How profitable is IoT?

Could you elaborate on the profitability potential of the Internet of Things, or IoT? Are there specific industries or applications that have demonstrated significant financial gains through the integration of IoT technology? What are the key factors that contribute to the success of IoT-driven businesses, and how can businesses assess the potential ROI of implementing IoT solutions? Additionally, are there any challenges or risks associated with investing in IoT that businesses should be aware of?