IoT is Revolutionizing the Way We Do Business, And We Love the Picture

As COVID-19 has hiked the need for interconnectivity and technological integration in everyday life, the Internet of Things or IoT has seen exponential growth throughout the year 2020. Today, the number of devices connected to the internet (7 billion) is a lot more than the number of people using the internet (4 billion).

It’s becoming more mainstream by the day as even MSMEs across the world are adopting the technology which is otherwise considered high-end.

Research conducted together by Oracle and Enterprise Strategy Group suggested that a total of 84% of businesses are currently deploying at least one of the emerging technologies, i.e., Artificial Intelligence, Blockchain, Virtual Reality, and, of course, IoT.

But what’s even more interesting is the fact that the organization which have these technologies are growing at a much faster rate than the ones that don’t. It is observed that the former’s revenue is increased by 58% and profit by a whopping 80%.

The same research also shows that the businesses which use financial digital assistants show an average 36% improvement in productivity and 38% improvement in the speed of analysis.

With proven benefits as important as the aforementioned, it’s important for entrepreneurs to understand all aspects of how IoT can help boost business.

CURRENT IOT LANDSCAPE AND PROJECTIONS

According to State of the IoT Q4 2020 & 2021, there will be close to 30 billion IoT connections worldwide by the end of 2025. That directly translates to 4 IoT devices per person. There’s certainly paved way for a deeply interconnected society.

Socially uplifting devices like smart homes and smart cars have definitely accelerated the acceptance rate of IoT devices. The penetration rate of connected cars was already 80% in 2018 in the USA, as per research.

Experts view IoT as something that could help cope with those problems of humanity that were in fact unfathomable a few years back. When integrated with other emerging technologies like AI and ML, it could help make technology more human-oriented.

In 2019, 20% of the major IoT projects were dedicated to city life automation, or “smart city” initiatives. Global trade, retail, healthcare, banking, and even the defence industry has been widely benefitted by IoT progress.

At the end of 2020, the value of the IoT market was approximated to be around $150 billion. By the same time in 2025, it is going to be over $1.5 trillion.

IOT IN WORKPLACE — THE MANY APPLICATIONS

Essentially IoT is a web of interconnected electronic items — it can include anything that has sensors, actuators or basic connectivity. It can be used by organizations in many different forms, based on their needs and potential benefits.

• Inventory tracking — IoT can be deployed for managing storage units and internal resources as well as contacting vendors for orders.
• Data interpretation — using IoT for data collecting and interpreting activities is very helpful because it eliminates human error as well as personal bias.
• HR Transformation — IoT can enable completely automated and more informed employee performance management as well as employee engagement activities.

IOT AS A BUSINESS — OPPORTUNITIES ACROSS INDUSTRIES

The beginning of 2019 marked a total of 26,792 niche IoT based startups. The numbers are growing aggressively as more entrepreneurs are finding more ways to deploy the technology. Let’s see how it’s found a place in different industries:

• Healthcare Cancer screenings, patient monitoring, increasing transparency in the system, remote operations, and many other potential opportunities are being explored by innovators.
• Manufacturing Businesses are trying to integrate operational tech (OT) so as to automate processes, monitor QA, and manage resources, sometimes even remotely! Smart sensors, 3D printers and big data storage are some of the key pillars of the IoT revolution in manufacturing.
• Retail In a consumer-centric industry like retail, IoT can work wonders at the experiential level. Automatic checkout systems, robotic/smart shelves, interactive store maps, personalization of discounts, etc. are just a few examples.
• Agriculture AgriTech is a booming industry with lots of potentials — right from field sensors, automated irrigation, equipment sensors all the way to origin tracing. Some innovators are also trying to transform the industry entirely into robot farming.

FINAL WORD

IoT is the foundational element of a new industrial revolution, which has given birth to Industry 4.0. It is enabling the digital transformation of organizations, people, and society as a whole. The question isn’t who would ride the bandwagon and who wouldn’t, it is about who makes the best use of the resources and endless technological potential.

If you are someone looking to innovate with world-class technical teams, get in touch with Valere today!

Valere is an award-winning software development agency that has built over 300 top-rated applications for startups and Fortune 500 companies in all verticals like healthcare, finance, sports, fitness, education, and more. Their apps have been featured by the New York Times, and have been consistently recognized as Apple App Store’s top featured apps, TechRadar, and Google Play Store’s top featured apps! Schedule a call with us today to learn how we can help your team create the perfect software or application that can Accelerate Your Business Goals!