The increased penetration of enterprise, IoT has led to the introduction of IoT-enabled automation in transport, manufacturing, and agriculture. IoT has been easing the process of collecting and securing critical data, facilitating intelligent processing in real time. IoT initiatives face various challenges, but the utilization of this new technology enhances compliance and user acceptance.
Smart Homes Global Market Report 2023 revealed that the smart home market powered by IoT devices and appliances is expected to reach $205 billion by 2026. The digital transformation has been bringing with it tremendous opportunities by connecting devices to the cloud.
A McKinsey report also reveals that the estimated value of IoT could be $5.5 trillion to $12.6 trillion by 2030. IoT-powered solutions cover individual, business, and commercial applications, helping monitor, connect, and control billions of devices in entertainment, health, network connectivity, and fitness.
Importance Of IoT in Various Sectors
In Healthcare, IoT can facilitate treatment and improve overall health monitoring using wearables with built-in sensors. These are highly beneficial for delivering data on heart rate, blood sugar, blood pressure, fatigue, and more.
The manufacturing industry also uses IoT apps, giving workers correct data to improve supply chain logistics and allow experimentation of future trends.
Industrial applications of IoT include automation, networking, and improved analytics. Also, these are vital to helping machine operators with the reduction of the time spent troubleshooting as they offer accurate indicators of machine health.
In Retail, smart devices offer benefits to improve the quality of life as they help keep intact the standards of safety and security. Anti-theft smart tags prevent theft in stores.
IOT Is Changing The Overall Technology Landscape
IT and OT integration have been serving as the disrupting technology solutions with plenty of evolutions of building management. In this regard, it can be said that the organizations deploying IoT are planning increased storage capacity (32.4%), server infrastructure (29.4%), network edge equipment (30.2%), and off-premises cloud infrastructure (27.2%) in the next 12 months. IT and OT, with associated technologies and evolutions, leverage IoT and other data to disrupt ERP with intelligent ERP.
Industrial IoT influences MES software and SCADA systems and has been impacting the broader technological picture of what is known as Industry 4.0. Smart supply chain management, including less OT-intensive ones, including IoT and all the related digital transformation technologies, changes existing solutions, practices, and vendor strategies.
Future of IoT
2022 survey of 500 senior IT and engineering staff at manufacturing companies revealed that 15% of the companies indicated having fully implemented their AI strategy. The Internet of Things market is expected to reach $483 billion by 2027, and the number of global active IoT connections grew by 18% in 2022 to 14.4 billion active IoT endpoints. Reports from 2023 reveal that IoT Analytics expects the global number of connected IoT devices to grow another 16% to 16.7 billion.
AI algorithms play a core role in enabling the use case, and there is a noticeable strong push toward embedding AI into IoT applications, which is also going to witness a strong increase in the next years. The recent estimates also reveal that by 2027, nearly half of all IIoT applications are going to acquire some AI element, with the share of AI-augmented applications tripling from 11% to 34%. Software vendors have been currently undergoing large internal exercises on augmenting their existing software offerings with the use of AI.
Self-driving And Connected Vehicles
Autonomous vehicles are notable examples of IoT in action. These vehicles use a slew of connected devices to safely navigate roadways in all traffic and weather conditions. The AI-enabled cameras, motion sensors, and onboard computers are expected to grow rapidly in upcoming years. An Allied Market Research report has also concluded that the global autonomous vehicle market will hit nearly $2.2 trillion by 2030.
Logistics And Fleet Management
Companies have been using sensors, telematics, GPS, and analytics so that they can stay informed about their vehicles at any given moment, and it also allows them to get an estimate regarding when the vehicle will arrive at its destination and whether external conditions warrant updating routes.
The technology ecosystem has also found wide use in the manner that it enables companies to identify ways to improve operations through more driver training, predictive maintenance, and route optimization. Logistics companies work as the primary users of such technologies, while there are also other industries that use IoT to track their fleets.
Read Also – Emerging Trends in Deep Learning and Artificial Intelligence in 2024.
Connected Buildings And Security
Property owners have also been benefiting from the power of IoT as they assist with making buildings smarter, more energy-efficient, convenient, comfortable, healthier, and safer. Internet of Things ecosystem in a commercial building includes monitoring of the HVAC infrastructure using real-time data and automation technologies. That guarantee the constant measurement and adjustment of the temperature for optimum energy efficiency and comfort.
Cameras using AI aid in crowd management, ensuring smooth flow of foot traffic or supporting public safety at large-scale events. IoT capabilities power modern security systems with connected cameras and sensors. Which then transmit that information to other systems, making it easier to analyze the data and take specific actions.
Digital Payments
Internet of Things has also found wide use in digital payments and has been continuing to expand. Everything seems to have become more digitally integrated. And it can be only expected as of now that the use of payments will increase, with IoT playing a critical role.
Final Say
IoT has been finding wide use lately as it is assisting with increased productivity and efficiency of business operations. Besides, it is beneficial to create new business models and revenue streams. So different industries and businesses are looking forward to utilizing IoT. To easily and seamlessly connect the physical business world to the digital world, driving quick time to value.
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