Connected devices are rapidly becomingly more present as a part of our everyday lives. No place is this more apparent than in the home. These devices leverage the power of the Internet of Things (IoT) to create powerful new features and applications within the types of devices we already have in our home. From refrigerators to doorbells to thermostats and beyond, you can now control many of the devices in your home using your mobile phone.
Connected homes have created an opportunity for savvy entrepreneurs and business people as the demand for smart devices in the home grows rapidly. There are nearly endless possibilities right now within the smart home market. Best of all, with the growth that has already occurred, businesses can carefully examine what has happened so far and learn what has worked and what has not within the industry and build upon that information.
While the Internet of Things has already evolved a great deal, it will continue to grow and develop further, changing the way we live and work. Its impact is continuing to affect a number of industries as we are seeing innovations across a broad spectrum of applications. Many of them are within industrial sectors that the average person does not see.
When it comes to our homes, we are seeing IoT turning day to day household devices into smart devices that are helping make our lives more convenient and simpler while keeping us better informed. Connected devices such as Ring smart doorbells have existed for a few years and they give us a good look at what is possible by leveraging IoT.
No longer does a doorbell just let us know that someone is at the door with an audible chime in the home, with the Ring smart doorbell, you can now see, hear and speak to people who are at your front door with your smartphone. And you can do this even when you aren’t at home. Ring has, over the years, enhanced their product offering to the point where it now allows users to send and receive real-time crime alerts to and from their neighbors, allowing them all to work together to make their neighborhood safer.
Momentum is increasing
Within the industry, we see the market continuing to grow rapidly; in fact, on Statista, it is predicted that the connected home market will grow 16.1% per year to arrive at a $37 Billion market in 2022. It is also predict that household penetration will grow from 32.0% in 2018 to 53.1% by 2022.
While smart home devices are grabbing the attention of consumers, this isn’t the only area where IoT is making a splash. IoT enabled devices are becoming common in industrial settings and even offices all around the globe.
IoT has created an exceptional opportunity that more and more device manufacturers are trying to capitalize on. Do you have a little imagination? Can you or your business leverage the power of IoT and the nearly limitless possibilities it offers to grab a share of this massive market? With all the success stories that already exist, there is a great deal to learn from others that have achieved success within the connected home market.
Connected devices in the workplace
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As the Internet of Things has continued to penetrate mainstream consciousness, many businesses have followed the connected home model and have developed connected devices for the workplace environment.
It is no surprise this is occurring, as IoT can be utilized to increase productivity, enhance decision-making, reduce costs and help businesses develop a better understanding of their customer’s needs. There are countless examples of IoT bringing value to businesses around the world that extend beyond the few listed here.
A great example of a connected business device is a smart sensor that evaluates inventory levels improving the supply chain. Connected sensors and equipment in warehouses and other outlets can help monitor movement within the facility and connected products can update inventories in real-time.
By optimizing supply chains and utilizing data and modeling to guarantee that the right products are in the right place at the right time, businesses are not only able to save money on inventory costs but they can also change their in-store experience, allowing them to connect with shoppers in a more personal way.
Or another example would be smart sensors helping businesses manage fleets of vehicles, allowing them to collect data in an efficient and more cost-effective way. These are some pretty exciting examples for business uses, but they are just the tip of the iceberg. With the Internet of Things, it seems like nearly anything is possible. Right now we are limited more by our imagination than by the opportunities that exist.
Leverage data
One of the greatest opportunities that come from IoT devices is the large volume of data generated by the connected devices. By utilizing analytics and data modeling, businesses can gain great insight into their customers’ needs and make improvements to their products and/or services.
For example, by tracking various aspects of product usage, businesses can learn patterns and other insights and then adjust their products to better meet consumer needs. Smart homes enable businesses the opportunity to serve their customers better.
To leverage the data they are receiving, IoT businesses need to plan ahead and create an effective data management strategy and prepare for the massive amount of data they will receive. If they are fully prepared, it will go a long way towards helping them make the most of all that the connected device they have installed. To accomplish this, they will need to have a clear view of exactly what data is being tracked and presenting it in usable ways to internal decision makers.
While entrepreneurs and businesses new to IoT will face many challenges along the way, by taking advantage of the advancements in consumer technology they can have an impact on consumers’ daily lives and make huge profits at the same time. By taking their smart home devices a step further and utilizing data management systems and analytics, they will be able to fully take advantage of the amazing potential of the Internet of Things.
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