Gartner estimates that by 2020 there will be about 250 million connected cars in the world. Do you know the amount of money that will be invested in IoT technologies in this time frame 2016-2021? $6 billion.
Now just make a guess how much will that money generate revenue in 2025. You wouldn’t believe it when I say the amount is $13 trillion give or take.
Now no need to take the calculator in your hand as the return on investment is around 200 times on the capital invested. I need not say more about the huge market which the IoT will command in the future.
If you want to familiarize with this growing technology then Intellipaat provides IoT training which you might want to check out. On the other hand let’s see what things entrepreneurs should keep in mind in developing IoT solutions.
The solutions should support multiple devices.
Any solution that is incepted has to be compatible across multiple devices. Since people will typically have more than one device they will only accept that IoT technology that works well over rest of their devices.
Entrepreneurs should take this seriously and make future IoT devices compatible with each other.
Smooth user experience.
Metaphorically devices need to speak to each other in the IoT arena and for this to happen the connection between the devices should be strong.
Connecting to a new device should be as easy as tapping into the Smartphone like interface. These integrations should be as easy and smooth as possible. You may relate well to this if you are an avid smartphone user.
Do you connect to the wifi every time by detecting the network? If the authentication details are provided beforehand then the smartphone will automatically be connected to the wifi.
That’s how seamless the connectivity between the devices should be for the IoT technology to prosper which the entrepreneurs should bear deep in mind.
Systems that are user friendly.
No matter how complex the IoT systems may be working in the background, there should only be one user-friendly control center which can easily be worked around with.
Security should be paramount in designing such a system which both the upcoming and existing IoT firms and entrepreneurs should seriously consider. Because even a whiff of security lapse will scare all the customers.
Just like how stock prices fall, customer confidence in the IoT product will be eroded if security requirements are taken lightly.
In a report that released in October 2016 by the National Cyber Security Alliance and ESET, about half of the 15,000 consumers reported that cyber security concerns was the reason why they didn’t purchase an IoT device although the rest of them purchased the devices nevertheless.
Tech visionaries say that a system that complex is not viable to be used in general public. But similar concerns were raised when Internet was booming and its growth shut all the naysayers.
Can we imagine a world without Internet now? Is that even possible? Well that’s how IoT is poised to be relevant in the future.
IoT is disruptive in that it has the potential to connect seemingly innumerable devices. Cities all over the world need a huge change in their connectivity as their systems are very outdated. Entrepreneurs will have to ensure that IoT will transform the urban living for the general masses.
Retaining investor confidence.
No matter how great the opportunity is, it requires a strong conviction to bring an idea into a working organization and to make that organization a success there should be tremendous willpower.
Why I say this is because a field like IoT that has such an opportunity will have many startups vying for the market share and investors investing in such companies.
Entrepreneurs should be driven, inspired and well-informed about their game. So that venture capitalists, angel investors who have invested in the former’s company don’t lose hope in the company.
About The Author
This is a guest post by Vaishnavi Agrawal, who loves pursuing excellence through writing and has a passion for technology.