Introduction to Uses of IoT
Internet of Things (IoT) is the technology that can change the way we think about the unstructured data. In the era of cheap computing resources, unlimited bandwidth and connected devices the applications of IoT range across all industries from agriculture to space. As per the recent IDC(International Data Corporation) forecast, the worldwide spending of IoT for 2019 will cross $745 billion which is 15.4% more than the previous year. It is expected that the global spendings will cross the $1 trillion mark by the end of 2020-2022. In this article, we will discuss the various use cases of IoT across various lines of business.
Uses of IoT in various Industries
IoT is going to be the largest category of IT services in the upcoming years, which has the potential to change the industrial landscape. Let’s discuss various use cases of IoT grouped by type of industry.
1. Manufacturing Industry
IoT has been changing the industry landscape for manufacturing sectors in scale. Smart sensory data are used to prevent abnormal breakdowns, requirement analysis, and resource optimization. IoT solutions help organizations in smart asset management, performance monitoring which in terms reduce the asset downtime and increase hardware longevity. It also enables manufacturers with a lower time to marketability and large scale customizations. For example, IoT helped bike manufacturer Harley Davidson to reduce the time to produce a complete bike from days to hours.
2. Agriculture Industry
As industry agriculture follows the traditional experience-based operations which are heavily dependent on human intervention. But with the changing economic landscape and the population increment, the supply-demand gap is huge. Changing environmental conditions, global warming is also a part of the challenge. IoT is probably the most powerful weapon for the agriculture and farming industry to fight with this. IoT enables farm managers with real-time corp monitoring, precision farming, livestock management, smart greenhouse management, etc. Industry grade drones also have multiple use cases in smart farming. On one hand, drones are used to monitor air, soil, moisture quality, another hand it can help with physical activities like automated spraying of fertilizers, preventing physical breakouts in farms, etc.
3. Healthcare
One of the important sectors that will get benefit mostly from Industry grade IoT is healthcare. The popularity of smart devices, wearables are increasing day by day. This enables researchers with more and more data to incorporate IoT solutions. Data from wearables are used to prevent heart attacks, constantly monitoring the heart rate, steps taken, tracking sleep, sitting postures, etc. IoT based solutions with nano-technology are even used to monitor cancerous cells inside the body. IoT along with machine learning is changing the industry at a rapid scale.
4. Insurance
As an Industry Insurance generally follows the structured data. But it has the potential to optimize the resources and claim settlement process using IoT. Recently Insurers have slowly started adhering IoT in their industry solutions. IoT solutions can be used for automated claims processing, as a factor of premium calculation, automated reserve setting, damage assessment, etc.
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5. Home Automation
Controlling electronic instruments remotely is no longer science fiction,It’s already commercially available. IoT is used in our daily life to automatically make decisions and optimize power consumption. Google Home, Amazon echo, etc. are examples of some of the IoT based home automation devices where IoT and machine learning are used heavily.
6. Automobile and Transportation
In the era of the internet, automobiles are also considered as gadgets where upgradations can be made on-demand. Modern cars are equipped with IoT based smart sensors that help in real-time car tracking, speed control, fuel consumption control, car renting solutions, etc. IoT along with deep learning helps in developing automated parking systems, semi autopilots, and even self-driving cars.
7. Energy Sector
IoT solutions bringing changes in energy sectors with valuable insights on power consumption, hardware maintenance, forecasting dynamic pricing, etc. Not only the traditional power and energy sources, but also comparatively newer sectors like solar energy, wind energy, and waste recycling are getting benefited from the use cases of IoT.
Industry Forecast and Global Trends of IoT
Following are the details of Globally Trends:
1. Report on IoT Spendings by Industry
Market spending predictions are an important tool for getting an idea of the industrial use cases of IoT. The demand graph gives a sense of the scale at which IoT is incorporated. Here we will highlight statistics from IDC(International Data Corporation) forecasting 2019, which will motivate you to dig more on the specific line of business of your choice.
2. Google Trends on IoT
Now let’s take a look at the global google trends on IoT from 2004 to 2019. It will help to get a sense of how IoT based use cases are growing gradually.
Source: https://trends.google.com/trends/explore?date=all&geo=US&q=IoT
Conclusions
In this article, we discussed the various use cases of IoT in today’s industry as well as the industry forecast and global trends of IoT. Though here we mainly discussed the positive use cases of IoT, there are also some negative sides to it. IoT devices along with artificial intelligence have the potential to hamper the privacy and even hurting physically if not implemented properly. Properly regularized and benchmarked IoT solutions can change the society in the upcoming decades.
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