The Internet of Things (IoT) has evolved from simply being a connectivity strategy to an extensive business transformation strategy. It is gradually opening new opportunities for industry leaders to create new products and services, which had previously been thought of as impossible.
In the previous article, we saw the four maturity stages of IoT namely: Data Generation and Ingestion, First Analytics, Deep Learning and Autonomous Decision Making. This IoT maturity journey has accelerated the pace of sustainable business growth including increased profitability of enterprise leaders.
Enterprise Leaders have recently come to terms with the importance of Internet of Things for their companies.
According to McKinsey & Company report – 92% of them believe that IoT will help them improve products and operations by 2020.
This is the ultimate turning point in ensuring that IoT technology grows-up to create truly seamless, connected experiences. The diverse set of industries utilizing IoT technology are all usually at different stages of maturity. Some are in the infant stage focusing on ensuring everything is connected or integrated. Meanwhile, others are focused on developing a more integrated business model for their business operations.
Here, we share leading real-world applications of IOT across 7 super-domains to understand how IoT is impacting businesses and transforming lives:
1. Smart Homes
Smart Home is the advanced IoT driven facility ruling across the globe. IoT powers the smart home by adding new features and capabilities to smart devices. Consumers are fascinated by seeing the potential of the smart home for their convenience, safety and time saving.
According to a Statista report, the global smart home market is predicted to reach 53 billion U.S. dollars by 2022.
The boundaries between industry leaders are blurring as the investment in smart home technology is growing. The increased need for connected assets, security systems, room control, energy management, and light control have led to widespread adoption of Smart Homes and IoT technologies.
Wearables adoption is growing at a faster pace. We have several wearable products such as fitness tracking brands, GPS tracking belts, smart clothing etc. These devices are continuously evolving to offer more compact and energy efficient offerings with time.
For an instance, Health and fitness-oriented wearables offer biometric measurements such as heart rate, perspiration levels, and oxygen levels in the bloodstream.
According to Forbes, it is estimated that 411 million wearables will be sold in 2020.
This consumer-oriented side of the IoT technology will certainly impart an exceptional value to our lives.
3. Smart Cities
IoT-enabled smart cities have the range of use cases in multiple areas. From smart lighting and smart parking to connected public transport and waste management –IoTs have led to reduced costs of energy, help to build healthier environment, improvise traffic management, enhance public safety and optimize street lighting.
It is expected that the global market for Smart City solutions and services will grow to $88.7 billion by 2025 - Navigant Research.
For an instance, Cygnet Infotech delivered an IoT based Intelligent Elevator Maintenance Solution that helps in monitoring the elevator maintenance cycle and accurate evaluation of performance through reporting.
Cygnet has helped cities get smarter in the UK and Australia by delivering a bespoke IoT based solution to a leading UK based ISV focused on delivering intelligent and deeply integrated Track and Public Transportation solutions to the government bodies and private transport operators. These smart solutions have been tailored as per the requirements of Track Managers, Emergency Planners and the Travelling Public which empowers them to model, monitor and control the public transportation management system. They have their systems running live across various counties in UK and Australia.
The IoT evolution in cities helps to thwart urban crime, mitigate traffic congestion, prevent environmental deterioration and avoid sanitation problems. It can even make day-to-day living more secure and comfortable leading to innovative solutions and better standard of life for the city residents.
4. Smart Grids
The Internet of Things smart grid solutions serve today’s energy demands. They have come up with a practical solution to balance out the increasing complexity of the energy distribution networks and achieve real-time visibility into the consumption process.
Internet-connected sensors and smart back-end systems can provide real-time information to create more efficient, and responsive systems.
For an instance: Using IoT applications, meters and substations can be connected virtually to each other, as well as connect to company vehicles and employee devices. Such connectivity will create realized efficiencies.
According to Forbes, energy companies are turning to IoT to monitor asset performance (45%), enhance their customers’ experience (43%) and boost overall efficiency (40%).
To comply with advanced production processes, energy sectors are progressively collaborating IoT technologies with their smart grid ecosystem.
5. Industrial IOT (IIoT)
Industrial Internet of Things is empowering industries with advanced sensors, software systems and programed resources to create futuristic infrastructure. IIoT uses big data analytics to communicate with industrial data and provide more consistent and accurate results. This allows companies to effectively deal with process inefficiencies and detect problems at the earliest to leverage productivity.
Accenture estimates that IIoT could add $14.2 trillion to the global economy by 2030.
Some of the IIoT applications are: Remote monitoring and control of operations using network-connected sensor data, sensor-integrated machines and tools and wearable technology like industrial smart glasses, Inventory management etc.
6. Connected Cars
The automotive Industries are ardently looking to go with IoT to make vehicles work optimally and freely. The advanced potential of IoT has stimulated the efforts of auto engineers towards creating the in-car experience.
As per Business Insider there will be 220 million connected cars on the road by 2020.
From automobile manufacturers to software vendors, everyone is excited about the connected cars phenomenon. A connected car can manage its operations itself based on the pre-stored inputs and sensors.
Cars equipped with camera, sensors and mobile connectivity, can share and receive data using the cloud. There are endless possibilities with that data. From location tracking, providing in-car content and services, GPS based navigations to fleet management and driver assistance, automotive IoT completely transforms the automobile industry.
7. Smart Supply Chain
The IoT technology offers a practical approach to take supply chain management to the next level. The logistics and transportation industry have started leveraging comprehensive IOT solution to manage goods from anywhere, at any time, on a global scale.
Right from the manufacturing plant to the point of consumption, IoT sensors give a clear picture of how the product is being treated on a journey to the store or the customer via entire logistics network.
By 2020, Discrete Manufacturing, Transportation & Logistics and Utilities industries are projected to spend $40B each on IoT platforms, systems, and services. - Statista
Logistic providers can achieve a superior level of operational efficiency, transparency, and streamlined processes regarding fleet management, automated warehousing operations and cargo integrity monitoring.
The IoT field is dynamic. Organizations need to pick up pace and must move forward to keep up with competitors who are ahead in terms of their IoT implementation. To start your IoT implementation journey, get in touch with our IoT experts at Cygnet Infotech on +1-609-245-0971 or email@example.com