Impact of Internet of Things on the Small Business
Let’s look at several ways small businesses can leverage the future of IoT and its cutting-edge technology.
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Executives and market analysts from nearly every industry say the rise of the Internet of Things (IoT) has been rapid and it revolutionized the world.
Around the world, the number of IoT-connected devices is expected to reach 43 billion by 2023 and a full threefold increase from 2018 according to McKinsey, which will amount to a market forecast to surpass US$176 billion by 2022.
In this fast forward three years, IoT has not only accepted but it’s also fully embracing the use of in-home IoT devices such as digital assistants (Alexa and Google Home), WiFi doorbells and thermostats, and appliances. Even it's used and accepted in the mobile app development industry and like many consumers are willingly connecting their vehicles to manufacturer mobile apps.
IoT technology is growing up every day and becoming an essential technology for businesses that want to be resilient, flexible, and quicker to adapt to change. Every industry professional will tell you the IoT's benefits are almost endless.
The Internet of Things (IoT) is becoming more important in our everyday lives as well as in industrial operations.
The benefits of implementing IoT in healthcare, manufacturing, retail, development, etc. are impressive. 94% of businesses have already confirmed returns on their IoT investment, regardless of the industry.
Hardly anyone industry is exempt from the benefits of IoT because it's used in from agriculture to software development each and every industry. Nowadays even small businesses have a lot to gain from it.
Popularity of IoT
There are many popular and renowned IT research companies that have given their strong opinion and some predictions about the popularity of IoT technologies.
> As per the Gartner report, 26 billion IoT connected devices are expected to deliver the best IoT performance till 2020.
> IDC report shows that by 2020, the IoT market is expected to generate $7.1 trillion.
> The report by Statistica shows that 31 billion IoT connected devices will be in the market by 2020.
If you are planning to integrate IoT in your business, it will help you out in many ways like it will help you to optimize your business process, stand out of the competition, increase conversion rate, and many more. It will also change the horizon of the business and the methods you follow.
Benefits of IoT in Small Business
IoT applications not only use to solve business problems but also eliminates the tedious and time-consuming process effectively. On the other hand, it allows businesses to optimize their business process in a more productive way. It reduces the costs and time for production.
Seamless production, round-the-clock maintenance, and customer satisfaction among some others are the pioneer of any business performance and durability. When we talk about business growth and business development, it completely depends on how well you deal with the situations and IoT can make a difference in that situation unexpectedly.
Hence, because of having these awesome attributes of IoT implementation, many organizations are planning to adopt the technology into their business.
So, let’s look at points I have covered which could be leveraged by implementing IoT for your small business.
- Enhance Efficiency and Increase Productivity
- Enhance Customer Satisfaction and Experience
- Improve The Safety of Workplace
- Reduction of operating costs
- Better Understanding of Consumer Behavior
- Real-Time Analytics
When we step into today’s technology world, we find ourselves surrounded by various technologies and tools. It’s mandatory for us to walk along with the technology to stay competitive and ahead of our competitors, otherwise, we will be called an old-school company in this modern world, and no customers will reach us.
When it comes to IoT, it popularizes your business needs. You can get many benefits of IoT. But it’s not an easy process to start using it unless you learn how to integrate the IoT devices into your business process. For this, you can hire IoT developers or connect with the best IoT development company that can help you out integrating this prominent technology in order to boost your business growth.
Opinions expressed by DZone contributors are their own.