The Internet of Things has been gaining momentum in recent years thanks to the connected devices, office gadgets, and smart homes that dominate the market.
According to Statista, the IoT market revenue is expected to climb over one trillion dollars worldwide by 2030.
However, with increased revenue, there are numerous ways for businesses to leverage IoT technology. But, what is it doing for the company? A panel of business tycoons worldwide share some business opportunities that swear to emerge in the IoT sector. Some of these are.
Voice-powered Technologies:
With an increase in Internet of Things (IoT) devices, business interaction with customers has been changing. Looking at advanced technologies like Siri, Cortana, and Alexa helps perform countless searches as customer orders.
And, experts say that this is one IoT area that is foreseen to expand gigantically in the future. Thus, tech-savvy businesses must grab the promising opportunity. There will also be an end in the role of virtual assistants and customer representatives.
What’s even better is that these automated technologies help in improving customer service, give more efficiency, and create a high end-to-end experience.
Retail Data Tracking as well as Analysis:
Recent technologies have been opening doors to the Internet of Things. Your watch, digital thermostat, smart speaker, alarm systems are all connected. The data they acquire through the IoT (internet of things) improves business.
The ubiquity of these devices helps in leveraging data in the retail world. Business owners can easily track customer behaviour, which falls within the brick and mortar establishments.
Businesses can receive data from cash registers, mobile customer apps, store cameras and then integrate the same to form solutions, which help in customer service. For instance, if data indicate peak levels of customer service during specific times, this information constitutes a key for optimizing the staffing needs.
And, this helps businesses in preparing their inventory in the best manner.
Cybersecurity:
Every endpoint that finds an internet connection exposes itself to numerous vulnerabilities and risks. Many new niche cyber companies are establishing roots, claiming to protect masses and businesses in the best way.
Choosing the right firm is similar to shaking hands for business mergers and acquisitions. Thus, it is essential to find the right provider that suits emerging businesses. Know that these will be the key for any business.
As more and more businesses look for cyber insurance exposure, know that it all comes at a cost. Coverage increases very quickly and becomes selective.
Internet Telephony:
While working in the office desk, telephone and office communication space have become a super communications hub. To even call some devices, the hard phones and desk phones no longer seem appropriate. It is because making phone calls is one of the hundred features that phones provide.
With IoT (internet of things), data can quickly move across devices, databases, and applications. This data can also find transformations into Trends, which can then be monitored to trigger alarms. After establishing a connection, the information moves within devices and databases, which experts can programmatically assess.
Experts suggest seeing more engagement on that front. They foresee a proactive use of social media based on proximity and location. And, in turn, triggers marketers to engage before the occurrence of problems or questions.
Real Estate:
With the advent of e-commerce, there is a world of opportunities for businesses to invest in industrial buildings. However, one thing that investors are ignorant of is what industrial companies need the most.
If you’re looking forward to investing, make sure that the building has capable IoT devices. Also, make sure you have IoT sensors and tags in the inventory systems.
Know that all these devices make a significant difference when it comes to streamlining the business infrastructure. It also helps in increasing the value of the building.
Seasonal Retail:
Did you know that many people are using IoT devices to undertake seasonal shopping? Smart speakers find their place in almost all homes and use them for shopping.
With the refinement of voice search software, many people use the technology to shop for their loved ones. By doing so, there will be increased job creation opportunities for SEO specialists, marketing experts, and many others.
Patient Health Monitoring:
Patient monitoring in the healthcare sector has been emerging lately. It’ll come as a surprise to know that patients will no longer have to go to the hospital or office with IoT. This technology will help in cutting down their costs and promises good quality of care.
Although this transformation is witnessing the appearance of seedlings, you’re most likely to see an expansion.
Virtual Medical Care:
The use of IoT in the health sector is worth monitoring. It is because medical services swear to offer care at a distance. Thus, it is possible to perform minor health operations and monitor the patient’s health conditions from remote places, even when the doctor is absent.
In that way, there is a revolutionization in the way healthcare functions- all thanks to IoT.
Inventory Management:
IoT plays a pivotal role in improving the inventory management of retail companies. Storage and tracking of goods are the most expensive tasks today, especially when running a physical retail store or an e-commerce business.
IoT devices have the ease of tracking in case the stock reaches an emergency refilling level. Thus, these devices send replacement orders. IoT is bliss because it helps in saving space, improves efficiency, and also lowers expenses.
Even better is savings reflect in the final price that the customer pays, without even reducing the profits.
Senior Care:
IoT is gaining laurels in looking after the elderly and other people that require care. Having IoT devices in place, the elderly can ensure that all their needs relating to food and other articles are in stock. Also, it alarms if these essentials run out of stock.
Such devices also work wonders in helping with health and wellness monitoring, especially for the people that struggle with care.
The Verdict- Significant Market Opportunities
The IoT technology stacks see an advancement over the past years. What’s good is that each layer holds significant market growth opportunities. Device-enablement platforms, too, have strategic advantages when it comes to IoT growth.
