7 New Business Opportunities in The Internet of Things (IoT) Industry

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Business Opportunities in The Internet of Things (IoT) Industry

Internet of Things (IOT) is Gaining Traction

The Internet of Things refers to a network of interconnected devices that is capable of data transmission and communicating with each other without the need for human interference. Recent data indicates that the number of short-range IoT devices worldwide is likely to reach 17.8 billion by 2024. This technology represents one of the most exciting business opportunities in technology in recent years.

As recently as by the end of 2021, the total value of the IoT market is expected to reach $520 billion with the systems integration segment accounting for $116.1 billion. Statista estimates that by 2025, the market assessment will show data of about $1.6 trillion.

Whether we are talking about industrial IoT (IIoT) or Smart homes, or the application of IOT in fields as diverse as gaming and healthcare, the interest in applications of IoT are only peaking. Needless to say, this represents a tremendous business opportunity in the next 5-6 years. For more exciting business insights in leveraging IoT for your business, please reach out to managed IT services Los Angeles.

New ways for businesses to leverage IoT

Some of the industries where Internet of Things is projected to have the most influence on include:

  • Healthcare
  • Agriculture
  • Retail
  • Manufacturing
  • Building
  • Smart homes

It is impossible to accurately calculate the impact of IoT on specific businesses as it is expected to vastly alter the face of a number of industries in the near future. In conjunction with emerging technologies such as 5G, IoT has already changed entire marketplaces for businesses in different sectors by opening up newer avenues of information & service delivery at speeds that we could only dream of before.

Related: 3 Tech Upgrades To Improve Productivity In Your Business

Here are some of the ways IoT is expected to impact businesses in the near future:

Automated Inventory Tracking & Management

Tracking and managing inventory will no longer be such a time and resource consuming task anymore, thanks to emerging IoT inventions that provide automatically-controlled options. Learn how to deploy IoT Inventory Tracking & Management solutions with IT Support Fresno.

Enhanced Productivity & Efficiency

IoT devices help discover and remove silos from their operational chains so all the small & big parts come together seamlessly. This enables businesses to enhance efficiency & productivity at scale.

Remote Working

Perhaps the most relevant impact of IOT can be seen in the way it has seamlessly facilitated remote work for organizations the world over in the recent past. It has managed to seamlessly connect employees, irrespective of where they are located and has enhanced productivity significantly for many businesses.

Perception & Data Sharing

Many businesses are only starting to leverage the data harnessed by IoT devices. In the near future, businesses are likely to find various growth mechanisms by utilizing the data collection and exchange mechanism. This can include tracking & analyzing patterns of consumer behaviors to offer an enhanced user experience.

Keep an eye out for these 7 growing trends in the B2B IoT space

Cybersecurity

With businesses exposed to significantly increased risk and vulnerability, IoT is likely to play a larger role in ensuring cybersecurity services. There will also be scope for emerging opportunities for industries such as insurance as businesses look to insure their cyber security threat exposure.

Internet Telephony

Calling someone on a given number is fast becoming just one of the communication options that modern phone systems provide. The office desk telephone has undergone a makeover to become a super versatile Internet-enabled communications hub. In the near future, we could expect to see more innovation on this front as the devices are leveraged for extensive social media integration based on location and proximity, and become a tool for marketers and representatives to leverage more intuitively than cold-calling.

Virtual Medical Care

Telemedicine is fast becoming a necessity in modern societies. This is a need that can be served very well by the use of IoT in delivering effective medical services. Leveraging current technology makes it possible for people in remote locations to get expert medical help situated elsewhere. Doctors can now perform operations or monitor the health condition of patients no matter where they are located.

Voice-Powered Technologies

Automated voice technologies that make use of IoT devices have seen a significant rise in popularity and it has influenced the very nature of customer interaction. It has become normal to use Siri, Alexa and Cortana to perform advanced searches and use them to shop and place orders. This is likely to accelerate in the near future and tech-savvy businesses should prepare themselves to grab the opportunity. It is likely that voice technology may also end up replacing customer representatives and virtual assistants as they create a high-end experience for customers that enables greater convenience and efficiency.

Tracking and Analysis of Retail Data

With smart devices replacing almost every traditional appliance at home, the data generated by all of these devices can be harnessed for better business results. This means a continuous stream of feedback data for the retail industry thanks to the ubiquity of these devices. This data can be leveraged to track customer behavior and offer bespoke customized user experiences in brick and mortar establishments. Businesses could also moderate the inflow of data they receive from diverse IoT-enabled equipment, such as the cash register, store cameras and mobile customer apps that can then be integrated to form solutions for customer service. For more ideas on how to do this, consider reaching out to your managed service provider.

Patient monitoring in healthcare

As per reportsanddata, the worldwide presence of IoT in the Healthcare sector is expected to increase at 19.8% from USD 60.83 Billion in 2019 to USD 260.75 Billion in 2027. Patient monitoring in healthcare, in particular, has a huge potential for IoT applications. Especially with situations like the current pandemic, the ability to monitor a patient without forcing them to come into the clinic or hospital can be a lifesaver in certain situations and will also help to cut down costs while improving quality of care. Healthcare IT solution provider can help you get started with remote health monitoring.

Care for Elderly

Similar applications will also extend to opportunities for senior care and management. IoT devices can be a great help not just in keeping a tab on their vital statistics, but can also be used to make sure that they have all their food, medicines and other articles in stock. These devices can also be harnessed to help with monitoring the health and wellness of people who struggle to care for themselves and ensuring their physical security.

Author: George Passidakis

George Passidakis is the Director of Sales and Marketing at Apex Technology Management, 24/7 IT Support provider around LA, Fresno & Sacramento. George has 30+ years of experience as an Information Technology professional. He also has extensive knowledge of Microsoft technology and other SMB IT products and solutions. Stay connected via LinkedIn.