Five Industries Going Big on IoT
Can you imagine that there are more connected devices on Earth than human beings? Frost & Sullivan pointed out that there are 41.76 billion IoT-connected devices in 2023. What’s even better is that IoT technology is making it big across global industries including manufacturing, healthcare, and agriculture.
Let’s look at how IoT solutions are?transforming the following 5 industries:
1. Revolutionising Healthcare through IoT
Along with AI, IoT in healthcare is regarded as the most disruptive technology. Despite recent improvements, India's healthcare sector continues to suffer from a shortage of qualified physicians and low government spending. Before the emergence of IoT technology, Indian patients could only consult doctors at hospitals and clinics, or through the telephone.
This has completely changed now. With IoT-enabled wearables, doctors can now continuously, yet remotely, monitor their patient’s health parameters like heart rate, blood pressure, and even glucose levels. IoT in healthcare?is also lowering healthcare costs across the country by reducing unnecessary hospital visits and hospitalisation. By connecting individual pacemakers and diagnostic equipment to the Internet, IoT solutions are improving patient diagnosis and the quality of patient care.?
What about future trends of IoT devices in the healthcare sector? Along with more accurate diagnosis, IoT-connected devices will enhance personalised healthcare, remote monitoring of patients, and telemedicine.
2. IoT in Manufacturing: Building Smart Factories
IoT in manufacturing?is enabling the advent of Industry 4.0 (or the fourth industrial revolution). In the Indian context, IoT technology is transforming the manufacturing industry through IoT-enabled utility and energy management systems. With IoT-connected technology, manufacturers are creating smart factories, which can gather and analyse real-time data from:
Through remote equipment monitoring, IoT solutions?can now monitor production equipment (in real-time) and send timely alerts for any performance drop or maintenance issue. Along with manufacturing, IoT in supply chain?solutions can help in real-time tracking of products along the entire supply chain.
Going ahead, IoT-enabled smart factories can predict future outcomes based on historical and real-time data. This helps manufacturers improve their production yield, machine uptime, and product quality.
3. Cultivating the Future: IoT in Agriculture
Just like smart manufacturing, the term “smart farming” applies to the use of IoT in agriculture. IoT-powered farming can improve agricultural production through real-time monitoring of crop fields. As the global population is set to cross 10 billion by 2050, smart farming can meet the growing demand for healthy food in larger quantities.
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In the Indian agricultural sector, startups like CropIn are leveraging the IoT platform?to deliver future-centric farming solutions across the entire agricultural sector. Here are some other use cases of IoT in agriculture:
Among the future trends, smart farming (with intelligent sensors) will enable farmers to improve their farm yields, reduce waste, and improve labour efficiency. Wireless soil sensors can help farmers reduce the use of fertilisers while improving yields.
4. On the Move: IoT Transforming Transportation
The market size for IoT in transportation will hit around $498.47 billion by 2032 (source: www.precedenceresearch.com).?The Indian public transportation industry is driving the integration of AI and IoT technologies?to transform the commuter's experience. For instance, IoT-enabled vehicles allow commuters to track vehicle locations and monitor real-time traffic flow.?
Besides, IoT is also powering intelligent traffic management by integrating with AI technology. IoT-powered signal controls can optimise the duration of traffic signals based on real-time traffic flow. Similarly, IoT?in logistics is facilitating service providers to locate the current location of their fleet vehicles and the time they need to reach their destination.
Among the future projections in smart transportation, 88% of new vehicles will have IoT-powered telematics by 2025 (source: www.biz4intellia.com). IoT technology?will improve driving safety, vehicle conditions, and the overall travel experience.
5. Reinventing Retail with IoT Innovations
From automated checkouts to customer behaviour, IoT in retail?enables a host of innovative applications. For instance, with IoT-enabled store cameras, retailers can collect real-time data providing valuable insights into customer behaviour. Among the latest IoT innovations, smart trolleys can guide retail shoppers to their desired product in any retail store.
Similarly, small and large mall owners are using IoT in retail?solutions to monitor mall footfalls and understand the shopper's journey. Retailers are also leveraging IoT technology?in their warehouses for applications like robotics and inventory control.?
As IoT solutions continue to advance, retailers can use this technology to send personalised messages to customers (based on their current location). Just like that, IoT-enabled smart shelves can detect when shelf products are running low in volume or approaching their expiry date.
Takeaways
With the rapid growth of "intelligent" devices, it's no surprise to see the massive impact of IoT technology across various industry domains. Besides the industry sectors (listed in this blog), IoT is delivering business value in sectors like banking, finance, consumer electronics, and public utilities.
In the Indian market, the demand for high-speed IoT solutions is expected to only rise in the coming years. Large or small-sized companies can benefit by investing in this “futuristic” technology and elevating their business to the next level.