IoT for Business Growth

Goals

To obtain information on how the Internet of Things (IoT) can be used as a component of a brand's digital investment to generate business growth. Specifically, the following information is of interest:
  • The size of the IoT market opportunity;
  • Interesting statistics about IoT as they relate to business growth, as well as consumer insights;
  • How IoT can help a business to learn more about and better engage its customers;
  • Innovative examples of brands incorporating IoT in products/services.

Early Findings

The initial round of research indicates that there is a wealth of information available on this topic. Details on our early findings have been provided below.

Market Size

  • According to research compiled by Fortune Business Insights, the global IoT market size stood at $250.72 billion as in 2019. By 2027, this market is projected to reach $1,463.19 billion, exhibiting a CAGR of 24.9%.
  • ResearchAndMarkets.com reported that the United States IoT market is expected to grow significantly, experiencing a CAGR of approximately 21.3% between the 2019-2025 forecast period.
  • The US has a huge potential for growth in this sector. Key factors that are driving IoT market growth in the country are rising internet penetration, as well as massive adoption of smartphones and high network technologies.
  • A detailed compilation of statistics revealing the market size and opportunities in the IoT market is available in this report.

Statistics

  • According to Fierce Electronics, the business benefits gained from IoT usually "exceed original expectations by 16 to 17 percentage points."
  • These benefits are seen both in profitability and business efficiency. According to a global survey of business and IT decision-makers, just "29% of executives expected that their IoT strategies would result in business efficiency improvements." However, actual results revealed that 46% of these executives experienced efficiency gains.
  • Also, while only 16% of business leaders expected a surge in profits because of their investment in IoT, 32% ended up experiencing profit gains driven by IoT.
  • It is predicted that data generated from IoT devices would reach 73.1 zettabytes (ZB) by 2025, growing from 17.3 ZB in 2019.
  • Also, Juniper Research projects "that the “total number of IoT connections” will likely reach 83 billion by 2024."

Leveraging IoT to Understand and Engage Consumers

  • A Forbes Insights report revealed that about "392 companies are investing in IoT to work on the current customer experience they are providing." Also, "about 294 companies have already been capable of expanding themselves in terms of delivering enhanced personalized customer experience."
  • By leveraging IoT, it is possible for businesses to collate real-time data. This data can be processed quickly to address any requests and issues even before customers raise them.
  • This real-time feedback, as well as the rational intelligence in IoT-enabled systems, helps businesses to improve customer experiences by discovering new insights into their purchasing habits.

Summary

  • Except for innovative examples of brands incorporating IoT in products/services, our background research has provided information on the size of the IoT market, interesting business growth statistics, and how IoT helps businesses to learn more about and better engage their customers.
  • Suggested research paths for additional insight have been presented in our proposals below. For all of our proposed research, the geographic focus would be global. However, we would prioritize and include data on the United States. If a different approach is desired (for instance, a United States or regional focus), this would have to be communicated to us in a reply.

Research proposal:

Only the project owner can select the next research path.
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