The hype cycle for the Internet of Things has peaked. Rather than talking about internet-connected devices as the future, the technology industry increasingly sees them as a given in the present. By 2025, over 25 billion devices will be connected to the internet: PCs and smartphones, jet engines, vending machines, and even soap dispensers. Industry reports estimate that the IoT will likely produce almost $2 trillion in terms of economic benefits worldwide.
The IoT is already inspiring new business models, improving efficiency, and producing new streams of revenue. Utilities achieve significant cost savings by using smart meters; car insurance firms lower risks and offer value by using sensors that track driving habits. As consumers embrace the Internet of Things, many companies are looking for strategies to gain a competitive advantage.
It is essential for today’s companies to understand how to take advantage of the IoT to transform their business. The world is still in the early stages of the IoT experience, but because technology moves so fast, vast developments can happen within just a few years. Experts advice companies to start experimenting with smaller scale projects as early as now if they want to gauge the benefits that the IoT might bring to their bottom line. They also need to monitor the goings-on in other industries to generate new ideas. Leveraging the IoT in industrial sectors, healthcare, and other vertical industries will revolutionize the traditional method of doing business, and these evolutions will give providers a lot of business opportunities as well.