Internet of Things (IoT) when unleashed for the first few years were mainly related to home automation or connected home gadgets. But over time it continued to take over other spheres of life, most notably workplace automation. Modern enterprises and business workplaces are increasingly depending upon connected environment with several gadgets sharing the workplace network allowing unrestricted communication and collaboration among devices.
Thanks to this mobile and web solutions enjoying deeper penetration and smooth collaboration from different stakeholders and workforces. At present the IOT market is gaining penetration in enterprises just with the mobile apps playing the key role to connect several devices. The IOT market in India is growing rapidly and is expected to reach $15 bn by the year 2020 from $5.6 bn now. This growth can be mainly attributed to the growth of enterprise IOT or the penetration of connected environment in businesses.
Besides IOT, machine to machine technology widely dubbed as M2M services is going to play a big role in reshaping businesses, particularly B2B landscape in India. B2B businesses are more proactive in leveraging IOT in their operations as operational efficiency and performance play a more crucial role for them. As far as achieving result oriented growth is concerned, faster project completion and time to market is more important than ever before. Quicker project completion and fast paced development will ensure competitive cost advantage which is crucial for B2B business niches.
The M2M technology which allows more time specific collaboration among various parties actually changed the way businesses take care of various processes whether it is about monitoring, managing resources, project management and driving automation. Thanks to IoT it becomes easier for marketers to evaluate the market and spot more specific opportunities. The communication among machines in an enterprise environment will help businesses garnering more real time insights from the communication data.
The best thing about IoT is that it offered us an environment where the surroundings can easily be interconnected irrespective of the context and place of use. Though the connected environment started with few devices and mobile apps that can enjoy interconnectivity, over the time it gained penetration into other niche areas. Recently, the overwhelming number of mobile devices and the strengthening of connected devices in workplace environment made the enterprise IOT possible.
The best thing about enterprise IOT is that it helped bringing down human errors while creating new opportunities with predictive analytics. The analytical insights offered through the maze of device and communication data pertaining to connected environment made detecting business opportunities easier.
The B2B businesses who work in a more competitive environment with more cost constraints and demands for faster delivery without compromising on the quality find such inter-device communication and multifaceted connected reality as an opportune field to secure competitive advantages. B2B business niches are highly competitive and machine 2 machine communication and automated collaboration can only give them advantage in terms of cost and faster time to market.