The advent of the Internet has given rise to the concept of connectivity. The power of connectivity is expanding at an unprecedented rate, with no signs of slowing down. The Internet of Things (IoT) is nothing but the amalgamation of smart devices, sensors, and the connectivity of the Internet.
Surprising Statistics of IoT that you Surely Don’t Know About
- According to Gartner, the number of smart devices will grow from 8.4 billion in 2017 to 19.4 billion by 2020.
- The IoT market is projected to grow from over $170 billion in 2017 to over $560 billion by 2022 according to MarketsAndMarkets.
- The worldwide IoT market will grow from $3.9 trillion to $11 trillion by 2025 as per the prediction of McKinsey.
- As per McKinsey, IoT-related businesses would account for 11% of the global economy.
We have entered the digital age where data analytics, connectivity, and automation are encouraging new innovations. Let’s know how different industries are using IoT solutions and services to their advantage and giving their business a technologically competitive edge.
Disruption of IoT in Manufacturing
The Internet of Things has optimized the workflow, processes, and operations in the manufacturing industry. By leveraging the automation power of IoT and combining it with data, insights, analytics, and intelligence, several devices are programmed to work together and produce outputs on an assembly line.
The malfunctioning of devices can be detected at an early stage as the IoT ecosystem in manufacturing collects real-time data on the status of the environment. In case of any device failure, the connected user gets notified, which in turn puts to use other smart technology powered device for recovery after a failure. All this has realized the concept of ‘smart factory’, which was just an imagination a few years ago.
Power Saving with the Use of IoT in the Energy Industry
The Energy sector is quite benefitted from the use of IoT technology. One of the many applications of the Internet of Things includes the installation of smart meters. The accurate, precise, and granular recording of energy consumption by smart meters has helped consumers to keep a track of real-time power consumption. Users can also get insights on which device is consuming more power, what time of the day maximum energy is used, and how to optimize the overall power usage.
Smart meters enable utility companies to bill customers more efficiently and accurately as per power consumption. Such devices also help in keeping a track of the total amount of energy consumed by users of green technologies and allow it to be credited back for incentivizing the use of environmentally friendly energy.
Impact of IoT in Logistics & Supply Chain Management
The scanning technology of Radio-frequency identification (RFID) is in use in the logistics and supply chain industry for a long. However, the advent of IoT has revolutionized this industry to the core. Apart from merely reading by scanning the tag, IoT allows for easy and smooth supply chain management to meet the growing needs of consumers.
The additional intelligence and smartness in RFID tags allow for individual devices or products to be tracked in real-time. The use of IoT technology is helping in enforcing expiration dates on perishables. The connected supply chain system senses weather and detects humidity, temperature, pressure, or moisture that could compromise deliveries. Such automated smart systems allow for near-real-time updates to inventory and tracking systems, thereby including transparency and automation in logistics and supply chain management.
On a Concluding Note…
Embedded devices and the flexibility of IoT technology are helping several industries to automate their processes and operations. The best part about the Internet of Things is that its applications are not limited to large-scale organizations or enterprises. IoT-connected ecosystems help startups as well as medium-sized organizations to increase automation and improve data processing and analytics.
IoT technology is bound to bring forth more innovations in different industries in the coming years. With this technology maturing and combining with other emerging technologies such as Artificial Intelligence, industries seem to be well-positioned to leverage the benefit with the help of professional IoT services providers.