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Top Four Markets for Internet of Things(IoT) Technology

Top Four Markets for Internet of Things(IoT) Technology

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The Industry 4.0 is accelerating at a tremendous speed, keeping the Internet of Things at its core. As suggested by experts, there would be more than 25 billion connected devices by 2020, accounting over $350 billion.

Although IoT offers massive opportunities, many companies and individuals still hesitate to invest in the Internet of Things. Some technical experts even state that most companies have built wrong concepts related to the IoT.  It’s utterly sad to see a majority of businesses holding themselves from adopting this new form of technology.

However, the Internet of Things will soon make a stout presence in the market. It will determine the operation of every organization, and make our daily lives easier. Amongst all, here are four major markets that will be influenced by the IoT.

Consumer

Mobile companies such as Samsung, Apple, and Google will soon reach their customers with an entirely new range of products. The product line will be related to robotics, autonomous, and smart home appliances. We have already seen these IT giants acquiring startup IT companies: Google acquired Nest Labs, Apple launched HomeKit, and Samsung acquired SmartThings.

The IoT platform will soon become a battleground, and the businesses with most dynamic and useful system will stand out among the rest. While it’s already hard to switch from iOS to Android, it’s going to be even more difficult when your Apple car doesn’t connect to an Android phone or vice versa.

Industrial Internet of Things

The Industrial Internet of Things is even a bigger than the consumer market. The IIoT which is also known as Industry 4.0 can offer extensive opportunities to businesses. It would help them to lower the production cost, improve quality and customer demand.

IoT can help businesses to achieve so much more!

Companies ready to collaborate their expertise with tech firms will be able to foresee the advantages of IoT shortly. The IoT can shed light on various aspects of the business including Customer Relation Management, Sales, Production, Inventory Management, and more. The first companies to initiate their steps towards IoT will be the ones to receive the benefits.

Real-time Analytics

IoT in conjunction with businesses can help companies to gain real-time insights. Gone are the days when traditional analytics methods were the Holy Grail of marketing. To keep up with the competition, it is essential for businesses to consider dedicated cloud server such as Amazon Web Services or Salesforce. Such platforms can keep track of the entire IoT network and eliminate the bottlenecks.

Autonomous driving and robotics

Autonomous cars and drones are already here. As sophisticated driving technology is starting to take over, it will put forth a plethora of advantages for both enterprise market and customers. Uber has already tested its autonomous cars in Pittsburgh, while Google and Amazon have tested flying drones for delivery. Robots in Japan have already taken over the jobs of hotel assistants.

Summing up

A plethora of industries are already benefiting from IoT, and soon it will encircle the remaining industries into its spectrum. If businesses lag behind to adopt this innovative technology, then they might lose a big share of opportunities.