IoT (Internet of Things) is a term used to describe the overall connectivity of devices with the internet, enabling human beings to interact with them using WiFi. Over the last few years, IoT has been steadily gaining traction and already started impacting several industries.
For many companies and organizations, this means welcoming, and accepting change, by letting go of outdated methods and embracing the latest trends to disrupt a traditional process. If companies aren’t able to adjust, either they would have to, or might wither out with the passage of time.
Here is how IoT is already transforming major industries globally. The list of 5 industries that IoT will change forever is as follows:
We all know how global population has been swelling at alarming rates, which translates on the supply side of keeping up with production. However, supply is not often that easy to increase in any industry to immediately cater to rising demands.
According to an estimate conducted by BI Intelligence, an intelligent-research wing at Business Insider, IoT device installation is currently at roughly over 30 million, and will reach to over 100 million by 2020.
Using IoT devices, farmers are now able to understand their crop yields using sensors at field and in tractors. Using big data from the internet and combining the researched data about current crop yields, farmers are now able to find out the most optimum times for crop harvesting to gain maximum yields.
Unfortunately, it is too early to predict how developing economies of Asia such as Pakistan, India and Bangladesh will cater to the ever-growing needs of increasing population in terms of providing food security. It is yet to be seen how these developing economies embrace IoT for better crop yields.
Healthcare is another industry, that we can confidently assume, to be the main target of IoT. Efficient, and affordable health care, combined with advanced data is important these days. However, not all doctors are able to get their hands on the actual statistics about their patients in real-time.
For example, smart devices connected to the internet that automatically detect changes in patient’s vitals such as heart rate, BP, and blood sugar, will be updated online in real-time. As such, doctors can monitor when and how to take medication without having the patient to physically come to the hospital. Similarly, MRI machines and other advanced medical devices can be connected to the internet to ensure that timely repairs can be done easily.
Despite its fair share of troubles put aside, we have already seen how ride-hailing companies like Uber and Lyft have revolutionized the global transportation industry, causing major disruption sand becoming subjects of international controversies. Let us magnify Uber’s impact on transportation several folds and we can get a clue of how IoT can impact this industry.
Currently, Intel is providing IoT solutions in terms of smart devices and software that provide real-time data on how the driver is driving his vehicle and can help in predicting when the fleet may need repairs. Moreover, IoT solutions such as sensors and devices can also be used to determine fuel efficiency and driving habits in real-time. Adding to this, food logistic companies cna used smart devices to determine the temperature of food delivered so that it is maintained and reached to the end user safely.
Power Generation and Energy
Energy and power generation businesses will now change the way they work. By installing smart electricity meters and devices, the companies can see the actual consumption of electricity in real-time and use this data to come up with innovative ways on how to save electricity.
The smart devices can also be installed at various grid stations to understand better about power outages and changes in supply.
When it comes to energy and personal consumption, IoT helps consumers in controlling their devices through mobile and enabling/disabling lights based on the sunlight using sensors.
For governments, they can save money by having smart IoT solutions installed on street lights, so that they only turn on when someone passes through them.
So far, IoT has not had the widest or more revolutionizing impact on retailing. However, that doesn’t mean that it isn’t beginning to change. Using smart devices such as scanners on the trolleys, retailers and companies can study consumer habits at the time of picking up the products from shelves to better understand revenue, product placement and other habits. This data in turn, can then be used by companies and retailers to improve their services for more sales.