If you are internet-savvy, and always turn to it to clear any of your doubts related to any service or product, then you must have read and heard the term, Internet of Things (IoT).
However, not all of us fully understand this term, and despite coming across it many times, we might have hardly tried to know about its exact meaning. So, let’s first understand what its exact meaning is, and what importance it has in our daily lives.
But before you understand the exact meaning of the term Internet of Things (IoT), let’s know about IoT statistics defining the future of IoT and its impact on our daily lives.
Statistics defining the future of Internet of Things
Following are a few IoT statistics that you should look forward to this year and beyond.
- By 2022, IoT is likely to network around 28.5 billion devices though every second approximately 127 devices are being networked to the internet globally.
- IoT will generate over $344 billion in revenue by 2021 while curtailing costs by $177 billion.
- IoT data helps in automating customer service and sales efforts using CRM software.
- By 2030, industrial IoT devices may add up to $14 trillion to the global economy.
- The smart home global market is estimated to reach up to $53 billion by 2022.
- By 2025, companies are reported to invest up to $15 trillion in IoT.
After you have understood how IoT is going to impact our lives in future, now let’s learn about IoT.
What is Internet of Things, and how does it work?
Internet of things (IoT) is a system of internet-connected, interrelated devices –a.k.a things or objects that needs no human intervention to collect and exchange data over a wireless network because these devices are embedded with software, sensors, and other technologies
So, IoT is a web of physical objects connected to sensors, software, and network connectivity to gather and transmit data. It turns every device into a smart one by allowing it to transfer data and automate tasks, without the need for any human intervention.
A few Internet of things (IoT)-enabled devices may include a health-tracking wearable or a smart city connected to sensors across all its regions. One of the best instances of IoT is the “Smart Home”.
It helps you in controlling everything in your home – whether you want to control your thermostat, lighting or the surround sound.
Mainly, any device that can be networked to the internet and controlled is categorized in the list of an IoT product.
What can Internet of things (IoT) do for your company?
IoT benefits companies in many ways. E.g., it can simplify, automate your daily business operations.
You can easily incorporate the devices into your evolving and existing business processes.
Focusing on automation, the industrial IoT not only helps in reducing costs but also helps in improving business processes, increasing productivity, expanding to new markets, refining customer experience, and generating additional revenue streams.
Industrial IoT helps you make an informed decision at the right time and allows you to shift from the previous way of selling software or hardware to selling the best solutions – products with wireless communications and sensors to create valuable data.
IoT – 5 Key benefits for your business
- You can generate and analyze big data
Since IoT helps in generating and analyzing a huge volume of data, it works as an essential driver for big data analytics projects. Particularly, it helps in delivering plenty of data in real-time.
It even allows enterprises to have a 360-degree view of their business performance, meaning you can view how your services and products are doing in the real world, and based on that, you can rapidly make the required improvements.
- You can access valuable data at a low cost
IoT platforms are created to gather and process a huge amount of data without impacting any system performance. Apart from collecting data, IoT also helps in doing analytics on the data and transfers it to the right teams.
Best of all, it helps you from the hassles of hiring overpriced market research companies and business consultants.
- You can curtail operating costs
IoT can also help reduce the major expense that you may incur in operating your office.
It helps automatically regulate energy usage and interact with other devices to cut overall costs.
- You can understand your customer behavior
By acquiring useful or valuable data through IoT-enabled platforms, you cannot only easily assess your customers’ demands but their purchasing behavior, as well.
Besides, you can also effectively have your services/products customized, based on your customers’ needs, and offer refined customer service and accelerate the value of your business.
- You can introduce remote working options
IoT also works as an ideal remote working option because it allows you to share information and get in touch with your other team members, irrespective of their whereabouts.
With the touch of a button, you can easily collect data, update and share it with all team members in real-time.
Moreover, the IoT-based objects not just help you in keeping track of the performance of all employees in your company but in improving operations at all locations.
So, just as IoT is digitizing objects each second and creating a world of networked devices, it is not only revolutionizing your personal lives but professional ones, as well.
After reading the article about the meaning and impact of the Internet of Things (IoT) and its benefits for your business, we hope that you want to know which company can guide you.
If you have any questions about your IoT or need some experts’ advice, we would be happy to answer them in the comment section below.