What are IoT business models? | HCLTech

Technology Q&A

IoT Business Models
What are IoT business models?

The synergy of virtual and physical worlds has resulted in the emergence of the IoT. We already have various connected things—as varied as warehouses, restaurant kitchens, and bicycles, among others that will be connected to the internet and each other, making everything more convenient for humans and enterprises.

Some astute IoT business models are compliance monitoring, preventive maintenance, asset tracking, automatic fulfillment, and remote diagnostics. IoT in business is on the verge of leaving an impact of almost $10 trillion a year, by 2025.

Through IoT in business, the products can now offer multiple digital services beyond core functions. Suppliers combine multiple functionalities, providing a unique customer experience, as well as enhanced digital services that can be enjoyed anywhere and are not expensive. One is a smartwatch, which can measure heartbeats and issue alerts during an emergency.

HCLTech offers end-to-end IoT solutions, from defining to building and running IoT business models.

Business Model