IoT continues to evolve at a rapid rate, right in front of our very eyes. Supposedly, By 2017, an estimated 90M people will live in smart homes. By 2020, there will be 50B connected devices. But there are challenges, especially when it comes building a recurring revenue model that allows you to stay agile, respond to your market, and scale products quickly and successfully.
IoT is clearly the near future of business. But as we quickly progress into our increasingly digitized world, one that concentrates on connections — wireless, virtual, etc. — it’s super critical to focus on a solid business model will ensure your business gets a smart start on the right track.
Check out our guide Monetizing the Internet of Things to understand:
How, if done right, IoT could mean massive growth opportunities for your business
How you can successfully conquer the challenges of integrating products and services
- How companies like Nest, Honeywell, and Lowe’s have built powerful business models