IoT (Internet of Things) refers to the physical devices around the world that are now connected to the internet, used for collecting and sharing data. IoT adds some portion of digital intelligence to devices enabling them to communicate real-time data without a human being involved, effectively merging the digital and physical worlds.
Do you have any idea how far the Internet of Things (IoT) solutions have impacted many industries? Internet of Things (IoT) continues to spread across the home and the enterprise, which is changing how we live and work. We can say that IoT is the next wave of internet technologies. The reason why IoT is being preferred by businesses is that it provides access to more data about their products and their own internal systems. IoT products can be broadly disputed into five categories:
• Smart city
• Smart environment
• Smart wearable
• Smart home
• Smart enterprise
The IoT is a giant network of connected “things” that has the potential to impact how we live and how we work. We can say that the world is going with a flow of “Anything that can be connected, will be connected.” Here are a few examples that can make you understand this thing better, consider an alarm clock waking up you at 6 a.m. and then notifying your coffee maker to start preparing coffee for you. Another such example could be that you are on the way to a conference in your car that has a connection with your calendar and already know the best route to take and in case of heavy traffic on the route notifies another party that you will be late. One can say that IoT allows for endless opportunities and connections to take place.
We can see that equipment is becoming more digitised and more connected, establishing networks between machines, humans and the internet. We are entering an age where data analytics, connectivity, and automation are creating innovations and progressing out of reach day-by-day. If we go to see manufacturing, transportation, utilities, healthcare, consumer electronics, retails, financial industries, energy, communication, these all industries are leading IoT investments and adoption. IoT created a new opportunity for industries to evolve and reach new markets.
Here are some remarkable statistics about the impact that IoT has on seven industries:
As we all know more than companies in other industries, rely on heavy machinery to produce products which in return lead to a deep interest in understanding the performance of these machines. IoT is considered to be the driving force behind the industries. In addition to optimizing workflows and processes, it enables automation, data collection, and analytics. It can collect data on the status of the equipment that allows smart technologies to be put in place that allows for proactive maintenance or automated recovery after failures. This data can be exchanged with analytics programs that improve and iterate workflows and processes. With this manufacturer are seeing the greatest transitions from IoT.
Every industry is investing in IoT, even transportation industry is heavily investing in it. IoT systems are playing a role in managing movement and logistics in transportation. Transportation vehicles are equipped with sensors that help monitor maintenance, optimize fuel consumption, and train drivers. Cameras and sensors may be placed along railroad tracks to monitor wear and tear on wheel assemblies. Vehicles can also monitor driving behaviour for insurance purposes. Digital data recorders are another facility that is programmed to take video samples under conditions of heavy acceleration.
This industry was one of the early adopters of IoT. The IoT solutions help utility companies to more accurately and efficiently bill customers for consumption. Smart meters are developed that help track the amount of energy users of green technologies send back to the grid helping to incentivize the use of environmentally friendly energy. The oil and gas industry are also benefited from IoT solutions. It is also used within power generating plants to monitor equipment over time. Energy companies are turning to IoT solutions to monitor asset performance and enhance their customers’ experience to boost overall efficiency.
In the years to come, the Healthcare industry is that will experience the fastest spending growth in IoT. The healthcare industry has the vast use of IoT solutions that ranges from medical machines that capture images and share with patients, monitoring and troubleshooting problems with equipment, a system that can track dispensation of medicine and much more. Connecting such devices to the internet benefits patients by reducing errors and providing more data to doctors to improve diagnosis and quality of care. IoT solutions are also used for employee monitoring along with patient monitoring facilities and enhancing customer experiences.
As an impact of IoT, the retail world has changed. It can be predicted that in the coming years, rather than going to stores, people will soon be able to try on different outfits using augmented and virtual reality headsets. It’s not only that the fashion stores will change but also the farming and food consumption, a supermarket that is also set to drastically alter their retail approach. Supermarkets will have an abundance of low-cost products, which can be produced only as and when they are required by consumers ultimately leading to saving food wastage and over-stocking of perishable goods.
6. Financial Service
When it comes to financial service organisations they are highly concerned with security and therefore increasingly rely on networks of cameras to ensure the viability of their facilities. Companies in this sector are well ahead of visual analytics adoption. The most important goal of the financial industry is to expand the connectivity of their networks along with employing IoT as a vehicle for greater security. Both banks and consumers are becoming more accustomed to managing their financial transactions through a variety of connected devices. With the help of IoT, devices businesses can measure risk a lot more accurately, helping insurance firms to cost their decisions with a greater degree of precision.
7. Consumer electronics and cars
Observations say that this is the 4th largest IoT market segment in 2016 and is projected to become the 3rd largest segment in 2020. A proven example could be the rise of home and office automation systems and digital assistants such as the Amazon Alexa and Google Home. Most people invest in fully connected homes and offices for a better and convenient living.
Connected cars are also an IoT industry leader. For example, every General Motors car produced today has IoT functionalities that allow drivers to gain information and connect to the internet. In the next coming five years, connected vehicles and smart buildings are predicted to rank among the top industry segment for IoT adoption.
As you can see every industry has the potential to reap the benefits from IoT. The flexibility of IoT technology makes them useful in a wide variety of applications. IoT offers industries the opportunity to increase automation and improve data processing and analytics. IoT devices are driving and will continue to drive change in a variety of industries over the coming years.
How Acuiti Labs can help?
No matter what industry you own, IoT will have some or the other capabilities to offer for your business to get it simplified. It’s time to leverage IoT to gain competition in your marketing and flourish in the sector. If you are looking forward to adopting IoT for a certain reason Acuiti Labs have got a team of experts working on customising IoT solutions according to the requirement of the clients. So, if you are interested to know more about the services offered at Acuiti Labs or you have any quarries and requirements regarding IoT solutions, contact us at https://www.acuitilabs.com/contact-us/.