Maturing underlying technologies will make Internet of Things technologies easier to implement and help companies and investors seize new opportunities.
Gone are the days when the Internet of Things (IoT) used to be a buzzword. Today, this technology has not only penetrated into a slew of mainstream businesses but also playing a vital role by empowering them. According to a report by McKinsey, there will be 43 billion IoT-connected devices by 2023, a roughly 3X increase from 2018. While another report by Markets and Markets says that the global market size of the Internet of Things is predicted to reach USD 561.0 billion by 2022 at a CAGR of 26.9%. With the staggering rise of IoT, businesses across industry verticals are leveraging the potential of this advanced technology by opting for IoT services. Now, let’s look at the reasons how you can also harness the benefits of IoT with app development.
#1 Understand your consumer behaviors and buying patterns
One of the biggest challenges for businesses is to understand the needs and demands of their consumers. With IoT application development, businesses can get insights into consumer behaviors and buying patterns and make informed decisions. When you have customer-driven data at your disposal, you can easily make the changes in your product inventory, overhaul your marketing strategy, and offer a personalized customer experience, which in turn, drives your sales and profits.
#2 Flexible Accessibility
One of the strong reasons why you should go for IoT for mobile app development is that it allows you to access any interconnected device from any location of the world. All you just need is your smartphone. Clearly, location independence is a key advantage of IoT app development. This may be the reason why businesses of all sizes are embracing IoT-enabled mobile applications.
#3 Easy Integration
If you are still on the fence and wondering whether you should invest in IoT application development, it's imperative for you to know that IoT can be easily integrated with other emerging technologies like Artificial Intelligence, Machine Learning, AR, VR, and more. However, to leverage the benefits, you must seek help from seasoned IoT service providers that can integrate the promising features of other technologies into your IoT-driven mobile application.
By simply integrating the Internet of Things (IoT) with mobile applications, you can score over competitors. Besides offering a personalized customer experience, IoT app development offers a host of benefits including improved business productivity, reduced operational cost, better asset utilization, improved safety and security, real-time analytics, cost optimization, and many more.
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