Contact us anytime to know more — Abhishek P., Founder & CFO CISIN
The connection of objects with the Internet has revolutionized the business world. IoT has made machines smarter and allowed businesses to create more value.
Everything from phones to watches, offices, and buildings can now be connected to the Internet, allowing them to perform functions previously unimaginable. Many industries integrate IoT into their products and business processes to prepare for a bright future.
This blog will look at industries that could benefit from IoT. Let's get started.
What is the Internet of Things?
The Internet of Things is the growing web of interconnected devices that can be accessed via the Internet.
The Internet of Things is a network that connects devices to communicate and perform various actions. Each device connected to the IoT is equipped with a sensor that sends and receives information from other devices. IoT has many uses in business.
The ability of machines to communicate can improve efficiency, operations and revenue. We've compiled a list that includes the sectors we believe can most benefit from IoT.
How Do IoT Devices Work?
It is unnecessary to have a technical understanding of IoT to understand how humans can use IoT to simplify their lives.
IoT devices are essentially minicomputers that send information to the cloud. The cloud will then process the data and decide what to do. The cloud software can, for example, send an alarm, adjust a device, or display a message based on the transmitted data.
Most IoT devices have been designed to operate with data without human input other than programming. There is an interface that has varying levels of functionality.
Some tasks require the user to approve an action, whereas others can be performed automatically. The device will then know what to do based on the adjustments made by the user through the interface. This could mean ignoring the alert or recording an anomaly.
Let's examine how an IoT device works. An integrated IoT system comprises four components that allow IoT devices to perform tasks according to their programming.
- Sensors and devices
- Connectivity
- Data Processing
- User interface
Explore each component in more detail.
Devices and Sensors
IoT sensors and devices begin by collecting data about the environment. This could be a way to measure temperature or barometric force, learn information from a video, or keep track of specific operations.
IoT devices can collect data and information in many different ways. For example, cameras, accelerometers and GPS are ways devices can collect and analyze data.
Smart home devices can listen to your voice. Motion sensors detect vibration patterns on heavy machinery. A biological sensor records data such as heart rate and acidity.
Connectivity
After an IoT device collects data via sensors from the environment, it sends this information to the cloud for processing.
Connectivity is the way that data reaches the cloud. Connecting IoT devices with the cloud can be done via several methods, including WiFi, Bluetooth and satellite.
The type of data collected and the intended use will determine how a device will connect to the cloud. A device that does not have network connectivity cannot be used as an IoT.
In other words, the data collected by IoT devices are useless unless they can be sent to a cloud for processing. The Internet of Things is not complete without connectivity.
Data Processing
Once the data from an IoT-connected device reaches the cloud, the next step is to process it. Computers are not yet able to communicate qualitative data well.
They must rely on strict parameters to process, analyze and act on inputs. The cloud is responsible for converting raw data to a machine-readable format so that IoT devices know what to do next.
IoT devices can be programmed to understand and sense certain datasets to perform specific tasks and functions based on this information.
The cloud processes data. This can be a simple task, such as ensuring that the temperature is set at a suitable level, or more complex processes, such as using computer vision to identify safety hazards.
User Interface
What good is data if you can't use it? Most IoT devices come with a user interface that allows users to interact with them.
The UI offers the user output after the data has been processed. An IoT device is capable of delivering a result in many different ways. A business owner, for example, can receive a message alert when motion is detected in their office after hours.
A device connected to the Internet of Things can display an alert when the temperature in a cold storage unit is too high.
Or, a preprogrammed protocol may be launched automatically if certain parameters are met. If there is no automatic protocol, the user interface allows users to communicate with IoT devices and tell them what they want them to do.
The Sectors That Can Benefit Most from IoT Development
Statista's report indicates that IoT holds great potential for all industries. According to the study, there will be 50 billion IoT-connected devices by 2030.
That's huge! Some industries are investing in the IoT as it spreads globally and across sectors. This revolutionary technology is changing how we work and live.
Agriculture
Agriculture has always been a very open industry to technological innovation. The IoT has made it more technologically driven and industrialized.
Statista's report on the global IoT Market Size for the Agriculture Sector shows the growth in IoT usage in the sector. The market size was 14.79 billion US dollars. The market is expected to reach 30 billion dollars by 2030.
Smart Agriculture is the term used to describe IoT applications in agriculture. The sensors are IoT-based and collect machine and environmental metrics.
Data can be used to help farmers improve their livestock and crop farming and make better decisions.
Use cases of IoT for Agriculture
Check out a few IoT applications in agricultural processes:
Agricultural Drones
Drones for agriculture are equipped with cameras and sensors. They can be used to map, photograph, and survey farms.
Drones come in two different types: aerial drones and ground-based drones. Ground drones are robots that move around the field on wheels.
Unmanned aerial vehicles (or flying robots) are the equivalent of Aerial drones. Drones are controlled remotely.
Drones can perform various tasks, including surveillance, pest control, agricultural spraying, monitoring crops, etc.
Greenhouse Automation
Farmers typically use manual intervention to regulate the greenhouse environment. IoT sensors provide accurate, real-time data on greenhouse conditions such as lighting, temperature and soil condition.
Monitoring Climate Conditions
Weather stations and smart farming sensors combine to collect environmental data, which is then sent into the cloud for analysis.
The data is used to map climate conditions, select the right crops and improve their capacities.
Cattle monitoring
These IoT agriculture sensors track livestock, just as they do with crops.
Reduce Production Risks and Increase Control of Internal Processes
It is important to plan your product distribution by checking the production output. You can reduce the risk by knowing how many crops will be harvested.
Energy
Statistically, the report indicates that the value of IoT in the Energy Market was 20,2 billion USD in 2010. The report predicts that it will increase to 35,2 USD by 2025.
IoT is revolutionizing the energy sector, from generation and transmission to distribution. It also impacts how customers and energy companies interact.
The numbers in another report show the IoT growth in the energy sector:
- Nearly 47%of Energy Sector executives have implemented IoT in all functions.
- The use of robots (46%) and machinery (59%) are included in the Energy data sources.
- 45% of Energy companies use IoT to monitor asset performance.
- 43% of Energy companies use IoT to improve customer experience.
- 40% of Energy companies reported a boost in overall productivity.
IoT has many applications that can significantly impact the energy sector:
- Monitoring and management of remote assets.
- Process Optimization
- Grid balancing
- Forecasting the load
- Smart decision making
- Innovative Power Solutions
Financial Services
IoT security is increasing. Customers and banks have grown accustomed to handling financial transactions via connected devices.
Smart cash points with connected cash vending machines are not rare.
Financial businesses can accurately measure risk due to the huge amount of data transferred and collected with IoT.
In time, banks will use sensors and data analysis to collect more customer information and offer personalized services. This will allow banks to better understand their customers' spending and buying habits.
The benefits of IoT for banking are numerous:
- The use of connected devices can be used to cultivate healthy financial habits and curb any excessive spending.
- This can enhance the overall quality of your banking experience.
- Customers can now use an interactive credit card.
- Banks can automate their business processes.
Healthcare
IoT technology is being used extensively in the Healthcare sector. IoT in Healthcare includes tracking systems, real-time systems, and medical diagnostic equipment maintenance.
It is also responsible for improving remote surgery, patient treatment, and diagnosis. Connected Healthcare is essential for smart treatment, correct decisions, and patient satisfaction. Here are some of the benefits that IoT can bring to healthcare organizations:
- Patients can enjoy lower costs.
- Remote monitoring of patient health
- Reduce the length of a patient's hospital stay.
- Patients receive personalized attention from wearable fitness bands and blood pressure monitors. These devices can also remind patients of physician appointments, exercise checks, and calorie counts.
- IoT sensors track the location of medical equipment in real time.
- Asset Management
Manufacturers
IoT Technology is the Fourth Industrial Revolution." The Industrial Internet of Things (IIoT) is the driving force behind the fourth industrial revolution.
The World Economic Forum Center for the Fourth Industrial Revolution in Denmark is working on IoT initiatives. These initiatives produce incredible societal efficiency.
The manufacturing industry is currently the largest investor in the Internet of Things.
Leading IoT applications for manufacturing include:
- Monitoring the production flow will lead to a reduction in waste, as well as a minimization of work that is unnecessary.
- Remote management of equipment allows for the tracking and maintenance of equipment performance as well as cost reduction.
- Notifications based on machine conditions can help maximize machine availability.
- IoT solutions can improve the efficiency of supply chains by tracking vehicles and assets.
Retail
By introducing new and innovative uses, Internet of Things (IoT) technology can help retailers lower operational costs and improve customer experiences.
Retail stores can benefit from IoT in many ways.
Improved Customer Experience
Retailers can accurately predict consumer behavior by analyzing data from social media and surveillance cameras.
Better Supply Chain Management
GPS sensors and RFID tags provide a complete picture of the movement of goods from the manufacturing stage to the shelf in the store to the customer.
Read More: Internet of Things (IoT)'s Impact on Big Data and Data Science
Smart Inventory Management
Inventory management is a chore for most retailers. Inaccurate inventory tracking can lead to stockouts, excess inventory, and shrinkage.
IoT automates inventory visibility. Smart inventory management can improve procurement planning. The system automatically orders more stock based on IoT analytics just before the product runs out.
Automated Checkout
The checkout process is the most frustrating for customers when the store is busy. IoT can automate and customize checkouts.
Fully Automated Stores
Customers can pick up their purchases after entering the store. The customer can leave with their items and pay automatically.
They will receive a receipt via their mobile phone. The technology is based on facial recognition and full-coverage cameras in the store.
Hospitality
IoT has revolutionized the hospitality industry. IoT helps guests receive personalized service and reduces waiting times.
Hotels can create highly personalized rooms with the help of IoT apps. The room's features can be controlled by the guest using their mobile phone or tablet. The IoT-integrated room would:
- When the guest enters the room, greet them by name
- Sending location information to guests will make their arrival easier
- Save guest preferences and allow them to adjust the temperature and ventilation of their room.
- Alert maintenance staff to repairs and maintenance and predict their arrival.
The hospitality industry can use IoT in many creative ways.
Transportation and Logistics
The IoT transport market was worth $135 billion and is expected to reach $328 billion by 2023. Transport and logistics face two major challenges: speed and timing.
IoT makes transportation companies more efficient and smarter through automation and process optimization. IoT offers actionable insights from the data collected and therefore aids the industry in the following ways:
- Profitability and cost-savings.
- Traveling more efficiently.
- Improvements in operational performance.
- Congestion and reduced energy consumption.
- Greater safety
- Real-time visibility is ensured.
- Fleet management can be improved.
- Supports the maintenance of vehicle health.
- Warehouse Management
What Are Some Of The Most Significant Advantages Of IoT?
Check out how companies can use the IoT, the Internet of Things, and its cutting-edge technology to improve various aspects of their business:
- Enhance Customer Service Experience
When integrated with IoT, the equipment and devices your customers use daily become exceptional. IoT can improve the products and services of businesses.
IoT-integrated vehicles can calculate the distance of a trip and check traffic conditions and fuel consumption.
Smart doorbells can be used to see who is at your door even if you aren't home. The refrigerator can detect if there are not enough supplies.
AC systems that correlate the temperature outside with the desired temperature by the owner.
- Expanding New Business and Revenue Potential
IoT opens up new opportunities for companies to interact with customers and improve business processes.
- Increase Business Safety and Security
IoT devices monitor buildings and offices to protect people from physical threats and ensure safety. Businesses can protect their assets by adding IoT devices and integrating sensors, cameras, and smart locks.
Tracking and alerting employees who work in high-risk fields like manufacturing, realty, or construction is possible.
- Increase Productivity and Competency
Smart IoT devices can perform repetitive tasks in companies. They will be more efficient because they won't need to take breaks, eat or sleep, experience mood swings or get sick.
- Reduce Operational Costs
Increasing productivity, improving process efficiency and maximizing asset utilization can help reduce costs. For example, predictive analytics and real-time diagnosis can reduce maintenance costs across industries.
- Gather Data For Business Decisions
IoT allows companies to measure and collect essential data sets that can help them improve their products and services.
These data can provide vital insights for business analysis and decisions.
- Add Agility And Mobility To Your Business
IoT allows companies to allow their employees and workers to work anywhere. Many companies can benefit from this flexibility - saving money on office leases and hiring remote workers.
IoT devices: Their Disadvantages
There are some disadvantages that IoT devices must overcome:
- Cybersecurity Issues: Every 39 seconds, a mobile attack is launched, and the number of IoT devices increases the chances that an intruder can access a network.
- Lack of Standardization: Lack of standardization.
- Dependence on Network and Power: IoT devices would be useless without power and connectivity.
- Deployment Challenges: Implementing an IoT solution is expensive, and the learning curve is steep. This requires extensive training and resources from all departments.
Iot Device Trends
The rise of IoT-connected devices has led to a new generation of tech trends. According to the Infrastructure forecast, IoT edge technology is poised to be one of the major growth engines in the SSD industry.
IoT devices evolve as new tools are developed that allow businesses to connect with vital data sets.
IoT devices are booming in the consumer market. In 2021, 46 trillion connected devices will be used, up from a mere billion.
Discuss some of the IoT devices that are driving this new technology.
5G
In the Internet of Things age, 5G connectivity is a must. The IoT is growing rapidly, and more bandwidth is needed.
So, multiple devices can be connected across networks while ensuring real-time connectivity. 5G's increased capacity can handle huge amounts of data without compromising speed. It also helps to improve AR/VR without any lag or buffering.
AI-powered IoT For Healthcare
IoT devices are powered by AI functions such as machine learning. Professionals in the healthcare sector use AI algorithms to collect information, monitor patient care, analyze data for research and model and predict disease progression and care pathways.
With GDPR-compliant data and enhanced clinical workflows, new patient-centric models of Healthcare are emerging. This means less time in the laboratory and more time caring for patients.
Wearable Tech
Consumers embrace wearable technology in many ways. Smartwatches, smart home devices and other smart tech are changing how we interact with the world.
Meta's VR goggles offer a new approach to working, playing, shopping, and hanging out. Wearable technology is used more in the healthcare industry to monitor and treat patients.
IoT Bundles for Enterprises
IoT devices, sensors and other IoT tools are being developed across many industries for various uses to improve operations and make them safer, more productive and more efficient.
Many organizations still struggle with legacy systems that run on outdated hardware. IoT bundles for enterprises offer a chance to leapfrog into the future. They provide turnkey IoT hardware, software, support, training and deployment.
Predictive Analytics
IoT devices provide organizations with a wealth of business intelligence. Predictive Analytics analyzes data to predict future trends and then makes suggestions based on these insights.
Strategic forecasting enhances decision-making to uncover growth opportunities, lower costs and optimize operations. Businesses can use it for network monitoring, risk assessment, customer retention and maintenance, and fraud detection.
How Can IoT Be Improved?
By 2025, there will be over 21 billion IoT-enabled devices. Connected technology can help increase energy efficiency, reduce waste and foster personal autonomy.
To be sustainable, IoT architecture must have a robust and responsive feedback system.
IoT and AI work together to generate intelligent actions based on collected data. Together, they can predict, prescribe and deliver adaptive responses.
They can, for example, detect fraudulent ATM behaviors, increase equipment uptime through predictive maintenance, predict driver's insurance premiums by performance, and reduce overall maintenance costs.
Applications for IoT do not differ. Malicious malware is constantly on the prowl for devices that are connected.
These attacks can cause services to be disrupted and critical processes to be halted for several hours. Security initiatives must be strong enough to prevent distributed denial-of-service (DDoS).
