4 August 2022
Global IoT market continues to expand and has achieved a 22% growth in 2021. That being said, the overall amount of money spent on IoT solutions was 158 billion dollars, and the progress is not expected to slow down.
For business owners who want to stay competitive in a modern-day market, one of the key factors to remember is to stay in touch with newest trends and plan their actions according to trends. The point is not being technically fashionable, but to monitor the possibilities of becoming a top player and attract talents interested in the newest technologies.
IoT is not a buzzword. It has to be viewed as a technology that is supposed to help companies achieve specific goals that are not attainable otherwise. Keeping an eye on trends and new solutions must be seen as beneficial and providing both inspiration and real benefits.
Here’s a short list on why IoT is a word to remember.
The sole purpose of using IoT is to improve one’s operations and therefore invest in technology that is designed to save money in the long run. Taking inflation into consideration it’s a matter of survival for many businesses, since the price of investments will increase in time just like any other thing. IoT solutions are at the top of the list when it comes to ideas worth investing in and there’s solid data to back it up.
The general idea between IoT is to make objects interact with one another as part of a bigger system. That said, IoT is applicable for most if not any types of business which means that it has the power to improve performance of different organizations within different industries. Which brings us back to the concept of building up one’s competitive position, because since the prices are expected to grow everywhere, it will be expected from service or product providers to offer something extra, like improved workflow or speed of delivery. While IoT cannot be interpreted as any kind of magic trick or anything of that sort, it has plenty to offer to almost everyone on the market. For companies’ owners it’s advisable to find a business partner who will help with choosing the right strategy of investment and new solutions implementation.
Competing with companies from the same area is one thing, the other is to understand that there are providers of similar products in countries with smaller costs of labor and manufacturing in general. That being said, we’re back to being competitive based on costs – one’s need to understand that great experience or know-how are obviously important, but in the end if your client treats low cost as a priority, you have to play the same game and IoT is, again, a very useful tool.
Another thing that should be well understood is that IoT is a song of the future, but it doesn’t mean it’s something taught in schools or there are plenty of specialists available, ready to perform for your company. The deployment of IoT solutions is lower than it could be, because there are not enough talents available and while the number of job ads is growing constantly, the number of people who actually know the technology is growing visibly slower.
It’s not supposed to make anything sound exclusive, but it’s something that has to be said.
IoT-based energy management is a tool that’s expected to be in high demand for companies who want to limit their carbon emissions. This subject is expected to gain even more attention than it has now and it will use a lot of human power. That means a few things – higher demand on IoT specialists and increase of this trend’s visibility.
When it comes to IoT the gap between the leaders and those who still hesitate is widening. The interesting thing is that companies who successfully closed their first IoT projects are investing in new ones and those that are not investing at all are falling back. The question arises – are they aware of the losses or why are they losing with some of their competitors.
IoT is not an easy or cheap technology and adopting new strategies and tools require engagement, knowledge and trust in one’s vision. The complexity of what IoT really is and what it can bring to the table might be challenging to understand, but successful stories tend to prove that the investment was a right decision to make.
Author: Patryk Bański, Software Developer at ITSG Global