Thanks to IoT devices, individuals, corporations, and industries are now interconnected and can interact with each other in an efficient and secure manner. Our very own Vlatko Kotevski points out that over 30 billion endpoint devices will be embedded with IoT systems by the end of 2020, with almost all industries infiltrated by this technology.
IoT shows a lot of promise in helping industries achieve innovations, improve business outcomes, and maintain operational efficiency. In this post, we’ll take a look at 5 industries that are currently being transformed by IoT technologies.
IoT in transportation is set to expand rapidly, with PR Newswire reporting that the market will be worth $143.93 billion (€122.71 billion) by the end of this year. A number that is likely due to the widespread use of IoT technology in the supply chain, specially land-based fleet vehicles. An article by Verizon Connect on how IoT technology can be applied to fleet vehicles lists three main ways: vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-everything (V2X). As more and more vehicles are installed with IoT sensors that provide real-time location and vehicle condition, it becomes easier to craft solutions to transportation issues. Other than that, IoT in transportation can also be seen in optimized traffic lights and self-driving cars — technologies that will soon become the norm in smart cities across the globe.
IoT aims to revolutionize healthcare in a number of ways. For one, physicians can better access data through cloud-based solutions. This makes patient care more speedy and accurate as physicians can easily pull up a patient’s medical history. Another IoT technology that can help in this regard is wearable tech. As wearable devices become more accessible to the public, the information gathered through this technology can be aggregated and used for different medical purposes.
Smart devices inside the home are being used for healthcare too, as seen with the NHS IoT project Technology Integrated Health Management in the UK. Through this project, the location and wellbeing of people with dementia are better monitored through smart home technologies. This allows doctors to keep track of patients without the need to always physically see them.
Since a lot of countries are still reeling from the economic effects of the ongoing global health crisis, various enterprises are doing their best to maintain customer retention and keep their businesses afloat. Hospitality is one industry that is benefiting from IoT technology — especially since it has felt the brunt of the pandemic.
Smart hotel rooms aren’t exactly new, but the hospitality industry is now promoting this tech to entice guests. The data gathered by smart home tech inside hotel rooms can be used to track guests and ensure they stay safe and healthy. It also allows establishments to personalize a guest’s experience, creating a more unique stay.
Whether it’s through e-commerce websites or physical stores, IoT is set to revolutionize the retail industry through improving its practices. In electronic retailing, the industry uses IoT to personalize retail marketing and content delivery. We can see this being used in targeted posts and notifications to drive sales.
In physical stores, IoT data is being used to monitor customer traffic and enhance the responsiveness of store associates. The effects of IoT on the supply chain can also be felt by the retail industry — as supply chain activities, like warehouse fulfilment and logistics, are now much more efficient through IoT technology.
Agriculture is another sector that’s poised to be transformed by IoT technology. In Europe, many IoT-led projects like smart farming have been receiving constant funding as leaders see the environmental and economic benefits of IoT in agriculture. In fact, EuroScientist highlights how the smart farming market will reach $7.7 billion (€6.56 billion) by 2023, as IoT devices like drones, sensors, and smart lights are utilized more by European farmers. IoT data is also helping the agriculture industry stay on top of sustainability by providing insights on better farming techniques and resource usage.
IoT disruption can now be found in most industries across Europe. As the world relies more and more on staying connected through digital means it has stopped becoming the technology of the future and is now the technology of today.
Written by Annie McGee