Business leaders have gradually realized the importance of IoT and how it can help their companies. IoT is a network of internet-connected devices, provided with the ability to collect and transfer data across a network. IoT delivers constant feedback and facilitates better decision-making for businesses of all sizes. IoT platform is transforming multiple industries like healthcare, energy, automotive, manufacturing, transportation, and countless appliances. This underlying principle of IoT can shape lives to be better than before and get proactive alerts rather than a reaction. So, are you leveraging the benefits IoT technology has to provide? 

Even with going by numbers, the statistics state – 

1. The number of connected devices will rise from 15.4 billion (2014) to 30.7 billion (2020) and further to 75.4 billion (by 2025)
2. The global spending on IoT (hardware, software, integration, monitoring, and analysis) was $737 billion. This will go reach a whopping $1.29 trillion by 2022!

How IoT impact customer lives?

IoT provides personal assistance by regulating temperature, locking doors, activating burglar alarms, and so on. The continuous data flowing through all the objects connected over the IoT has provided a new dynamic in the world of AI. Companies are actively using IoT paired with AI to create engaging and valuable products.

Here are some ways in which IoT is influencing customer lives –

Voice Technology

IoT and AI, paired together, have provided people with a way of managing everything, ranging from personal to professional lives, through speech. Be it controlling AC temperature to turning on car ignition; voice assistants are fast becoming a part of everyone’s daily lives.

Healthcare

The massive data collected by IoT can help determine diseases quickly and provide accurate and relevant medications. This is done by gathering information and insights on the condition from the internet. IoT can help hospitals maintain patient records, manage workflow, and optimize appointments to help doctors carry out their duty more effectively. Using IoT-enabled software to monitor blood pressure and heartbeat can help doctors recognize the cause by studying data provided by IoT.

Smart Refrigerators

Can you think your refrigerator will tell you what things are short?  Yes, that’s what the IoT-enabled refrigerator can do. It will tell you the shortage of supplies and when you need to refill. 

At the store end, too, they can push notifications to your smartphone right when you step into the supermarket. They will alert you to add specific items on your list/shopping cart based on your past buying behavior or trends.

Effective Market Strategizing

IoT can help in meeting the marketing goals of businesses. As enterprises can ingest, process, visualize and respond to huge volumes & a variety of data, they can ultimately build strategies to meet customers’ needs. With internet-connected devices, they obtain a 360-degree view of their customers’ preferences and create campaigns that drive revenue from the audiences. Further, IoT also helps to segment the customer base and generate customized offerings for customers. This will eventually boost the customer satisfaction rate and enhance their experience.

Wrapping Up

IoT has got into our lives and benefits people and businesses alike. It will continue to grow and positively influence people.  Have your business leveraged the power of the Internet of Things? If not, connect with GoodWorkLabs the top IoT application development provider based out of Bangalore. Our team of experts will make sure that you get the best service and you are able to control your application proficiently. Contact our team here!