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New Business Freedoms in the Internet of Things Sector

The Internet of Things (IoT) has gained more traction in the cyber market in recent years. Statista projects the IoT market worldwide.

As connected devices, smart home and office gadgets, and other gadgets have become more prevalent in the IoT market, the Internet of Things (IoT) has gained more traction in recent years. Statista projects that the IoT market worldwide will reach over one trillion dollars by 2030.

This increased revenue opens up new opportunities for businesses to use IoT technology. Therefore, emerging trends are essential to keep an eye on in the IoT B2B space.

1. Voice-Powered Technologies

The interaction between customers and businesses is changing with the increasing popularity of IoT devices. Siri, Alexa, and Cortana are advanced voice technologies that can perform numerous searches as customers order. Customers use multiple searches for each order online, showing that IoT will continue its rapid growth worldwide.

Knowing client and customer behaviors reveals an excellent opportunity for tech-savvy businesses. Voice technology will also eliminate the need for customer representatives or virtual assistants. Automated voice technologies can improve customer service, provide a better experience for customers, and increase efficiency.

2. Retail Data Tracking and Analysis

The data that your smartwatch, smart speaker, and digital thermostat collect can all be used to help improve your business. These devices are easily connected and can be used to collect data from retail.

Business owners can gain invaluable insight into customer behavior in brick-and-mortar establishments. You can collect data from cash registers, store cameras, and mobile customer apps.

The collected data can then be integrated to create customer service solutions. For example, if data is available from the cash register, store cameras, and mobile customer apps, it is used to determine peak customer activity times or plan your inventory.

3. Cybersecurity

Every endpoint connected to the internet is at risk. Many niche cyber companies are emerging, and all of them claim to be able to protect your business and you in the best possible way. Choosing the right cyber company is similar to “merging houses” with someone. It will be crucial for every business to find the right provider among these new businesses. Cyber connects insurance companies. Cyber insurance is becoming more popular. The coverage is rapidly increasing. But it’s becoming more limited.

4. Internet Telephony

The office phone has evolved into a very versatile communication hub. It is no longer appropriate to call these desk phones or rugged phones. These phones do much more than making phone calls. In the future, proactive use of social media-based upon location and proximity will prompt marketers and representatives.

5. Real Estate

There are many opportunities to invest in industrial buildings with e-commerce growth. Many investors don’t know what industrial businesses require. Make sure your facility is equipped with the right IoT devices. Buildings equipped with automated inventory management. Some inventory systems have IoT sensors installed and RFID tags. Smart shelves and temperature-monitoring sensors. Real estate is a great place to start a business.

6. Seasonal IoT Retail

Don’t be surprised to see people use their IoT devices for seasonal shopping in the coming year. Bests gifts = smart speakers. Many people use smart speakers to shop, leaving themselves hands-free. More people will be using this technology to buy gifts for their loved ones as operating systems improve their voice search software. The new wave of voice search leads to new opportunities for SEO professionals, e-commerce marketers experts, and many more.

7. Patient Health Monitoring

Healthcare will soon have patient monitoring. It will be possible to monitor patients remotely from the hospital or office, reducing overall costs and increasing quality. Remote patient monitoring is not standard at his time.

8. IoT Virtual Medical Care

It is essential to mention the use of IoT for healthcare. Medical services can now offer remote medical care. It’s now possible to remotely perform medical procedures or monitor patients’ health conditions, even if the doctor is not physically present. The use of IoT in healthcare has changed how the system works.

9. Inventory Management

IoT can help improve the inventory management of retail businesses. Storing and tracking goods can be one of the most challenging tasks in managing an e-commerce store or physical retail shop. There is a device to detect low stock. And send replacement orders. This increases efficiency, saves space, and lowers costs. The final price shows customer savings. Without reducing profits.

10. Senior Care

The IoT is a great way to help the elderly and others who require care. IoT can help ensure that all food and other items are kept in stock, and devices can be used to monitor and secure the health and wellbeing of the elderly — a practice that has been lacking in healthcare.

Image Credit: Mikhail Nilov; Pexels; Thank you!

New Business Freedoms in the Internet of Things Sector was originally published on ReadWrite on January 16, 2022 by Angela Ruth.

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ReadWrite is the leading media platform dedicated to IoT and the Connected World. We work with the industry's top technologies, thinkers, and companies to tell the stories that drive this world forward.

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