IoT in Business: 5 Industries Where It’s a Game-Changer
The concept of the Internet of things (IoT) is known since 2008, however, businesses only recently started understanding how to make revenue using IoT. Now, there appear new IoT business models when users can receive IoT by subscription or as a service. It means that IoT was finally put into practice and it keeps developing.
IoT popularity is rapidly growing. According to Statista, it’s expected that the IoT market will reach $1.1 trillion US by 2023 in various niches. With the development of such advanced technologies as Artificial Intelligence, 5G, Big Data, Machine learning, and Robotics, IoT based products are expected to surge in popularity.
In this article, you’ll learn how IoT is used in different industries and why it’s a real game-changer for many businesses.
IoT is widely applicable in healthcare for ongoing health monitoring, preventive medicine, improved communication, and much more. IoT devices allow to collect the relevant data from patients, process it with analytics software, and share it with doctors and care teams for their expert assessment.
In their recent healthcare report, Deloitte stated that by 2018 there already existed more than 500,000 IoMT (the internet of medical things) tools. Spyglass Consulting Group released a study that says that 88% of providers are investing in the solutions of remote patient monitoring.
Here are some examples of how IoMT can improve healthcare and have a positive impact on our health self-monitoring:
- Reaching patients in remote areas through telehealth. Now, medicine has become more accessible for people who live in hard-to-reach areas. By using a video chat and several IoMT devices they can get professional remote health consultations and travel to the medical locations only for serious help.
According to a CDC report, the popularity of telehealth in the condition of the Covid-19 pandemic has grown to 154%, and 93% sought other than Covid-19 healthcare through telehealth.
- Customized care in medical centers. Many medical centers have started applying IoMT for providing enhanced patient monitoring at the spot. For example, a smart-bed from GE Healthcare in NY helps to collect up to 15 metrics of a patient. This way Mt. Sinai Medical Center managed to reduce patients’ wait-time up to 50%.
- Personal health-monitoring devices. Smartwatches and fitness trackers have become a common thing in our everyday lives. IoMT wearable devices are highly popular among sports fans. However, IoMT technology spreads further than that and can be used for tracking people with chronic diseases. These devices collect the data over time and doctors can trace a chronic patient’s health state over a time period.
- Cloud-based examination platforms. Various clinics can provide better health services by reaching global expert knowledge in the cloud. Now, they can use IoMT devices not to just quickly gather the health data on each person but also compare this information to similar cases and provide better feedback and improved treatment.
Supply chain logistics and transportation is another highly popular field that adopts IoT technology. By using radio frequency identification (RFID) and GPS sensors manufacturers and transport systems can safely supply products from their place of origin to every consumer.
Statista says that the IoT transportation and logistics market has increased from $10 billion in 2015 to $40 billion in 2020. The success of the IoT logistics system explains this 4 times growth of investments.
Logistics specialists can apply IoT technology at every step of product delivery. Here is how IoT helps to deliver products:
- Warehousing. IoT devices can quickly scan and determine how to place delivered products in the most advantageous way in a warehouse. They can determine the quantity, quality, shipping dates, and order the packages accordingly. The most prominent example is the Amazon delivery system that uses IoT to deliver 2.5 billion packages a year.
- Delivery vehicles management. With IoT, it’s possible to control the condition of every vehicle involved in the delivery. For example, IoT devices can track engine condition, fuel data, geographical position, and even driver behavior. All of these allows to better manage shipping routes and track the delivery fleet state.
- Improved delivery conditions. Some products may require special delivery conditions. Delivery containers could provide these conditions and change them for such products throughout the shipping time. For example, to deliver the Pfizer vaccine against Covid-19, delivery companies have to provide special containers that support the temperature of minus 100 degrees Fahrenheit for it to remain effective. IoT technology could ensure that the temperature keeps stable during the shipment.
- Tracking data access. IoT improves the customer experience in shops. By scanning product labels shoppers can access detailed information on how a product was delivered and maintained during the shipment. This way IoT technology improves product credibility, encouraging people to buy more. Moreover, in the case of product contamination supply specialists can easily track its origin by looking into a product history log.
The connected car global market is on its rise. With the development of 5G technology and significantly accelerated internet speed, the connected car revenue is expected to reach $166 billion by 2025.
IoT is the heart of connected car technology. A set of embedded IoT devices into a vehicle can enhance car connectivity and improve its interaction with the environment. IoT devices in connected cars can determine vehicle location on the road, monitor the driver’s behavior, provide inner parts diagnostics, and track vehicle activity. All of these results in safer driving and better monitoring of a car’s depreciation rates.
The most progressive digital companies are experimenting with connected cars right now. Alphabet, Apple, and Amazon are heavily investing in the industry. Alphabet and Tesla are developing self-driving cars, Apple is bringing its OS and iOS software platforms into the connected vehicles, and Amazon is developing a voice-driven car with Alexa.
When different manufacturers and industries apply IoT, it turns into the Industrial Internet of things (IIoT). This type of IoT involves network connections that interconnect various sensors, devices, and instruments into a coherent system that can function, gather and exchange data without any human engagement.
Accenture predicts that IIoT could estimate $14.3 trillion by 2030. Here are some examples of how IoT can be used by different manufacturing companies:
- Tracking inventory. For manufacturers, it’s important to have their stocks in order. Few material supplies can cause a production halt, while too much commodity clutters the warehouse or it can get spoiled if stored long enough. IoT systems can control the supply rates and place material orders in time.
- Enhanced production. IIoT helps companies to monitor product quality. Various sensors and trackers can collect the data on each product, process, and evaluate it with a special software program. The goods that don’t match the quality parameters can be automatically discarded from the assembly line.
- Predictive maintenance. The IIoT devices apart from product quality can also track machinery that produces these products. Predictive maintenance helps to analyze the company’s assets and inform its managers about the possible failures on the production line.
According to the Global Agriculture report, countries will have to raise their food production to 70% between 2005 to 2050 to feed the world population of 9.1 billion people in 2050. People have already advanced in the chemical industry and improved world averages but it’s not enough. Now, it’s time for digital technology to step in to advance its state, and IoT is the most promising technology in this field.
That’s how IoT could improve the agriculture industry:
- Closing the gap in supply demands. IoT devices can track the use of resources such as chemicals, water, electricity, and seeds to reduce their waste. It will ensure better products grown with optimum resources.
- Delivery management. By managing delivery routes and monitoring the quality of supplies, IoT can reduce transportation costs while keeping the product quality high.
- Data collection about a farming area. With the sensors that can gather data and estimate the state of local soils, water supply, and other parameters, specialists can gain insights on how to improve farming techniques in the area.
- Smart devices. Farmers can apply agricultural drones to seed the crops or smart greenhouses to grow natural products around the year even in extreme weather conditions.
- Geofencing and cattle tracking. With wireless IoT devices, farmers can collect data on their cattle location, manage their mobility, and track their health state. This, in turn, can prevent spreading diseases and reduce labor costs.
These are just some examples of how specialists can use IoT in agriculture. IoT in Agriculture Market by System report states that the market size of IoT in the sphere will grow from $16 million in 2017 to about $49 million in 2025 at a Cagr of 14.7%. Besides that, the report says that IoT is expected to play a major role in the increase of the current agricultural state.
The Internet of things is already having a huge impact on the development of many businesses. Companies seek IoT expertise and successfully implement it in various industries such as healthcare, manufacturing, logistics agriculture, and many others.
With the development of emerging technologies such as Artificial Intelligence and 5G, IoT popularity is going to rise even more. However, IoT is already adopted in many niches, we find ourselves only at the threshold of discovering how IoT and businesses can work together.