Benefits of IoT
The Internet of Things — the intersection of the virtual and physical worlds via connected devices — won’t just change the way people live and work; it also will bring new opportunities for businesses, analysts say.
IOT is creating a new market for businesses and organizations to grow like never before and automate several business processes for higher performances and increased productivity.
Gartner predicted that by 2020, 30 billion mobile phones, tablets, computers, wearable technology devices and other types of connected devices will be in use. In comparison, in 2009, there were only 2.5 billion connected devices in use, and they consisted primarily of mobile phones, tablets and PCs. As a result, the Internet of Things will add $1.9 trillion to the economy as IT spending continues to grow.
- Business process — Digital technology improves products and services, provides customized solutions and delivers a better customer experience.
- Business model — Industries will continue to merge and automate all processes via the IOT and create a virtual business model allowing superior hold of the market.
- Business moment — Defined by Gartner as the need to compete with unprecedented business velocity and agility, companies will need to adapt to the changing landscape of their industries.