The Internet of Things (IoT) is expected to be worth trillions of dollars by 2020. Studies suggest that nearly $6 trillion will be spent on IoT technology over the next five years.
The concept is expected to be integrated into our society to lead us to a more convenient life in the near future. Businesses are now taking necessary steps to gain a deeper understanding of IoT and several companies are already reaping benefits from its overall value.
The revolution has already begun and seeing an upward trend. Here are the main market drivers:
- Extended internet connectivity
- High mobile adoption
- Low-cost sensors
- More investment in IoT
Here are three ways how IoT can improve the bottom line of business:
1) By decreasing operating costs
2) Increasing productivity and
3) Developing new product offerings
Let us look at this infographic, which talks about the scope of Consumer IoT, Industrial IoT, the key areas IoT is going to see greater impact, challenges of this concept, and the potential for IoT vendors.