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IoT Business Models
What are IoT business models?
The synergy of virtual and physical worlds has resulted in the emergence of Internet of Things (IoT). In the near future, things as varied as warehouses, restaurant kitchens, and bicycles, among others, will be connected to the internet and to each other, making everything more convenient for humans.
Through IoT, products can now offer multiple digital services beyond core functions. Suppliers combine multiple functionalities offering a unique customer experience as well as enhanced digital services. The services can be enjoyed anywhere and do not involve high costs. Services include a watch, which can measure heartbeats and issue alerts during an emergency situation.
Some of the astute IoT business models are compliance monitoring, preventive maintenance, asset tracking, automatic fulfilment and remote diagnostics, among others. IoT is at the cusp of having an impact of almost $10 trillion a year by 2025.
HCL offers end-to-end IoT solutions, from defining to building and running IoT models.