The phrase Internet of things (IoT) was first introduced by Kevin Ashton in 1999. Kevin at the time was working on a presentation and needed a catchy title to convince the members to put RFID tags and other sensors on products at Procter & Gamble. Little did he knew that the technology he named will be taking the world by storm. From healthcare applications, voice assistants and smart appliances to industrial automation and better agricultural yield the Internet of Things (IoT) is transforming and reshaping every aspect of our lives.
But you may ask what is IoT? Well, on a very basic level it refers to a network of “things” that are connected to the internet to collect and exchange data. These ‘things’ can range from your vacuum cleaner to industrial machinery. As per the IDC, a tech analyst company, we will see a huge surge in IoT sector by 2025. The total connected device worldwide by then will increase to a whopping 55.7 billion. In addition, the current COVID-19 pandemic has changed the trends where companies are focusing more on leveraging technology to overcome its impact and open
Among other trends that are gaining momentum, we have identified 5 that you may find interesting.Let us look:
The pandemic has accelerated the pace of digitization in the healthcare industry. According to a report, the global internet of medical things (IoMT) market will reach to $158 billion in 2022 as compared to $41 billion in 2017.
The IoT wearables and medical devices have really made it easy for healthcare service providers to prevent and diagnose various diseases. The remote monitoring systems with connected devices and IoT sensors have allowed doctors to keep an eye on their patients while minimizing the risk of viral infections caused by face-to-face interactions.
Smart medication devices in homes give doctors a detailed account of whether the patient is taking their meds on time. We have seen people are willing to invest in their health and are more prone to use different wearables.
The increased urbanization and rise of IoT technologies have made the concept of smart cities more popular. Cities worldwide are looking for tech-based solutions to effectively manage their resources.
Among other devices, smart meter is helping the utility companies to efficiently use the energy and balance the demand and supply. In addition, smart waste disposal and management solutions enable the municipality to monitor the trash canes and send the reinforcements where direly needed rather than having fixed routes. Traffic management is yet another useful application that can help in managing the road network while reducing the chances of accidents.
The potential for building smart cities is immeasurable. Where the future seems exciting, we look forward to how IoT will play a major role in automating our cities.
The growing opportunities in Manufacturing Industry
The Industrial Internet of Things (IIoT)is the next big thing in the manufacturing sector. The increased demand for customization, complex supply chains and the fight to remain on top and profitable have led manufacturers to find innovative ways to stay competitive.
Here is where IIoT comes into play. Manufacturers are using the power of predictive maintenance, digital twins, and Asset monitoring to improve their processes, increase productivity and safety while reducing operative costs.
According to a study done by McKinsey, the application of IoT in the manufacturing sector will generate $1.2 to $3.7 trillion of economic value annually by 2025. This will most certainly help in fueling the global economic activity.
The growth potential in retail industry
Like many other sectors discussed above, the IoT sector is also geared up to reap the benefits of IoT. Many mid-size and large retailers are using different technologies to automate their processes, enhance customer satisfaction and ensure little to no human interaction.
The IoT sensors are used to track valuable information in the supply chain such as whether the items were delivered on time, in required quantity and optimum conditions. In addition, we have also seen its application in collecting valuable customer insights such as their satisfaction level during the whole purchase process.
Moreover, the retail IoT also allows you to customize the user journey. The map apps can direct customers to a particular aisle and help them find their desired items. All these examples show that the future of retail is tech and data driven.
IoT in Agriculture
The UN Food and Agriculture Organization (FAO) predicted that the world would need 70% more food in 2050. With the rapid growth in global population, extreme weather conditions and climate change, it is imperative to digitize the agriculture sector.
Fortunately, with different IoT technologies, the farmers are enhancing their yield many folds. With sensors placed across the field we can measure the soil moisture, predict changing weather conditions, monitor the water requirements and take timely decision to harvest.
These precision farming techniques including irrigation and livestock management and vehicle tracking have allowed the farmers to increase their farm efficiency.
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