The Internet of Things or Internet-connected devices that communicate with one another – is highly being discussed in recent years, especially with the advancement of smart technologies. Most of today’s tech-savvy consumers are aware of the way that the IoT will impact their home and work life. But what does this upcoming trend mean for the business world, especially start-ups? Smartphones and Big data have paved the road for the IoT revolution, which has created a number of profound opportunities for businesses as well as start-ups.
The ‘Connected World’ is no longer a buzzword, it is a reality today! Over the next few years, we will see it becoming an integral part of our lives – whether it is through smart homes, smart cars, or smart health care.
Gartner has recently found that 43% of enterprises and organizations are planning to use IoT by the end of this year. And 64% plan to roll it out eventually. Companies like IBM, Cisco, Oracle, and SAP have made an enormous investment in IoT technologies.
More than 50 million devices, ranging from smartphones and TVs to smart watches are expected to be connected by IoT by 2020. Statistics show that the connected devices can reduce the cost of the US’ spending on Healthcare by $300 billion annually. It also highlighted that energy savings gained by connected devices could reduce greenhouse gas emissions by as much as 19 percent.
What does IoT mean to Startup Business?
A startup is defined as the beginning stage of a company which has its focus towards problem-solving than profit making. In other words, it is a stage where the ‘Ideas’ in the brain takes a shape, i.e. Execution of an Idea. Of course, profit making is one of the important objectives, but startups primarily focus towards providing the solutions to a problem. Many startups are in the dilemma, whether to seriously invest in sensors that would redefine their approach towards business. Many different meaning and variations given to IoT – mean that it has been one of the most fertile grounds for startup companies in years. IoT Applications has enabled startups to create systems that are smarter, efficient and quickly adaptable to changing conditions.
How Internet of Things Drive Change for Startups?
- Delivering High-quality Solutions – Cloud along with latest technologies introduce data transparency to the IoT. By exposing and sharing the gathered data via cloud-based applications, startups can deliver high-quality solutions.
- Improve Cost-effectiveness – With a surge in connected devices, startups can harness the potential of IoT. They provide enterprises cost-effective and scalable ways of unlocking the IoT-derived Big Data.
- Better Decision-making – Startups get the data they need for better decision-making via Internet of Things. Startups can make better business results when their smart devices communicate – with a billion plus smart devices connected worldwide.
- Improve Customer Services – Boosting customer services has always been a priority for every business. IoT has helped startups rise to the challenge.
Startups and Internet of Things Domain
Ever since its inception in the world of technology, IoT has promised to bring in connectivity and conservation facility among the appliances being used on a daily basis across households as well as workplaces. Few of the startups promise to take this appliance-based communication one step further. Wearables are the trend ever since innovative IoT start-ups started blooming a few years back and many startups are actively involved in this domain. Smart homes and connected cars and buildings are beginning to pop up around the world all because of IoT. Breakthroughs in patient care and remote monitoring are happening with the extensive use of IoT devices and sensors in healthcare. In manufacturing, the use of IoT is viewed as a second industrial revolution, new-areas for startups to initiate their business. Therefore, IoT has enabled startups to create systems that are smarter, efficient and quickly adaptable to changing conditions.
This latest technological innovation is set to hit the public market within the next few years: the Internet of Things. The beauty and true ‘game changing’ nature of the IoT- it will affect virtually all industries that offer physical devices, enabling them to achieve full efficiency thus making our lives much easier. Looking at the bigger picture overall, it is likely that the Internet of Things is the biggest technological advancement ever. In reality, the Internet of Things will benefit your business, but like any tool, we must know how to use it efficiently.