IoT is causing a massive transformation in every industry: smart sensors collecting vital health information, beacons guiding people to the right garment in a retail store, industrial assistant systems improving manufacturing efficiency, or security systems detecting movement at home – IoT is completely changing the way every industry functions and delivers output. The total economic value-add for IoT is expected to be $1.9 trillion dollars in 2020.
Let’s look at five industries where IoT is completely transforming operations and helping drive value and growth:
IoT in manufacturing is helping in the achievement of one major goal: process effectiveness. As improved operations at lower cost become drivers for growth, IoT offers the right tools for improved process efficiency, smarter energy management, and real-time production optimization. For example, IBM IoT for Energy and Utilities is helping manufacturers deliver safe, reliable, affordable, and sustainable energy to customers. According to IDC, manufacturing spend on IoT in 2018 is expected to be $189 billion!
IoT is helping manufacturers to:
- Get real-time insight into the status of the production environment
- Automate workflows and optimize production throughput
- Smartly manage power consumption and avoid expensive surplus
- Monitor and assess the efficiency of machines
- Foresee failures and trigger maintenance processes autonomously
- Predict dangerous situations and ensure worker safety
IoT in healthcare is taking patient experience to an entirely new level. By offering insight into patient health data through the use of smart wearables, sensors, and EMRs, the medical staff is able to take better healthcare decisions. For example, the VitalPatch biosensor continuously monitors eight different patient vital signs. The real-time readings help physicians and nurses provide better patient care. According to a report, healthcare IoT spending is expected to reach a massive $1.335 trillion by 2020!
IoT is helping the healthcare industry to:
- Monitor vital signs like heart rate and blood pressure in real-time
- Effectively diagnose and improve patient health
- Make data-driven medical decisions on treatment and prescriptions
- Automate responses and alert medical staff in case of emergency
- Proactively replenish medical supplies and monitor the integrity of prescriptions through sensor technology
- Ensure secure storage and transfer of patient data
Whether it is the need for smarter supply chain management or the need to intelligently track shipments, the logistics industry has embraced IoT in a big way. For example, logistics corporation DHL is implementing IoT into warehousing to optimize operational efficiency and lay the foundations for safer work practices. Reports suggest that spending on connected logistics solutions will reach $20 billion by 2020.
IoT in logistics is helping organizations to:
- Get end-to-end visibility into supply chain operations
- Conduct predictive and preventive maintenance activities
- Automate warehousing operations and achieve high levels of operational efficiency
- Efficiently track inventory, equipment, vehicles, and shipments
- Ensure driver safety with fatigue detection systems
IoT in retail has the potential to improve store efficiency, drive greater profits, and amplify the shopping experience. For example, retail major Amazon’s Just Walk Out Technology enables shoppers to enter a store, pick products, and walk out without waiting at the POS counter to pay. Shoppers simply receive a receipt and are charged on their Amazon account. Isn’t that amazing? According to statistics, retail spending on IoT worldwide will reach $12 billion by 2020!
IoT in retail is helping retailers to:
- Use store shelf sensors to replenish products as soon as they get over
- Use smart RFID tags to efficiently manage inventory and the supply chain process
- Transform in-store experience for customers using real-time insight
- Send personalized messages and discount offers to customers on their smartphones using beacons
- Deliver foods to supermarkets at the right temperature using temperature and humidity sensors
- Offer AR changing rooms and let customers try on clothes without visiting a store
IoT in agriculture is making the smart farming concept a reality. As extreme weather conditions and rising climate change deeply impact farming outcomes, smart farming is the only way to ensure demands are met. For example, John Deere’s Field Connect solution monitors moisture levels and helps farmers make timely irrigating decisions. Forecasted market value of smart agriculture worldwide is expected to be $26.76 billion in 2020!
IoT in agriculture is enabling farmers to:
- Intelligently gauge the quantity of fertilizer used and plan for supplies accordingly
- Monitor fields with the help of light, humidity, temperature and soil sensors and automate the irrigation system
- Use sensors to carry out precision farming and analyze soil and crop health
- Create precise field and yield maps and improve the quality of yield
- Leverage smart devices to collect location, well-being, and health of livestock
- Collect water data and efficiently manage water usage
Improving Business Efficiency
IoT has the capability to transform the world we live in. According to a report, the IoT installed base will grow to 26 billion units by 2020! As IoT gains popularity across the world, industries such as manufacturing, healthcare, logistics, retail, and agriculture will get impacted the most. By capturing critical data, IoT will not only improve the decision-making capability of businesses, but also improve the efficiency of business operations, and ensure extreme satisfaction for the end user.