IoT Business Opportunities: The Wave Of The Future
The advent of cloud computing, combined with the increasing penetration of affordable smart devices, is the prime driver behind the rapid growth of IoT business opportunities in India. In fact, IoT is being referred to as “Industrial Revolution 3.0”. After the internet wave in the 90s and the mobile wave around 2000, the IoT wave is predicted to be the next big thing. IoT is what seamlessly connects people to devices and devices to other devices in real-time through in-built sensors. This instantly opens up tremendous opportunity for creating significant value and generating revenue. IoT is rightly called “the new future”. The IoT revolution has given shape to new niche industries and business opportunities.
IoT is expected to generate revenue of around USD 9 billion by 2020. The exponential growth of IoT presents ample opportunities for every vertical and industry to grow beyond expectations. The segments with most potential include application vendors, network operators, system integrators and hardware vendors. IoT demands that a whole new set of values are required to be added to software, hardware and services.
Another huge business opportunity in IoT is data analytics. The increase in connected devices has led to a data explosion and created a massive demand for analysis of this data to deliver better customer experience. Companies which have gone into production with their IoT initiatives have registered a minimum 5% spike in their revenue. Training people for jobs in the IoT sector is another big business opportunity, as no one should be left out of rapid growth in automation and technology.
IoT is dynamically transforming the healthcare industry, with healthcare companies leveraging the data emerging from devices and wearables of patients for gaining critical insight for better health monitoring. For patients, this technology provides a cost-effective option to physical clinical nursing. A report says that by end of 2019, almost 85% of healthcare companies in the US would have successfully implemented IoT.
Home Security is another area where IoT will play an important role in remotely monitoring homes 24/7. These technologies are all set to become the future of smart buildings. The connected home market worldwide is poised to grow at 14.5% CAGR.
IoT is also powering factories and transforming them into smart factories. It helps robots fully automate the packing and picking processes at warehouses, thus reducing operating expenses by almost 20%. Factories are employing IoT solutions for remote monitoring of mechanical and electrical assets in manufacturing lines. Another way in which factory production is experiencing innovation through IoT is through augmented reality smart glasses worn floor operators while performing various tasks.
Thus, IoT is all set to bring about a business revolution in the health, home security and manufacturing. An exciting opportunity awaits startups for creating new revenue sources by developing new systems. Along with companies, IoT will bring gains for consumers too in the form of greater convenience and cheaper goods and services.
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