Siri, tell me about IoT.
-What are you looking for?
-I am looking for ways to apply it to different businesses.
-Here is what I found on the internet.
Sound familiar? This is because the Internet of Things (IoT) is everywhere. From smart home appliances controlled by voice commands, like Amazon’s Alexa, to smartwatches, we are surrounded by many connected devices. IDC states that the global IoT market is expected to exceed $1 trillion by 2026. With that big pie at play, the rise of IoT technology opens a myriad of opportunities, from improved efficiency and productivity to new service offerings. However, not all that glitters is gold, prays an old saying. This technology also comes with its share of challenges. With that in mind, I’ve decided to write this article to explore the benefits, challenges and considerations for businesses contemplating the move to IoT solutions. But first, let’s explore what it can be used for. Several industries have begun using IoT for applications other than smart houses or wearable fitness devices. • Manufacturing. IoT is the backbone of Industry 4.0, enabling real-time monitoring and predictive maintenance of machinery, enhancing supply chain management and reducing costs. The IoT manufacturing market is expected to be valued at $1,495.65 billion by 2030. • Healthcare. Wearable health monitors and smart implants are helping doctors and nurses improve patient care, monitor health remotely and provide personalized treatments. This market is expected to be valued at $289.2 billion by 2028.
Full story : Leveraging IoT For Business Growth: Opportunities And Challenges.
