A Glimpse Of The Market
As provided in the Markets and Markets report, the global IoT market size is projected to reach USD 561 billion by 2022, from the base year 2017 value of USD 170.6 billion. The IoT market is expected to reach a CAGR of 26.9% during the forecast period.
This increase in the IoT market size is brought you by the rise in adoption of cloud platforms and reduction in the cost of sensors, besides geographic expansions in the merging markets and large-scale implementation of IoT solutions.
IoT has established its importance in a way such that businesses found it inevitable to have it employed for efficiency and performance. It facilitates people and enterprises to implement higher-level tasks, get meaningful insights and controlled environments. Thereby creating a promising and evident availability of extra time.
IoT & Its Wide Applications
Here’s a list of top-most IoT use-cases we see in action today:
Autonomous vehicles have gained pace owing to the advent of IoT. Not only the IoT based autonomous vehicles can detect speed bumps and lanes on roads, but they can also be used as intelligent transport applications. These applications can bring substantial benefits to consumers like making travel safer, reducing congestion, and providing accurate information to passengers.
AR & VR
On one side, where IoT is the interconnection of various physical devices that can exchange information amongst themselves and provide real-time data, AR and VR, on the other side, immerses a user into a surrounding, and overlays and positions virtual things in the real world, respectively. The confluence of IoT with AR/VR thus aims at merging the physical and digital world. Technologies like AR/VR are widely adopting IoT to develop experiences in an “extended reality.” Augmented Reality and Virtual Reality have made their place in gaming, shopping, entertainment, or medical procedures.
When it’s about establishing a connection between machines using a network to share data, the concept of M2M takes place. With M2M, be it machines, sensors, or appliances, all can receive and convey data in both one and two-way communication. In contrast, IoT stands to be the next step in M2M communication, being an ecosystem of devices that exchange data over a network to connect anything.
Supply Chain Management
There’s no doubt that IoT has revolutionized Supply Chain Management. One can attach IoT devices to specific storage containers to authenticate the location of goods anytime, track the speed of goods movement in the supply chain system, and know when the goods will arrive. Besides, IoT helps monitor storage conditions of raw materials and products, streamline the problematic movement of goods, locate goods in storage, and administer goods immediately upon receipt.
IoT has leveled up drone technology in a way that drones have been enabled to perform essential tasks, especially when it’s expensive, dangerous, or impossible for humans to travel. Drones, in such cases, help make the trip faster or accomplish a task more efficiently and with fewer risks. IoT has been effectively leveraged in Drone technology for search and rescue missions, providing first aid, helping in agriculture, delivering parcels, supplies, and cargoes, assisting in military operations, and much more.
Cities worldwide are actively embracing technology and advanced networks to mitigate the issues of resource constraints. IoT-driven Smart City devices work to make everyday tasks more accessible and efficient while relieving pain points related to public safety, traffic, and environmental issues. Smart Utility Meters, Smart Transportation, Smart Grids, Smart Waste Management Solutions, Smart Air Quality Monitors, etc., are a few IoT-based applications that have paved their path to the bigger market out there in the Smart Cities arena.
In the quest to keep patients safe and healthy, IoT-enabled devices have a substantial role to play. They have enabled remote monitoring in the healthcare sector, empowering physicians to deliver excellent care. This way, IoT strives to foster increased patient engagement and satisfaction, further reducing hospital stay length and preventing re-admissions. IoT for the healthcare industry is not just about assisting doctors. Still, it has direct applications for other parties in the sector like patients (fitness bands), physicians (home monitoring equipment), hospitals (IoT-powered trackers), and health insurance companies. Hence, making a significant impact on reducing healthcare costs significantly and improving treatment outcomes.
IoT technology has endowed farmers with the facility to reduce waste and enhance productivity. It helps farmers opt for the apt fertilizer for their farm, in the ideal quantity, besides providing the information of the number of journeys the farm vehicles have made, thereby enabling efficient utilization of resources like water, electricity, etc. IoT-driven Smart Farming Solutions employ different sensors like light, temperature, humidity, crop health, soil moisture, etc., to help monitor the crop field conditions anytime, anywhere.
IoT has gifted a new facet to the industrial sector with benefits like increased efficiency, error reduction, predictive maintenance, fostering a safe environment, and cost reduction. A few IoT-based applications popularly employed across the industrial sector can be Smart Warehousing, Connected Logistics, Smart Metering, Smart Grid, Industrial Security Systems, and others.
There has been a colossal revolution in the Energy sector with the advent of the Internet of Things. It has helped the Energy sector foster higher energy productivity, cost savings, increased power supply reliability, and control and automation. IoT has brought around a range of intriguing solutions like intelligent lighting systems, smart grids, smart energy meters, smart street lighting, etc., to make the best of the Energy Sector.
The Internet of Things has revolutionized the Retail sector in the most beneficial way possible. IoT helps the brand establish personalized communication based on the IoT-collected data, besides optimizing usage. It also assists the retail sector monitor and predicts in-store wait times, leverage wearables for the loyalty program, keep the customer updated on product delivery status, and much more.
The Final Lines
IoT provides many more applications in the form of Wearables, Hearables, Companion Robots, etc. IoT indeed merges the digital and physical landscape to enable a range of use-cases to make the world a more competent and responsive space. It makes accessible the connection of different objects and enables a real-time database without human interference by adding intelligent sensors. Exploit IoT the best way possible by catching up with Teksun’s tech mavens.