What makes us all interested so much about internet of things is when we focus on the big picture; you realize you can build these devices and the analytics in the cloud. IoT saves companies a lot of money by being able to optimize processes and helps them have a competitive advantage.
Analytics by IoT devices on the cloud
IoT devices can learn from the past by analyzing the data and maybe the failures that happened in the system and it can save a ton of money for companies using these devices an analytics. A lot of people think of IOT as a particular product itself in the industry, but the really says IOT is typically part of something else in support of other type of business products. They should be used together to get an optimal result.
Save more money with ioT
I will quickly go through this; if you were to save just like 1% in fuel consumption of airplanes by using IoT devices in 50 years, that is like $30 billion in savings for the aviation industry and imagine you save that 1 percent of energy and gas consumption in other industries like healthcare. The gain is like $63 billion which is mind blowing.
It’s more about the solutions the IoT offers
Less oil consumption on freight transportation over rail means $27 billion. You see all these great numbers by just 1% improvement in the oil and gas utilization. IOT itself does a really good job of paying for itself on the industry and there is a lot of fun doing it, knowing it can make an enormous impact on the expenses of companies and the market itself.
IoT, An emerging and maturing industry
They are predicting that by 2020, IoT will be billion-dollar industry is selling solutions to businesses. If saving that 1% means $90 billion and buying IoT solutions cost $45 billion people still want to do that, because they save like 50 percent.
It’s a billion dollar industry for sure, and you know intelligent is always sexy!