Is The Inculcation Of IoT A Boon For Businesses?
Further statistics by an international publication state that on an average, there would be around 40 billion IoT devices by 2027. Now, this is an astounding figure, that is quite mind-boggling, not to mention doubtful as well. Yet, most astonishing reports state this is in fact true. Businesses across several genres have been religiously deploying the use of Internet of Things (IoT) in their daily operations. Tech firm Diligent Global believes that IoT can be effectively leveraged for managing operations and business continuity by aiding people in adopting contactless technologies.
Pradeep Kumar V, Founder & CEO, Avanze Solutions Inc says, “The needs to minimize physical interactions is a catalyst for IoT adoption, potential efficiency benefits from IoT have gained greater significance like never before. IoT, coupled with cloud technologies, will gear up the industry players to cater to the growing lending/ refinance market thanks to low-interest rates.”
According to a report by Fortune Business Insights the global market for IoT, which was valued at around $190 billion is forecasted to reach $1.11 trillion by 2026, at a 24.7% compound annual growth rate(CAGR). Additionally, Ericsson estimated that the cellular growth of IoT would be leading to approximately 3.5 billion cellular IoT connections by 2023, with an annual anticipated growth rate of 30%.
How have the retail players accepted the use of IoT, especially at a time when it is highly essential for businesses? Vishnu Gullipalli – CEO & Solution Advisor, Retail Insights, believes that during the pandemic, the integration of IoT is not an option anymore, yet very much a necessity. “With IoT solutions at bay, the retail segment could improve customer experience, help gain insights to personalize and analyse demands, monitor inventory, modernize data, intelligent monitoring of business, reduce human efforts & errors, save time, boost sales and invariably add to growth.”
A Forbes Insights survey of around 700 executives states that financial services organisations have led the way forward for IoT development. Here, the data shows that around 6 in 10 executives, in the IT sector, have well developed IoT skills. Additionally, a Gartner study indicates that around 80% of surveyed organisations have been adopting to IoT in order to achieve ‘better than expected’ results.
Arun Gupta, CEO & Founder MoMAGIC Technologies said, “Internet of Things, or connected technologies, is come to the fore, with advent of pandemic and lockdown, in all areas of life including for businesses as we see more and more demand and requirement for automated …connected…remote monitoring platforms, devices, equipment such as in hospital-healthcare systems for preventing failure of critical equipment, disease prediction and diagnosis -smart disinfectants -air purifiers and remote monitoring smart devices for quality and cleanliness indicators– a need for hospitals, and other public places like airports, railway etc.”
Moving on, a leading marketing leader at PricewaterhouseCoopers shared in a Forbes article that only 81% of surveyed internet users that reside in the US are familiar with smart devices and the connected home, and around 30% believe that they can’t live without smart devices.
Ashish Dhakan, MD&CEO, Prama Hikvision India believes, that the innovative IoT security solutions that are helping businesses to comply with health and safety guidelines amid pandemic are Temperature Screening Solutions, Temperature Screening Contactless Access Control and Face Recognition Solutions with Mask wearing alerts, Flow Control Solutions (Crowd Flow, Crowd Density and Social Distancing). Prama Hikvision’s latest IoT products and solutions innovatively use the Thermal, Facial Recognition, AI Detection, and Deep Learning technologies.
In this regard, it would be worth mentioning that the home IoT market would be expected to grow up to around $53.45 billion by 2022. Most of the thought leaders in business believe that industries seem to understand the value of investing in comprehensive IoT strategies. McKinsey has found out that the financial impact of IoT use cases increases more as more use cases are being rolled out.