The global IOT market is likely to increase by 2020. A significant increase (of about $7.1 trillion) is expected in the market. This will open doors for new businesses and provide advancement in sensor technologies, wireless sensor networks, and data management technologies.
Before we understand how it will benefit businesses, let us take a quick look on the impact of IOT on businesses in the coming years-
- According to Industrial Internet Insights Report, IOT will reach across various industries, such as healthcare, automobiles, and energy. In couple of years, approx. 53 % of businesses are planning to implement IOT solutions.
- According to IDC’s Digital Universe report, in 2020 virtual data coming from IOT will raise up to 44 zettabytes.
- IOT compatibility with social media networks allows businesses to connect with more and more targeted audience.
After understanding the impact of IOT, let us now understand how it will benefit businesses-
- Easy access of sales data– With IOT, businesses can generate their sales data. It helps them plan their production and marketing accordingly. In addition to this, it also helps businesses address customer feedback and preferences.
- Reduced business costs– IOT connect multiple devices and transfer data over a network. This significantly saves money of businesses that had been using different products or devices for sharing of data.
- Improve customer service– IOT connects different devices like phones, refrigerators, automobiles, televisions etc. on one ecosystem. The interconnection of devices on this network helps businesses improve their customer service. They can gain insight on consumers, their preferences, and reviews through this network.
- Improve marketing efforts– With IOT devices, businesses can determine their marketing results by going through the customer’s location, purchase history, customers preferences, and buying patterns. Based on the provided information, companies can plan their marketing strategy accordingly.