The IoT is fundamentally changing how businesses operate, introducing ground-breaking new technologies and revolutionising existing ones. According to Gartner, IoT adoption across sectors stood at 43% by the end of 2016. Degrees of change fluctuate, however, with some industries being farther ahead than others.
The Internet of Things Institute put together an article highlighting six industries for which IoT advancement has been the most significant over recent years. We’ve summed it up here for you, so keep reading to find out what they are:
1. Manufacturing
Manufacturing has been one of the fastest responders, and that’s brought a host of benefits.
A survey from TATA Consultancy Survey showed that manufacturers who took advantage of IoT solutions saw their revenues in 2014 jump 28.5% over the previous year.
Smart manufacturing, the use of IoT devices to improve operations, has been one of the biggest game changers. Companies might be able to retrofit their existing equipment with advanced software and sensors, or they can invest in new equipment featuring built-in capabilities. Although some of these solutions are still at their basic stages, it’s expected that manufacturers will come to utilize more advanced technologies like autonomous robots and augmented reality in the future.
2. Transportation
Freight monitoring will likely continue to be the biggest spenders for IoT-related tools, having spent $55.9 billion in 2016 to make it the second largest use case across every industry.
One of the biggest advantages for the transportation industry is the ability to monitor temperatures in vehicles that are carrying sensitive or perishable goods to ensure they arrive in good condition. Installing on-board sensors will also be a simple and effective way to:
- Better optimise fuel consumption
- Train drivers
- Provide alerts about mechanical issues
- Schedule both regular and unexpected maintenance
Do you want to read the Internet of Things Institute’s full article? Click here!
3. Utilities
Utilities sectors have already been investing heavily in the IoT, and that isn’t likely to change anytime soon. Spending on smart grids — which help streamline resource consumption by continuously analyzing use patterns, effectively distributing resources, and cutting down on inefficiencies — by the gas and electricity sectors, for example, totalled $57.8 billion in 2016 according to the IDC.
Oil and gas companies have also been focusing their attention on IoT solutions to provide 24/7/365 monitoring across vast geographic areas and real-time alerts in the event of a problem.
4. Consumer Cars and Electronics
The development that will have the biggest takeoff initially will likely be IoT-connected cars. By 2021, BI Intelligence predicts that 82% of all cars shipped worldwide (94 million cars to be exact) will be connected.
Following pace behind cars will be home and office automation systems like Google Home and Amazon Alexa. These types of technologies are already rising in popularity, but the overall adoption process for home automation systems will likely take longer.
5. Healthcare
Possible IoT advancements in healthcare settings include:
- Developing medical machines with built-in image sharing.
- Embedding highly specific tracking software in equipment so staff will always know where devices are being used.
- Designing superior prosthetics, implants, and wearables.
Diagnostics are also going to be impacted in a positive way, with doctors being able to collect and analyse a greater amount of data than was previously possible. By 2020, IDC Health Insights predicts that 80% of service interactions will make use of the IoT and big data in order to improve the quality and timeliness of patient care.
6. Retail
The IoT has the ability to affect change for retailers at every level from supply chain management to in-store customer experiences to where and when transactions take place.
- By 2021, 70% of retailers plan to invest in the IoT, 68% in machine learning and cognitive computing, and 57% in automation.
- 78% say it’s crucial for them to create an omnichannel that integrates e-commerce and in-store experiences.
- 87% will launch mobile point-of-sale capabilities by 2021 that make it possible for customers to pay regardless of where they are in the store.
- 70% of retailers are ready today to adopt IoT solutions to improve customer experiences, and 79% of them say they’ll be ready to give customers a fully customized in-store experience by 2021.
Regardless of the industry, the reality is that the IoT is going to revolutionise how people and businesses work, opening doors to productivity and revenue-boosting possibilities that might be beyond our imagination today.
Are you ready to take the plunge? Contact us today to learn how Activo can help you maximize your success in the IoT!
Read more from Activo:
