Fundamentally, IoT is an array of simple devices, connected to more capable devices. A band-aid-like device that tracks heart rate is an example that depicts a good use-case scenario. Many manufacturers today have IoT integrated into their production line that keeps track of their process, alerts when something is about to go wrong and produces a vast quantity of information that can be analyzed in order to optimize that process.
Smartwatches are popular nowadays, yet the market for smartwatches isn’t nearly saturated. Or, let’s say you are a smartwatch manufacturer. Now, you use IoT enabled technology to produce IoT enabled technology. Between 2016 and 2019 the number of IoT enabled devices more the doubled, from 4.7 billion to 11.6, and every time we find an applicable use for these devices, two more seem to come up.
So, if you are the next generation manufacturer, visionary entrepreneur or you simply want to scale-up productivity, downsize scraps or improve quality, you should go for IoT.