The domain of IoT is expanding day by day. It is much more than a wearable that tracks your steps, a smart refrigerator that tells you when you have to go to the grocery store or a smart watch that you are thinking of purchasing. IoT is the central system that sends out and tracks crucial information between places, things and people. It is not just altering our personal life but is also offering prospects for innovation in business. From home automation to health care to smarter industrial applications and cities, IoT has entered into multiple spheres. It is estimated that by the year 2020, 50 billion devices around the globe will be connected to the internet. According to a survey conducted by BI intelligence, Internet of Things will be the biggest device market in the world with an estimated value of $1.7 trillion added to the global economy by the year 2019.
One of the most easily achieved tasks for businesses in IoT is exploring how connected people, processes and devices can boost efficiency and lessen the costs within the city, workplace and home. According to a survey, 1 in every 6 businesses will roll out an IoT centered product and around 75% of those are recently exploring how to make use of IoT to improve internal services and operations. Internet of Things is all geared up to transform the customer experience by assisting companies in customizing or personalizing services and products based on behavior and data sent by customers, utilizing connected devices. The outcome is innovation all across.
Emerging sphere of IoT players
Let’s have a broad look at the budding landscape of the different players of IoT. They can be categorized into one of the three camps with each one portraying a different kind of enterprise:
Enablers: Enablers develop and implement the fundamental technology. They are basically technology oriented companies. The task of these vendors is to build and maintain the infrastructure of IoT that allows Engagers to develop their own connected services.
Engagers: These design, create, integrate and deliver services related to Internet of Things to customers. Engagers providers direct link between the market and IoT. They make use of hub, endpoint, service offerings (the IoT infrastructure) and platform created by Enablers to produce services for businesses and consumers.
Enhancers: Enhancers develop their own value added services along with the services offered by Engagers. Such companies offer integrated services that repackage and reframe the services and products offered by the Engagers. The proposition of their value sprouts from creating and extracting value from the relationships, insights and data generated from the IoT devices and activity.
Discovering your path through IoT
With the evolution of IoT, the implications for the evolution of business model are going to be humongous. Opportunities for services, product development, optimization and innovation in employee and customer engagement and overall experience design are for you to define and discover. Apart from exploring where you wish to be and want to be, you also have to modify your perspective to visualize it in two distinct ways- a) Where you input value and to whom and b) Where and how you can garner value to boost the efficiencies of your company, learn and recognize opportunities.
As new and different horizons are explored by competitors in the field of technology, your competitive advantage will boil down not only to technology, but also to how you incorporate it in your organization and daily lives. This will result in improvement of your current living style by bringing in new and budding breakthroughs that are impossible to realize now.