Many industry experts and excited consumers have pitched the Internet of Things (IoT) as the next Internet or Industry revolution. IoT is driving industries to invest more in data analysis and business intelligence to create next generation solutions for their customers, lowering operational costs and increasing productivity.
IoT promises the consumer more smart technology that best fits consumer habits. For example, if I was at work and was told it was going a be 40 degrees in Sydney, I wouldn’t want to go home and wait for the whole house to cool down. Instead, it would be better if the home would intelligently cool itself down depending on the need and occupancy.
We are close to the time when this will be a reality. I am waiting for my fridge to text me to buy milk and the coffeemaker to remind me to get new coffee beans. Businesses can now target this area for marketing and show their presence at the right time.
A recent report on Internet of Things, published in Business Insider, emphasizes the below points:
- In total, there will be 34 billion devices connected to the internet by 2020, up from 10 billion in 2015. IoT devices will account for 24 billion, while traditional computing devices (e.g. smartphones, tablets, smartwatches, etc.) will comprise 10 billion.
- Nearly more than $6 trillion will be spent on IoT solutions over the next five years.
- Businesses will be the top adopter of IoT solutions. They see three ways the IoT can improve their bottom line by 1) lowering operating costs; 2) increasing productivity, and 3) expanding to new markets or developing new product offerings.
- Governments are focused on increasing productivity, decreasing costs, and improving their citizens’ quality of life. We believe they will be the second-largest adopters of IoT ecosystems.
- Consumers will lag behind businesses and governments in IoT adoption. Still, they will purchase a massive number of devices and invest a significant amount of money in IoT ecosystems.
Service providers will help businesses fit into the IoT ecosystem. Their extensive experience in data analysis, marketing, lead generation and innovative business solutions will provide you an extra edge against your competitor.