Have you ever realized how incredibly fast the world has been progressing ever since the Internet of things (IoT) has managed to integrate various aspects of communication for speeding up various business processes? Moreover, the entities have the potential to raise $300 billion in revenue by 2020 joining more than 200 billion devices globally, according to Computer World UK.
Existing Multinationals Investing into IoT:
Google being the most massive tech giant has been constantly upgrading and investing vigorously into IoT in order to stay ahead of the game. It’s latest being 5g internet service that is going to be 40 times faster than that of the regular internet connection!
Imagine how amazingly fast every business transaction will get as they will be able to download and store personal data of their users. The data collection will assist them in understanding the underlying needs of their clients as all such information will flow from multiple devices within the shortest of time possible.
This leading telecom service provider has an affiliation with various other successful companies mainly Cisco, GE, IBM, as well as Intel. Their primary intention is to design the right IoT tool that will bring these multinationals together. Since this market has huge potential, Virgin and Verizon are soon going to invest for this exercising this concept.
Right now, AT&T is heavily investing in the fleet, energy managements, and self-driving cars, which will soon become automatic with the help of IoT.
This is the company solely using the concept of the internet of things by connecting one machine with another (M2M) in its business operations.
The company’s superior cloud-based software and machines can incorporate data, as well as analyze them released from sensors and smart devices. Companies can later utilize these collections of data for determining the usage patterns of smart devices by various users, at the same time providing services globally.
Despite the fact that Facebook is only a social networking platform, which has raised billions of dollars while providing a business platform for other businesses; the company will soon become the leading star of IoT within a short time.
The company wants to initiate by designing a developer kit for Parse, a company acquired by Facebook in 2013. This acquired company’s main objective is to booster Facebook’s progress towards IoT by creating applications with enhanced IoT functionalities perfectly compatible for integrating chips designed by famous chip manufacturing companies such as Intel.
Reasons behind their investment:
You may wonder how the above tech giants are actually benefitted by investing into IoT. Their reasons are quite obvious.
Companies that have already started to manufacture devices such as Wi-Fi routers and processor chips that help to establish better internet connectivity are clearly making huge profits right now due to the epidemic of internet connection.
The companies that are enjoying massive profits are Cisco Systems, Qualcomm, and AT&T as they had managed to foresee the upcoming trends of the 21st century.
All the latest smart devices are interconnected and smart. A $30 dollar worth of thermostat costing $300 now, since you can remotely control it using your smartphone or tablet. One of the companies called Nest has all the right devices for building a comfortable smart house for your living. Naturally, you will no longer need to worry about surging electricity bills as your smart thermostat will automatically turn off when the water has heated.
IoT can be observed in the latest fashion industry. Check out Apple watch. Investors are investing into fashion industries that are willing to integrate IoT in its product line as potential customers are ready to pay premium prices for these highly advanced fashion products linked with IoT, making it one of the most lucrative fields of investment.
The majority of small businesses and shopping centers are using latest techs for understanding the needs of their customers. There are sensors and RFID tags installed in different stores for understanding the shopping trends of customers so that they come across appealing discounts attached to products they frequently purchase.
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Retailers are able to clearly understand the needs of their consumers with the help of IoT. Moreover, for a customer’s convenience, the sensor attached to products in shopping malls will interact with his/her smartphone; hence pointing out the exact shelf number where it is located.
Last but not the least, as the entire world is stepping into a new era, the era of technology, businesses need to increase their investments in their respective IT departments. Further investments in this field are definitely going to help extract higher returns for those companies. Take advantage of time and prepare yourself for the ultimate boom!