Top industries impacted by IoT Solutions – Acuiti Labs

AcuitiLabs Top industries impacted by IoT Solutions – Acuiti Labs www.acuitilabs.co.uk Feb 2020

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Internet of Things (IoT) continues to spread across the home and the enterprise, which is changing how we live and work. We can say that IoT is the next wave of internet technologies.

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About Internet of Things

•IoT is a giant network of connected “things” that has the potential to impact how we live and how we work.

•We can say that the world is going with a flow of “Anything that can be connected, will be connected.”

•Here are a few examples that can make you understand this thing better, consider an alarm clock waking up you at 6 a.m. and then notifying your coffee maker to start preparing coffee for you.

•One can say that IoT allows for endless opportunities and 3 connections to take place.

If we go to see manufacturing, transportation, utilities, healthcare, consumer electronics, retails, financial industries, energy, communication, these all industries are leading IoT investments and adoption. IoT created a new opportunity for industries to evolve and reach new markets.

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Here are some remarkable statistics about the impact that IoT has on seven industries:

IoT is the driving force behind the industries. In addition to optimizing workflows and processes, it enables automation, data collection, and analytics.

It can collect data on the status of the equipment that allows smart technologies to be put in place that allows for proactive maintenance or automated recovery after failures.

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Manufacturing As we all know more than companies in other industries, rely on heavy machinery to produce products which in return lead to a deep interest in understanding the performance of these machines.

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Transportation Every industry is investing in IoT, even transportation industry is heavily investing in it. IoT systems are playing a role in managing movement and logistics in transportation.

Transportation vehicles are equipped with sensors that help monitor maintenance, optimize fuel consumption, and train drivers. Cameras and sensors may be placed along railroad tracks to monitor wear and tear on wheel assemblies.

Vehicles can also monitor driving behaviour for insurance purposes. Digital data recorders are another facility that is programmed to take video samples under conditions of heavy acceleration.

Utilities This industry was one of the early adopters of IoT. The IoT solutions help utility companies to more accurately and efficiently bill customers for consumption. Smart meters are developed that help track the amount of energy users of green technologies send back to the grid helping to incentivize the use of environmentally friendly energy. The oil and gas industry are also benefited from IoT solutions. It is also used within power generating plants to monitor equipment over time. Energy companies are turning to IoT solutions to monitor asset performance and enhance their customers’ experience to boost overall efficiency.

Healthcare In the years to come, the Healthcare industry is that will experience the fastest spending growth in IoT. The healthcare industry has the vast use of IoT solutions that ranges from medical machines that capture images and share with patients, monitoring and troubleshooting problems with equipment, a system that can track dispensation of medicine and much more. Connecting such devices to the internet benefits patients by reducing errors and providing more data to doctors to improve diagnosis and quality of care. IoT solutions are also used for employee monitoring along with patient monitoring facilities and enhancing customer experiences.

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Consumer electronics and cars Observations say that this is the 4th largest IoT market segment in 2016 and is projected to become the 3rd largest segment in 2020. A proven example could be the rise of home and office automation systems and digital assistants such as the Amazon Alexa and Google Home. Most people invest in fully connected homes and offices for a better and convenient living.

Connected cars are also an IoT industry leader. For example, every General Motors car produced today has IoT functionalities that allow drivers to gain information and connect to the internet. In the next coming five years, connected vehicles and smart buildings are predicted to rank among the top industry segment for IoT adoption.

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