Service Providers: Four Ways to Boost Revenue in the IoT Space

Connected living tech service providers may be feeling giddy right about now. According to IHS, the global market for smart home was worth $14.7 billion in 2017 - a significant jump over the previous years. It also predicts that in 2025, 10 percent of global households will be smart homes. Here’s the thing, though: How can providers benefit long-term from connected living tech in the IoT era - or, in other words, go beyond one-time purchases to achieve solid and lasting revenue streams? The answer, according to many experts, lies in  partnerships, tie-ins, and collaborations. Here are four ways service providers can speed up mass market adoption of - and increase revenue streams from - IoT smart devices: Partner with customers by offering integrated services Many customers are not technology oriented and may feel overwhelmed when installing their devices or integrating devices from different manufacturers into a single system. Providing them with installation, integration, and follow-up services and support raises customer satisfaction and earns brand loyalty by ensuring that when a technical problem occurs, they’ll know where to turn to to get the needed support. More importantly, it leads to new business opportunities for service providers as these satisfied customers now see them as true partners.