The consumer products industry may well be the greatest beneficiary of (IoT) Internet of Things. IoT enabled digital transformation (DT) is changing the industry’s methods . Also, certain regions of the world are moving forward with IoT faster than others.
Adopting IoT can be very beneficial for consumer products companies across the world. It can improve the way they run their businesses and help them interact with customers and consumers. IoT can give companies a better idea of true consumer demand and new ways of effectively meeting them. For example, collecting real-time data can shape new product development. IoT can also help create better products and experiences for customers, such as solutions for keeping frozen foods in better condition, decreasing food spoilage, and customizing beverages to fit consumer preferences. Further, it could benefit developing countries with valuable cost savings and better profits.
Regional differences in IoT intent and adoption
When it comes to adoption of IoT, an IDC market analysis explained that there are differences between developing and developed parts of the world.
It might not be a surprise that most of the currently installed IoT units (about 90%) are in developed regions. The analysis explained that developing nations prioritize other needs, such as healthcare infrastructure, over IoT, and have greater needs for things that form the foundation of IoT, such as establishing broadband.
Certain regions can also drive popularity (and revenue) of certain types of IoT-enabled products. For example, an article in Harvard Business Review noted Samsung’s expectation that the U.S., China, the UK, and Australia would move the smart-home device market forward. This market could include products like smart appliances and security cameras.
While your company might recognize the need to move forward with IoT, many others find this a challenge. Also, companies list different goals and struggles, depending on their region, which can be overcome with the help of companies that specialize in business uses of IoT.
Feel free to contact E-SPIN and engage E-SPIN for IoT infrastructure availability and performance monitoring, security testing and continuous protection and other related needs.
