IoT Business Opportunities You Should Know About

Last updated on October 2nd, 2023 at 04:06 pm

Some 20 years ago, an average user couldn’t predict that in 2021 the vast majority of large and medium-sized businesses worldwide would use the IoT-powered technologies to optimize their operations, target consumer services, create new business models, effectively track their assets, monitor and boost their performance, and much more. And now that IoT devices in use has hit a record high of 40 billion, more and more companies are coming to realize how beneficial and important IoT can be for the successful development and scaling of their businesses. It’s high time that you as a business owner embraced the opportunities IoT development and IoT technologies present to industries. And to know which facets of the ubiquitous IoT deserves your utmost attention, check out some of its business opportunities.

IoT is Gaining Momentum

As we’ve already noted, the number of Internet-connected devices is growing by the day and is projected to grow even further. The technologies that underpin the IoT become less costly with the proliferation of more advanced sensors, more computer power, and improved connectivity.

As you might know, sensor technology that is a staple of IoT-powered solutions doesn’t require as many resources as in the past. As a result, sensors become cheaper and more affordable. Today, even small businesses that don’t have substantial financial resources at their disposal can afford to tap into the power of IoT solutions. Due to their increased availability and cost-effectiveness, IoT techs are now widely used in supply chain optimization, predictive maintenance, quality control, manufacturing, logistics, and other areas.

Furthermore, the IoT market is poised to grow manifold in the upcoming years, which is predetermined by the growing demand for connected devices. And even though the growth in traditional connected IT devices remains moderate, there is still a strong need for device integration, which means combining IoT assets with IT devices, applications, data, etc.

More Uses

Companies of all sizes have a great opportunity to scale their IoT solution providers across their businesses. The IoT is capable of generating tons of valuable data businesses can then analyze, evaluate, and capitalize on. Thus, companies can boost their customer support and user experience, track expenses, monitor assets, reduce downtime in manufacturing, maximize performance, and more.

Further advances in the technologies that underlie the IoT will help more industries access versatile functionality hitherto unavailable. If you’re running a business-to-business company, you can harness the opportunities provided by Industry 4.0 technologies in order to maintain direct connections to their products more effectively. Incessant real-time monitoring makes it possible to predict downtime and system errors, as well as improve efficiency and equipment uptime.

Having More Technologies by Your Side

You can maximize your chances of successfully scaling your business if you combine IoT with other technologies like 5G and artificial intelligence. With IoT and AI working in tandem, not only will your company be able to effectively collect data from connected infrastructure, but also make the most optimal decisions based on the obtained data. What’s more, artificial intelligence solutions and IoT can go a long way towards helping you predict financial losses and reduce exposure to potential risks. Both techs are also effective in tracking and managing inventories in real-time.

5G is another technology worth adopting to get the most out of your business IoT solutions. Combined with edge computing, AI, and IoT, of course, 5G will enable you to digitally revamp your business and make it more profitable. Due to increased capacity, fast response time, and great speed, 5G will help you manage your business tasks in a more efficient and convenient manner. It’s also good to know that when coupled with IoT, 5G will eliminate the need for using cumbersome cable by taking all business operations to the cloud.

And there are more, much more IoT opportunities that have crossed over into the business domain. So, why not tap into them and start reaping outsized benefits from advanced technologies right now.

 

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