Internet of Things or IoT is impacting a wide range of industries and that day is not far when every single thing will be under the IoT network with every single entity having some digital connection or the other. However, such futuristic hopes do not exactly tell us what kind of impact IoT currently has except the fact that it is pervasive. 43% enterprises currently use IoT with 24% of them agreeing about its transformation possibilities and 58% considering it to be a pivotal strategic tool.
Impact on Manufacturing
Manufacturing industry has really faced the glare of IoT to the fullest as every single kind of goods nowadays use IoT to make sure they have considerable impact on the production. A statistical survey shows that companies using IoT have had a revenue increase of 28.5% annually with the advent of IoT, which is staggering to say the least. This is precisely smart manufacturing has become a popular phrase.
IoT devices increase the efficiency of the process manifolds and ensure that productivity really goes upwards. Sensors are retrofitted to existing equipments nowadays to ensure IoT can function and all the new equipments come with IoT devices already installed. Such pervasive presence of sensors may seem overwhelming, but experts say that it is only the beginning as this is just the basic stage of operation.
Transportation, surprising as it may sound, does have a good deal of impact of IoT. Public transit is completely changed due to IoT where as shipping has undergone a revolution of sorts. Now, when goods are shipped, you can monitor intricate details of the storage through the installed sensors. Hence, you know the condition of the storage. IoT is also being used to ensure that drivers and fuel consumption is optimized while bringing the goods.
The transportation authority is now empowered through IoT to monitor and track every vehicle so that in case of emergency, one can reach out immediately. In future, road traffic prediction and possible locations of a bus in the coming hours can also be known with IoT advancements. While freight monitoring occupies the major section of investment, other fields are not far away.
Cars and Consumer electronics
IoT connected cars are only a decade away to hit the roads as auto driving cars are quickly gaining prominence with investments pouring in from all fields. Even without that, most of the modern cars, as many as 82%, are IoT controlled and currently shows a humongous growth rate in IoT investment. So much so, it may soon acquire the third position in IoT investment comes the next decade.
Among home appliances and office automations, IoT has pervaded most devices nowadays with prominent examples being Alexa from Amazon and Google Home. Such digital assistants, however, have not grown into full-fledged possibilities as customers are slowly getting accustomed to such connected homes and offices. Smart buildings, smart cities and connected vehicles are some of the futuristic possibilities.
Healthcare and IoT
Healthcare has been a surprise addition to the list and surely, it values IoT like no other since it is here IoT can have infinite possibilities. The fastest growing IoT sector nowadays, healthcare uses IoT in medical appliances and diagnosing images which basically cover almost everything related to healthcare.
In fact, fields like prosthetics, implants and wearable devices are surely making new waves with IoT as the data generated through such devices can enhance the quality of service manifolds. Without relying on patient information, caregivers can work directly on data so you can safely say that by next decade, almost all healthcare services will be using IoT.
Retail- the most promising sector
Retail will no longer remain the same with IoT and everyone agrees upon that. Every single retail company are trying to edge each other ahead in the IoT race and that tells a lot about IoT and its impact. With the turn of the decade, 90% retailers will have IoT implemented across their store spaces and IoT devices will enhance customer experience through Bluetooth and other connectivity features. Moreover, operations and services can be better monitored to ensure that the customer finds the necessary product without wasting any time.
Importance in Utilities
It is a sector that would obviously invest heavily in IoT as power services like gas and electricity are trying to make smarter and more optimized usages through IoT. Across the west, smart grids are being widely adopted and hence, it’s going to become a growing feature. Companies are looking for more efficient usage of electricity with smart meters telling the customers when the electricity usage jumps up and how to cut down on consumption. Even oil industries are using IoT to monitor supply lines and possible damages if any. With IoT, locating a damage, problem or issue has become the easiest thing.