"The Internet of Things (IoT) has been gaining more and more traction over the past few years as connected devices and smart home and office gadgets dominate the market. According to Statista, the IoT market revenue worldwide is projected to climb to over one trillion dollars by 2030.
With this increased revenue comes a number of new ways for businesses to leverage IoT technology. Below, a panel of Young Entrepreneur Council members shared some business opportunities they see emerging in the IoT sector. Keep an eye out for these 11 growing trends in the B2B IoT space.
9. Inventory Management
IoT can play a significant role in improving the inventory management of retail companies. Storing and tracking goods is one of the most expensive tasks there is in running an e-commerce or physical retail store. IoT devices can track when a stock is down and automatically send an order for replacements. This creates efficiency, saves space and also lowers expenses. The savings are reflected in the final price the customer pays without reducing profits. - Syed Balkhi"