Back in the year 2014, the size of loT retail market in the US was estimated to be around $2.15 billion. It has been growing steadily ever since with estimates that it will grow its size to over $11 billion by the year 2025. With its growth, new trends are introduced, and new technologies that are utilizing loT are developed.
One major trend is infonomics, with loT helping its growth by its vast ability to collect data and analyze it. It’s expected that by the year 2023 that the buying and selling of loT data will become an essential part of loT systems. This won’t be done only for profit /extra revenue. It will also be done as part of ad campaigns; utilizing on the data that is collected to prove that a certain product delivers what it is promising.
loT will be playing a vital role in helping CRM systems. For instance, an loT device can notify companies that a customer is having problem with his service /product, before the customer himself reports, or even realizes it. From there, it is easy to imagine how loT will revolutionize preventive maintenance.
Fleet management systems that use loT devices have already seen the impact of these devices on their bottom-line, and it is bound for loT to play even a bigger role in this field in particular. The US government sees the benefits that can be reaped from utilizing loT solutions. And agencies like The General Service Administration is already using loT to cut costs by collecting data from sensors in government-owned buildings, in hopes that this data can help save up to $15 million per year in heating and cooling costs.