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!
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.
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.
Given statistics project a bright future for IoTs. Let us further understand how IoTs are transforming organizations by positively impacting business development.
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).
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.
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.
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.
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.
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.
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.
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.
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
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:
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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