolution 4.0 is all about digitisation, and digital transformation seems impossible without IoT implementation.
With growing IoT trends, outdated business models are disappearing and new business models are emerging. Nonstop innovations in Cloud computing, big data analytics, AI/ML, and robotics, are creating new opportunities for businesses to grow.
AR/VR has changed the definition of sales & commerce. Businesses are now taking consumer experience to new levels by creating a ditto digital twin of their organization.
IoTs being highly scalable and flexible suits the demands of both SMEs and large-scale industries. It promises consistent growth in all business sectors. To understand better, let us delve into the Future Trends in IoTs
Future Trends in IoTs Transforming Businesses
Where IoT has put forward an infinite pool of opportunities for businesses to grow; we lack time & space to describe each & everyone in detail. Here we have the top 12 growing trends to keep an eye on:
- Smart Industries: Industries are implementing smart IoT solutions by automating workflows, inventory management, RFID tags in inventory systems, smart shelves, automated temperature monitoring systems, streamlined task management, etc.
- Smart Retail: Consumers are turning smarter with IoTs. With a 60% adoption rate of IoT devices, the consumer segment has left behind all the industry verticals. The increasing inclination of consumers towards digital shopping is fuelling up eCommerce retail trends. Software companies are spending more on Search Engine Optimization in order to increase website traffic, consumer retention, and conversion rates.
- Virtual Assistants: Voice Powered mobile app solutions like Apple’s Siri, Microsoft’s Cortana, and Google’s ‘Okay Google,’ are gigantically expanding at both horizontal and vertical fronts. Industries are integrating virtual assistants at the front end of their websites to entice the audience. More than half of the world’s population is opting for voice search at least one time in a day.
- Smart Cities: Smart City solutions are gaining popularity with automation taking over manual operations. Automated streetlight adjustments, automated waste management, automated traffic control, etc.; future trends depict IoTs automatically managing the life of entire cities. Smart city solutions company is fuel up revenue generation as the global investment in smart city initiatives is predicted to increase over USD 185 billion by 2023.
- Smart Homes: IoTs are leveraging automation with smart appliances (switches, lights, TV, fridge, thermostats, geyser, ACs, etc.) turning homes to smarter homes
- Smart healthcare: IoT has revolutionized the healthcare industry by transforming the entire working model. Medical reports of a patient are digitally maintained. Doctors can diagnose or treat patients remotely. E-healthcare is emerging as a new IoT trend in the medical industry.
- Smart Agriculture: Farmers claim that farming has never been this easy and fun before. Interconnected IoTs are leading farmers to a sustainable farming approach, efficiently and cost effectively.
- Smart Senior Citizen Care: IoTs are proving incredibly helpful for elderly citizens. Along with tracking their health & wellness, IOT helps in tracking the availability of medicines, food stock, or other necessities, so that they can plan in advance.
- Smart Cloud: Traditional IoT systems are rapidly being replaced by cloud-based IoT architectures. Where IoT devices process a large amount of data every minute; data storage and data processing become paramount. Cloud computing offers a wide scope for collecting, processing, storing, and analyzing an enormous amount of data with ease.
- Smart Workforce: With technological advancements there comes a need for an expert skill set to build, operate, maintain, and handle IoT systems. Where university programs and professional training courses are failing to adapt with the rapidly changing technologies; there is an upsurge in demand for a smart workforce to significantly fill the skill gaps.
- Internet Telephony: Organizations are bidding goodbye to desk phones with internet telephony emerging as a new trend. Not only it is convenient & viable; voice commands make their usage more flexible and feasible.
- Smart Security: The only reason businesses are concerned regarding IoT implementation, is security. Future trends show the evolution of smart security solutions designed to build an intact security system across the organization network. A smarter way for risk identification & mitigation with stringent security protocols and improved data encryption.
Wrapping up
IOT future trends show potential growth opportunities intended to positively impact the business development across all industry verticals. To stay in the competitive edge, it becomes crucial to make your business future ready so that it can stand tall with technological advancements.
However easy it seems, integration of IoT in your entire organization and its successful implementation is a real challenge. A special skill set of talented workforces is required to incorporate IoT devices as well as operate, maintain, upgrade, and handle them.
Whitelotus Corporation offers superior quality IoT app development services intended to expand your business by reinforcing each & every facet of your organization. We are well experienced and well equipped to provide amazing IoT app development services for startups.
Let us turn your Business Smarter by leveraging innovative & smart IoT solutions. Why wait? Contact us now for FREE consultation.
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