The Internet of Things is an architecture of ever-increasing complexity; it is the next stage of integration of every entity in our lives, and incorporation of new technologies would make it much easier and quicker to incorporate IoT, which in effect would change other aspects of our lives at home and work.
Companies see a great opportunity in IoT uses, and businesses believe that IoT holds the promise of enhancing customer relationships and driving business growth by improving quality, productivity, & reliability on the one hand and reducing costs, risk, and theft on the other side. Through having the right IoT template, companies will be rewarded with new customers, better insights, and better customer experience.
As IT service companies, suppliers, and distributors try to diversify revenues and offerings, an IoT platform continues to evolve and expand, adding IoT to their portfolios in the context of their current strengths in specific areas. This happens outside of IT and telecom, as well as among companies that are not typically part of the IT channel. Examples include marketing firms, providing IoT solutions for which they need IoT technologies and facility management and smart building firms, and convincing their existing channel partners to include IoT solutions for existing and new end customers in their offerings.
Just as the Internet of Things continues to drive developments towards an as-a-service model, businesses with projects on the Internet of Things are increasingly using platforms and solutions to enable them in an as-a-service approach.
Every day, IoT is bringing more and more things into the digital fold from refrigerators to parking spaces to smart homes, which is likely to make IoT a multi-trillion dollar industry soon. A Fortune Market Insights report shows that the international IoT industry, estimated at $190 billion in 2018, is projected to reach $1.11 trillion ($111.3 billion) by 2026 at a compound annual growth rate of 24.7 percent (CAGR). It anticipated that the banking and financial services industry would be the largest market share segment.