IoT to uplift SMEs

By CIOReview | Monday, January 8, 2018
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IoT platform (Internet of Things) does not just stop by benefiting business and stake holders. It also enhances individual’s living standards by its cost and energy efficient network quality. Though IoT has been a debatable topic around the technology surrounding for years, it is only recently been embraced by the common man. Because of its enormous growth, IoT devices are anticipated to revolutionize the global market in near future. By the year 2020, the range of IoT devices built in the market is estimated to be 21 billion, according to Gartner.

2018 is going to be an IoT year for all the small and medium- sized enterprises (SMEs) as they will access more IoT technology than ever before.  This is because of the decrease in cost of sensors and software platforms that will allow the budding organizations to utilize IoT in a better way to drive productivity. Deploying IoT, the SMEs can produce more data that in turn will help in convenient interaction with their customers. Particularly, for agriculture and manufacturing, IoT can cut down operational costs and increase efficiency.

In spite of several technical advances offered to SMEs, there is a lag in the uptake. This can be addressed by developing simpler and uncomplicated products. As it is too advanced for a lot of SMEs to catch up with the trend, providing a clear benefit with easy solutions will enable them to acquire and leverage IoT in a large scale.