Can IoT change the game of customer experience?

Can IoT change the game of customer experience?

The economy may be slowing down significantly, but the global picture of IoT is heating up.

America may be heading for a recession this year. It is not slowing down the growth in the global Internet of Things (IoT) services market.

It is expected to grow from $163.7 billion in 2021 to $188.8 billion in 2022 at a compound annual growth rate (CAGR) of 15.3%, According to Reportlinker.com. The market is expected to reach $340.61 billion in 2026 with a CAGR of 15.9%.

The researchers believe that’s because businesses have resumed operations and adapted after COVID-19, which had previously led to “restrictive containment measures involving social distancing, remote work and business closures that resulted in operational challenges.

The IoT services market includes professional and managed services such as:

  • Network administration
  • Data management platforms
  • Infrastructure
  • IoT technology deployment

After all, something has to drive these consumer-loved devices that power customers’ home, car, TV and other digital experiences. As CMSWire continues to cover IoT and customer experience in our topic of the month, here are more facts and ideas to digest.

Common IoT Use Cases

According to IoT analyticsThe 10 most used IoT use cases are:

  • Remote asset monitoring
  • IoT-based process automation
  • Remote monitoring and control of assets
  • Vehicle fleet management
  • location tracking
  • IoT for asset/plant performance optimization
  • IoT-based quality control and management
  • IoT-based condition monitoring of goods in transit
  • Predictive Maintenance
  • Track and trace on site

Note: That research did not consider industry-specific use cases, such as smart heating, ventilation, and air conditioning (HVAC, applicable only to buildings) or intelligent transportation systems (applicable to cities). It did not take note of consumer IoT use cases such as smart home devices or wearable devices.

By dealing directly with consumers, IoT is powering things like:

  • Remote patient monitoring devices
  • smart phones
  • Smart Watches
  • property technology
  • cyber security centers
  • home security
  • AirPods
  • Alexa
  • connected cameras
  • Pet-Related IoT Technology
  • vehicle telematics
  • Smart Points of Sale

“I believe that with IoT, companies can significantly improve the online customer experience,” said Radhika Gupta, founder of 365 solutions. “IoT provides businesses with access to real-time information and data, helping them better serve potential customers. Because companies have access to customer areas of interest, they can forge a personalized mode of communication with the customer, helping them develop an emotional bond with the business and thus increasing business opportunities.”

IoT also helps provide customers with a secure shopping experience, which is a game changer in current times with data leaks and fraud on the rise, according to Gupta.

He sees the automotive industry continuing to adapt, providing customers with an omnichannel shopping experience, using digital content (videos, articles, product descriptions, or virtual tours) and leveraging AR and VR. It will have a significant impact on overall purchase decisions and brand perception, he adds.

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