How Internet of Things (IoT) changes everything?

We are all familiar with the internet and have seen how the internet has shaped the way of human interactions. But, computer visionaries foresee the day when not just humans but all our devices will remain connected to each other by the internet.

Everyone in the present time will admit that IoT is the “next big thing”. The enterprises should adopt IoT technology for sharpening their existing business models. Now the major question arises as to what are the benefits of IoT and how nesses can generate new revenues by enhancing customer satisfaction. The IoT is making this world a smarter place. This is a promising technology that when combined with other techniques could open up the internet of things to a wide world. The world can get a lot better and easier with the implementation of IoT.

The Internet has become a sensation presently. It has transformed the way businesses communicate today. This is the era of the internet and the businesses that cannot adapt to this digitization disappears in the process. Adapting the new technologies help the business to enhance their business and develop strong bonds with their existing customers and also make new ones. The business models emphasizing connecting things” are gaining popularity in the market and giving higher ROI.

Market size and number of devices

Recent research has suggested that as many as 14 million connected devices can be expected by the end of 2022. The devices would remain connected to the internet – directly or indirectly. Are you wondering to see automated and intelligent buildings, automotive, healthcare, and utilities? Of course, you will and this is the future. The next wave of technology will bring bigger revolutions and change everything. There will be a time when you will just have to sit and use the remote and all your work will be automatically done. From the automotive industry to the healthcare industry – the IoT Application Development Company will bring revolutionary changes in all fields.

Major challenges faced by existing business models to implement IoT

Not many ponies have implemented IoT technology. The major challenge for most of the company would be to change and convert their already existing products into technology-based smart ones. Embedding the IoT and entering the digital world can be challenging for some businesses.

The major reasons why IoT has not been gaining the popularity it deserves are:

• Price: People are finding the products way too expensive. Nobody is willing to pay $99 for a smart bulb or $99 for a smart brush. They find a huge difference in price between their regular used products and the smart ones. To make it popular with the mass audience should be done for reducing the prices of sensors and chips. Bridging the price difference will help in making the products popular. At present, there are a few numbers of people who understand and are willing to pay the price for devices. Once the people get to understand the use and utilities of these products, nothing can make them stop from purchasing the products – even the pricing will also not act as a barrier then.
• Basket of remotes: One should indeed have a basket of remotes for operating internet-connected things and for utilizing the devices to their optimum. It is believed that the consumers will still take some time to believe that their smartphones and tablet can talk to each other!!! Most people think that it is an extra burden for them to maintain all the remotes and keep them secured in a place so that they easily be accessed without getting lost.
• Privacy: Privacy and security issues have always remained a concern related to internet-connected things. People always frown upon and think that their privacy would get compromised with the IoT devices. This is a major reason for the less popularity of these devices. The majority of the business owners still believe that the IoT devices are not secured enough and their privacy might get compromised. Even the security experts agree with the same – the IoT products are difficult to be secured as much as the web. Companies who are developing smart devices are mainly focused on making the chips and sensors cheaper to make them available for mass people and in the process the security is getting comprised.
• Competition: Digitization is taking place at a rapid pace. Imagine a place where everyone is trying to shape your future and make it a better one. The competition is high as all the companies want to target the same group of customers and offer the same products. It becomes quite challenging for small businesses to compete with the big players in the market.

However, having value-added services and new business models can help enterprises in achieving success and open new paths of opportunities.

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Albert Smith

Albert Smith, Marketing Manager at Hidden Brains, drives brand growth with innovative strategies in web, mobile app, and software development.