Paper Title :Real-time Data and IoT: Unlocking New Business Models and Revenue Streams

Author :Zakir Hossain, Sufi Sudruddin Chowdhury, Md. Sohel Rana,Shambil Alam Rafi, Abrar Hossain, Md Habibullah Faisal,Sk Ayub Al Wahid

Article Citation :Zakir Hossain ,Sufi Sudruddin Chowdhury ,Md. Sohel Rana ,Shambil Alam Rafi ,Abrar Hossain ,Md Habibullah Faisal ,Sk Ayub Al Wahid , (2024 ) " Real-time Data and IoT: Unlocking New Business Models and Revenue Streams " , International Journal of Advances in Science, Engineering and Technology(IJASEAT) , pp. 38-46, Volume-12,Issue-2

Abstract : In an ever-increasingly integrated world of the Internet, the IoT (IoT) and big data analytics are considered fundamental drivers of business transformation, which propel organizations to knowledge and operational efficiency with the new value unlocked. This paper conducts an all-round study of how IoT technologies linked with real-time data analysis can be used to create the norn of the consumer and industrial markets. With precision case studies illustrated, the article shows in an actual fashion how these technologies are used specifically to ease operations, improve the customer's experience and create new innovative models of business. As the next step, it assesses the future revenue streams triggered by these technologies and advocates for the appropriate strategy shift to better harness their potential. IoT and real-time data implementation may create beneficial digital inventories; yet, it comes with a series of obstacles, namely the security and privacy issues. The project makes analyses in which risks are revealed and future prospects are given with possible ways of improving security systems and long-term business conception among other things. It shows the amazing potential of using IoT and real-time data and, at the same time, illustrates the importance for the companies to refine their strategies and be prepared to the situation where emerging technologies are becoming exciting opportunities but also the necessity to be safe and act ethically. Keywords - Internet of Things (IoT), Real-time data analytics, Business model innovation, Operational efficiency, Consumer markets, Industrial markets, Security and privacy in IoT, and Future business strategies.

Type : Research paper

Published : Volume-12,Issue-2

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