The “Internet of Things (IoT)” is a popular concept that is making a huge impact on today’s technology industry. Loosely defined as a way “to make computers part of the physical world in which we live” (Forbes), IoT aims to have everything that is technologically enabled communicate in an important way.
IoT is already all around us in the form of Fitbits, DHL package tracking, the Tesla, etc. and will only become more and more integrated into our daily lives. The IoT is comprised of many individual elements, including smart home products such as Nest’s thermostats, Machine-to-Machine (M2M) systems, intelligent transportation and smart grids. Although each element has its own specific function and goal, the commonality amongst the IoT marketplace is that various technologically enabled products and services act as valuable communication tools in modern computing.
Just how valuable, you’re wondering? Boston Consulting Group (BCG) predicts that by 2020, a total of $267B will be spent on products, IoT technologies, and services – with the latter two being the greatest two sources of revenue. The time is now to take advantage of the opportunities that IoT can offer to you and your business!
IoT provides solutions to some of the biggest concerns business owners face regarding the success of their business, such as how to increase customer satisfaction, improve quality, support new business models and reduce costs. When BCG completed an extensive case study, the ten most valuable uses involving IoT market growth were identified. These included: predictive maintenance, self-optimizing production, automated inventory management, remote patient monitoring and fleet management. The possibilities are endless when you integrate IoT into your business solution!
Surprisingly, the industries that aren’t technology-based today will be the ones to be most influenced by IoT by 2020. With a requirement for secure, scalable and reliable end-to-end integration solutions, IoT will become the answer in various ways such as by providing on-premise systems to cloud apps/platforms. This will aid in providing an answer for quicker operational performance, thereby directly impacting your business’ bottom line.
The Internet of Things plays an exciting part in today’s technology market and will only get more popular and influential in the coming years. With the prediction that spending on IoT Analytics will generate $21.4B by 2020, it’s clear that IoT is the future of the technology market.
Want to learn more about how your business can implement IoT solutions? Contact Saigal Media’s team of professionals today!