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What is IoT and Why is it Important? 9 IoT Statistics to Watch Out For

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The Internet of Things (IoT) is surely a term that you must be familiar with. Perhaps you have stumbled across it at work or read it online. Although most of us have heard the term, a lot of us are still confused about what it actually means and why it is important.

Imagine a world in which every device in your home, workplace, car, and city are connected. That is the type of world that the Internet of Things can create, and it is only getting bigger and better.

What is IoT and how does it work?

Simply put, the Internet of Things is a network of physical devices that are embedded with software, sensors, and network connectivity to collect and exchange data. IoT makes everyday objects ‘smart’ by enabling them to transmit data and automate tasks, without requiring any manual intervention.

An IoT device could be something as simple as a health tracking wearable, or as complex as a smart city with sensors across all its regions. One of the most prominent examples of IoT is perhaps the “Smart Home”. It allows you to control everything in your home - from your thermostat to your lighting to even the surround sound. Essentially, any object that can be connected to the internet and controlled that way is a candidate for an IoT device.

What can IoT do for you?

The Internet of Things offers numerous benefits to organizations. Most modern enterprises are already leveraging IoT to automate and simplify many of their daily tasks. Connected devices are being integrated into existing and evolving business processes. The industrial Internet of Things focuses on automation - not just to lower operating costs but also to increase productivity, improve business processes, enhance customer experience, expand to new markets, and generate additional revenue streams. Industrial IoT is all about being well-informed to make timely and better decisions. It can help organizations shift from the traditional way of selling hardware or software to selling all-inclusive solutions - products equipped with sensors and wireless communications to generate valuable data.

Here are a few benefits that IoT can bring to your business.

Access valuable data at low cost

IoT platforms are designed to collect and process large volumes of data without causing any impact on system performance. Along with data collection, IoT has the ability to perform analytics on the data and make it readily available to all the right teams. This eliminates the need to hire expensive business consultants or market research firms.

Analyze big data

Since IoT generates and analyzes vast amounts of data, it is a significant driver of big data analytics projects. In particular, it can deliver large amounts of data in real-time. This gives businesses a thorough picture of how their products and services are performing in the real world, allowing them to make the necessary improvements rapidly.

Understand customer behavior

The valuable information provided by IoT platforms enables organizations to easily assess customer demand and overall purchasing behavior. Regardless of the industry, companies can use IoT devices to effectively tailor their offerings to meet the customers’ interests, deliver enhanced customer service and increase the value of the business.

Reduce operating costs

The cost of operating an office is a major expense that the Internet of Things can significantly reduce. There are a variety of products available through IoT, which automatically control energy usage and interact with other devices to reduce the overall costs. Meet the connected conference room.

Introduce remote working options

With the help of IoT, it is easy to share information and collaborate effectively with other team members, no matter where they are. Data can be collected, updated and shared with all the relevant team members in real-time, with the touch of a button. Through various IoT devices, it is possible to monitor the performance of all employees as well as improve operations at all locations.

IoT statistics defining the future of IoT

For the benefits mentioned above alone, IoT is here to stay. As more and more items get digitized and the world becomes increasingly connected, IoT will continue to bring innovation in our personal and professional lives. It is predicted to be one of the most crucial factors in impacting an enterprise’s business model in the coming years.

Keeping that in mind, we have rounded up 9 IoT statistics that you should look forward to this year and beyond.

  1. A market for IoT managed services will surface in 2019 to manage, monitor, and operate the fragmented array of IoT networks, devices, and assets.
  2. IoT is set to generate $344 billion in additional revenue by 2020 while reducing costs by $177 billion.
  3. By 2022, there will be 28.5 billion networked devices.
  4. Globally, another 127 devices are connected to the internet every second.
  5. The smart home global market will reach up to $53 billion by 2022.
  6. Companies will invest $15 trillion in IoT by 2025.
  7. IoT data will be increasingly used to automate customer service and sales efforts using CRM software.
  8. Industrial IoT devices are expected to add $14 trillion to the global economy by 2030.
  9. 5G will broaden the IoT market in areas where time and bandwidth speed are crucial, unlocking untapped revenue and potential.

Power your digital transformation journey with Built.io

Built.io, an Integration Platform as a Service (iPaaS) helps you connect all your IoT devices with your legacy systems and cloud services to sync important data and automate processes. Currently, it offers connectivity with IoT services such as Amazon Alexa, Cisco Meraki, Fitbit, IBM Watson, Nest, Philips Hue, Tesla, and more. Using Built.io, you can rapidly deploy complex IoT integrations in minutes. To learn how, sign up with us today or contact us at support-flow@built.io.

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