The introduction of Industry 4.0 is a revolution in the tech world. Today, a large number of companies rely on connected devices and IoT platforms to streamline their operational workflow. Needless-to-say, the Internet of Things is as indispensable as the internet itself. Technology focused culture is rapidly taking over many businesses, and in return, companies are capitalizing the resources offered by the IoT and Connected devices. Traditional industries are unimaginably changing their work algorithms. And, as fast as things are moving, it wouldn’t be off beam to say that the Internet of Things will be a game changer for businesses of every stature.
The Internet of Things and connected devices are used by many industries to optimize energy consumption, security, lighting, and machine efficiency. Most companies have been able to cut costs through predictive maintenance and ensure smooth flow of work. As predicted by Cisco, there will be more than 50 billion connected devices until 2020.
And it’s not just manufacturing companies that are part of this exponential growth. Logistic companies are using the IoT to optimize route and track shipments. Restaurants are using smart appliances to make their work faster, retailers are using advanced payment system and deploying digital signage, and automobile companies are leveraging the IoT to manufacture smart cars. There is a spectrum of industries harvesting the fruits of the Internet of Things. Soon the dream of a connected world will be a reality if the security measures are not compromised.
And, that’s not it! Digital devices connected with the physical world can make a massive impact on the global economy. According to McKinsey Global Institute: Linking the physical and digital worlds could generate up to $11.1 trillion a year in economic value by 2025.
In a recent IoT conference, Telus revealed that they would be introducing an IoT marketplace to help businesses select the right devices to mitigate cost, improve production, monitor resources, and increase revenue. Telus added, “With our dedication, we have articulated the requirements of each unique industry, and we have a concise understanding of where technology is headed.”
Consumer Electronic Show this year introduced an assortment of connected devices including smart refrigerators that will help you to shop from home, automatic lights that adjust to the environment, and secure payment system for retailers and businesses. The usage of IoT devices is mounting to a new level, and to keep up businesses must consider IoT and connected devices as an essential component of their system.