The Internet of Things (IoT) is continuing to evolve at a rapid rate. I have previously mentioned figures on connectivity., by 2017, there will be an estimated 90M people who will be living in smart homes run and managed predominantly by IoT. The last figure I read estimates that there will be 50B connected devices by 2020.
But there are challenges for businesses trying to get a foothold in this sector, especially when it comes building a recurring revenue model that allows them to stay agile, respond to the market, and scale products quickly and successfully.
IoT is clearly the near future of business NOW. But as we quickly progress into our increasingly digitised world, one that concentrates on connections — wireless, virtual, etc. — it’s super critical to focus on a solid business model that will ensure business gets a smart start on the right track.
The key to this is Monetising the Internet of Things to understand:
- How, if done right, IoT could mean massive growth opportunities for a business model
- How to successfully conquer the challenges of integrating products and services
- How companies at the forfront have built powerful business models
I’m happy to hear some debate on this…let me know your thoughts…