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11 Emerging Business Opportunities In The Internet Of Things Sector

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Date: 2021-07-23 17:03:45

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The Internet of Things (IoT) has been gaining more and more traction over the past few years as connected devices and smart home and office gadgets dominate the market. According to Statista, the IoT market revenue worldwide is projected to climb to over one trillion dollars by 2030.

With this increased revenue comes a number of new ways for businesses to leverage IoT technology. Below, a panel of Young Entrepreneur Council members shared some business opportunities they see emerging in the IoT sector. Keep an eye out for these 11 growing trends in the B2B IoT space.

YEC members share their expert insights.

Photos courtesy of the individual members

1. Voice-Powered Technologies

With the growing popularity of IoT devices, the interaction of business with customers is also changing. Take for instance Siri, Alexa and Cortana — who are advanced voice technologies — to perform countless searches as the customer orders. This one area of IoT is going to expand gigantically in the future. So, the tech-savvy business is in a role to grab this opportunity. This voice technology is also going to end the role of customer representatives and virtual assistants. These automated voice technologies can be used to improve customer service, create a high, end-to-end experience and give more efficiency. - Baruch LabunskiRank Secure

2. Retail Data Tracking And Analysis

Recent technological advancements have opened the door to IoT. Your watch, smart speaker and digital thermostat are all connected and the data they acquire can be used to improve your business. Because of the ubiquity of these devices, they can easily be leveraged to provide data from the world of retail. Tracking customer behavior within brick and mortar establishments can become invaluable for business owners. Data can be received from the cash register, store cameras and mobile customer apps and then integrated to form solutions for customer service. For example, if the data indicates peak levels of customer activity at certain times of the day or week, you can use this information to optimize your staffing needs or prepare your inventory accordingly. - Brian GreenbergTrue Blue Life Insurance