IoT Applications in Different Business Industries

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Written By Sergio Peixoto

Sergio is the Global Editor in Chief of TrendingWoke. He has worked for the company for over a decade and has published over 200 articles. He is a tech, cryptocurrency, and programming enthusiast who can bore anyone about task management, tracking, and the latest AI innovations.

The Economic Times called the Internet of Things the “second wave of the Internet” in 2019. (IoT). The Internet of Things (IoT), artificial intelligence (AI), and big data are currently at the center of the digitization of the global economy.

According to IDC’s “Worldwide Internet of Things Spending Guide,” the market is expected to grow at a compound annual rate of 11.3 percent between 2020 and 2024.

The combination of intelligent devices and mobile applications holds enormous market potential. Given the constant evolution of wireless networks, sensor technology, and computing power, the Internet of Things could be the next frontier in the race for dominance in the digital world.

What is the Internet of Things (IoT), and what IoT applications exist in various industries? Find out here! What is IoT?

The Internet of Things is abbreviated as IoT. It is the rapidly growing network of devices (“things”) such as smartphones, cars, and manufacturing robots. These “things” are equipped with sensors, software, and other technologies that enable them to connect and exchange data over the Internet.

Internet of Things (IoT) Statistic
source: Statista

By 2025, Statista predicts that the global IoT market for end-user offerings will grow from $212 billion to $1.6 trillion.

Consumerization, cloud computing, Big Data analytics, mobile connectivity, social media, and AI are driving the rise of the IoT. These trends are forcing companies to rethink the way they do business and what they produce.

Everything from smart cities to self-driving cars, smart factories to drones is being explored. Companies can use IoT technology to collect, analyze, and act on vast amounts of real-time data about their customers, employees, operations, and processes.

Using the IoT can improve the customer experience, increase operational efficiency, improve safety measures, reduce costs, and develop new products and services. Below are some examples of how the IoT is being used today:

Healthcare

Wearable devices are being used to collect information about people’s health. Smartwatches, fitness bracelets, and activity trackers are examples of these devices.

Wearables can measure heart rate and sleep patterns, and measurements have been taken. Some wearables also contain GPS French fries that allow them to track where the user goes.

Health apps can analyze this data to provide feedback to users.

For example, an app can tell users whether they should exercise more or eat healthier.

Insurance

Insurance company customers are now being offered telematics programs. These programs allow drivers to submit claims online or via smartphones and receive reimbursement based on miles driven. Insurers provide discounts on repairs and parts and reimbursement for expenses such as deductibles and co-payments.

The Internet of Things (IoT) is defined by two characteristics: connectivity and automation. It refers to international communication between multiple individual devices, machines, and other hardware without the involvement of humans.

Connected Vehicles

IoT technologies include autonomous vehicles that use various connected devices to drive safely in all traffic conditions, including urban and rural roads.

Technologies include:

  • AI-assisted cameras.
  • Computer vision.
  • Motion sensors.
  • Integrated computers.
  • Wireless communication systems.
  • Global positioning system (GPS) – Navigation tools.

Autonomous vehicles use sensors to detect objects in their environment and respond by slowing down or accelerating. For example, if a car detects another vehicle approaching from behind, it can slow down to avoid a collision.

Ultimate IoT Implementation Guide for Businesses

IoT applications in business
IoT applications in business

Although the Internet of Things was introduced in the early 1990s, interest has only recently surged. According to Cisco Systems, more than 1 billion connected devices are online.

It can be used in various ways, even though most people associate it with smart homes and gadgets.

By 2023, Statista predicts 75 billion IoT devices will be used, generating 79.4 zettabytes of data.

For example, you can use the IoT to automate business processes in your organization. You can also use the IoT to connect your car to the Internet to monitor your fuel consumption and alert you when running low. Or maybe you want to collect information about your employees’ performance.

Either way, you need a device that collects and sends data securely to the cloud.

What technologies make IoT possible?

Every day, more and more electronic devices are connecting to the Internet. It’s been predicted that the number of IoT devices will reach 8.74 billion in 2019.

That means there are now more Internet-connected devices than people on the planet! It also shows how much-integrated technology has changed our daily lives. And that’s not all: we can expect the number of “disposables” to triple by 2030!

How did this explosion of IoT-connected devices come about?

Every day, more and more electronic devices are connected to the Internet.

IoT devices are expected to reach 8.74 billion in 2019 alone.

It means that there are currently more Internet-connected devices than people on the planet! It also shows how integrated technology is into our daily lives.

And if that wasn’t enough, the number of “devices” is expected to nearly triple by 2030!

What has caused this explosion in IoT-connected devices?

Affordable sensors

Technology today is more affordable and user-friendly than ever before. As a result, a wealth of new technology has been developed and brought to market.

Connectivity

Many new network protocols explicitly designed for the Internet have made it easier for seniors to connect to the cloud and transfer data between them more efficiently.

“Cloud computing platforms”

Thanks to the increasing availability of cloud platforms, businesses and consumers now have easy access to the infrastructure they need without worrying about managing or maintaining it.

Machine learning and analytics

Machine learning and data analytics (related technologies) together with large amounts of data stored online enable networked devices to generate more information that feeds machine learning and makes it work even better.

Conversational Artificial Intelligence (AI)

Although we are still far from having an artificial intelligence system that can understand human speech, recent advances in neural networks have enabled natural language processing (NLP) on Internet of Things (IoT) devices.

As a result, digital assistants such as Alexa and Siri have become affordable and viable home technologies.

According to MarketsandMarkets.com, IoT in financial services will be worth over $2 billion by 2023, and current use cases are being developed.

Traffic management

The Internet of Things (IoT) has changed how we manage our streets. However, it does show that roads are becoming more connected, which is not necessarily a precursor to driverless cars any time soon. Cameras, sensor systems, traffic light control systems, and parking meters send data to computers, which are then analyzed to improve traffic flow, reduce congestion and keep drivers safe.

Smart grids

Smart grid
Smart grid

Utilities are also using the Internet of Things to improve their energy grids. In the past, electricity flowed through the grid in only one direction: from generation plants through distribution networks to consumers. Networked devices enable two-way communication throughout the energy supply chain, from generation plants to the distribution grid to the end customer.

It allows utilities to manage and control power flow, reduce losses during peak periods, and distribute power. One example of how utilities are using IoT technology to improve efficiency is smart meters. They help utilities understand what consumers are doing with their equipment, enabling them to optimize equipment performance, achieve energy savings and reduce costs.

Environmental monitoring

The Internet of Things (IoT) is a network of physical objects equipped with electronic devices, software, sensors, and connectivity features.

They can collect and exchange data over the Internet, enabling the development of smart cities, industrial plants, transportation systems, and various other applications. IoT data from connected devices can show the quality of air, water, soil, fisheries, forests, and other natural habitats.

They can also collect weather and environmental data.

  • Almost 47% of Energy sector executives say they have implemented IoT across their functions. (imaginovation.net)
  • Energy data sources include machinery (49%) and robots (46%). (imaginovation.net)
  • In the energy sector, 45% of companies use IoT to monitor asset performance. (imaginovation.net)

Thanks to the IoT, businesses can now access more real-time data about their environment than ever. They can use this information to gain valuable insights. This data can help government agencies monitor and predict natural disasters like tornadoes and better manage land and wildlife populations.

Businesses can use this information to reduce their carbon footprint, demonstrate compliance with environmental regulations, and effectively plan for weather events that impact their operations.

Smart buildings and smart homes

Smart buildings and smart homes
Smart buildings and smart homes

Smart technologies are used in our daily lives, whether driving, cooking, working in the office, or living in our homes. Construction is no different. They have become smart thanks to advances in internet connectivity, sensor technologies, AI, machine learning, and Big Data analytics.

Currently, there are over eight billion connected devices in the world.

By 2020, that number is expected to grow to 24 billion. The benefits of IoT are numerous. For example, the Internet of Things allows us to monitor and control everything from our smartphones, tablets, PCs, and smartwatches.

You can also use cloud servers to store and analyze data from these devices. We can remotely control heating and cooling systems, lights, switches, thermostats, security systems, access points, fire alarms, elevators, sprinkler systems, water valves, air quality systems, ventilation systems, and other devices via the IoT.

Cloud computing allows us to collect, analyze, and store this information in the cloud. It allows us to improve efficiency and optimize operations. In addition, the IoT enables automation, reduces costs, and saves time.

For example, a smart lock installed in a hotel can automatically unlock the door when a guest arrives, saving the guest time. When no one is present, a smart light bulb can turn itself off, reducing electricity bills.

A smart thermostat can adjust the temperature based on occupancy patterns, allowing guests to enjoy a comfortable environment without wasting energy.

By 2020, smart buildings that leverage the Internet of Things (IoT) and artificial intelligence (AI) to improve the lives of people living and working in buildings will be even more prevalent. We expect 70 percent of buildings to have some form of IoT technology by 2025.

IoT applications in smart homes include automatic lighting, door locking, weather-sensing garden watering systems, and surveillance. Best of all, they are all connected and can be controlled via a mobile app.

Wearables

Wearables are an important feature of Internet-of-Things (IoT) applications. These include fitness wristbands, heart rate monitors, and smartwatches. These wearable devices, with their numerous sensors and various wireless protocols, can also be used for social IoT applications that target people.

They have a promising future in healthcare by passively and remotely measuring vital signs such as heart rate and blood pressure.

Smart City

Cities are not only getting smarter, but they are also getting smarter! Using Internet-of-Things (IoT) devices, cities can now collect and analyze data from various sources, including connected sensors, lights, meters, etc.

They can use this information to improve their infrastructure, waste management, safety, services, and the environment, among other things.

Smart grid

Smart grids are one of the most widespread examples of IoT-powered architecture in smart cities. They contribute significantly to energy conservation by enabling real-time monitoring and control of electricity consumption.

Given the current state of our planet and rapidly deteriorating environmental conditions, the Internet of Things (IoT) can play an important role in solving some of the world’s most pressing environmental problems.

Utilities and their customers communicate in both directions via smart grids. They consist of control systems, computers, automation, new technologies, and devices that digitally work with the power grid to respond to consumers’ rapidly changing energy needs.

Supply chain management

Supply chain management (SCM) is how companies manage their supply chains. SCM has evolved since Henry Ford introduced his assembly line for mass production in the early 20th century. Since then, technology has advanced significantly, allowing companies to better track goods as they move from one place to another.

Today, “supply chain management” and “logistics” interchangeably encompass everything from transportation planning to warehousing and inventory control. However, supply chain management encompasses much more than logistics. Supply chain management (SCM) is a broad term that encompasses many disciplines, including purchasing, manufacturing, distribution, customer service, and marketing.

SCM involves overseeing the entire process, from raw materials to finished goods and their delivery to customers. A modern supply chain usually starts with an idea, which can evolve into a design document. Most designs today are digital and are usually shared electronically between those involved in the project. It makes it easy to determine what changes are needed to the design before production begins.

Once the design is complete, the manufacturer and distributor can work together to produce the product. After the product is designed, it must be constructed, tested, inspected, packaged, and shipped. Errors can occur at every stage, either because you didn’t do something properly or didn’t follow instructions. Companies must track each component’s events throughout the process to prevent errors.

You can use RFID tags and labels to do this. After delivery, You must track the product again. You can do it by courier service or by an online tracking service. In both cases, the recipient uses a similar system to track the delivery and confirm that it has arrived safely.

All of these activities generate a large amount of data. Employees, suppliers, and customers provide data to companies. They use the data to understand their performance better and make improvements. They use the data to communicate with each other and with others.

The smart grid “knows” its users and their habits by monitoring the behavior of energy consumers. It then predicts how much electricity they will use and when they will use it.

Industrial, agricultural and commercial management

Industrial, agricultural and commercial management
Industrial, agricultural and commercial management

The Internet of Things has the potential to transform industries around the world. The IoT opens up a wealth of opportunities for businesses large and small, from manufacturing to healthcare, transportation to retail.

But what exactly does it mean?

What are the pros and cons of deploying IoT solutions?

And how do you know if IoT is right for your business?

Businesses can use IoT to increase productivity, reduce costs, optimize resources, increase security, protect intellectual property, and more. We also look at some key technologies in implementing IoT solutions. Finally, we look at some real-world IoT implementations in industry, agriculture, and commerce.

Enterprise benefits

The Internet of Things (IoT) refers to the networked connections of various physical devices that collect data about our environment, such as sensors and actuators.

These devices are often referred to as “things.” Most IoT implementations use technologies from a variety of industries and applications. For example, smart grids, industrial controls, transportation management, healthcare, retail, manufacturing, and other applications benefit from the same basic principles.

The IoT offers companies a great opportunity to leverage their existing investments and infrastructure, resulting in cost savings, increased productivity, better quality and efficiency, and overall value.

A Typical RoI Includes the Following Benefits:

Lower operating costs: by leveraging IoT solutions, connected devices enable companies to automate processes, streamline operations, and reduce labor requirements.

With connected devices, companies can reduce operating costs, increase productivity, optimize production, and improve customer service.

Increased Productivity

When employees don’t have to spend time manually performing repetitive tasks, they can focus their attention on more strategic tasks. In addition, IoT solutions enable employees to complete tasks faster and more accurately, which improves quality and reduces errors.

With Real-Time Access to Information

Companies can make better decisions and respond more quickly to changing conditions. This way, they can increase productivity and reduce downtime while improving employee morale and satisfaction.

Industrial Internet of Things (IIoT)

The Industrial Internet of Things (IIoT) is a subset of the Internet of Things (IoT) technology that focuses on IoT applications in industrial environments such as agriculture, manufacturing, energy, and utilities. Although these two types of IoT use similar technologies, they are not the same.

IoT is primarily about people interacting with objects (the “things”) such as cars, digital assistants, and thermostats. The Internet of Things monitors, records, and controls manufacturing processes. It also collects data for quality management and documentation.

As a result, the IoT enables more accurate tracking of various parameters and better control of manufacturing processes. Because the IoT makes many industrial areas smarter, it is sometimes referred to as the fourth wave of the industrial revolution or Industry 4.0 (more efficient).

For example:

  • Smart supply chain management
  • Smart manufacturing.
  • Smart power grids
  • Smart cities
  • Smart farming.
  • Connected logistics.

Autonomous cars (and other vehicles)

Autonomous cars (and other vehicles)
Autonomous cars (and other vehicles)

Autonomous vehicles (AVs) are self-driving vehicles that do not require human intervention. They look like regular cars but can drive completely autonomously. A self-driving car works by monitoring everything around it and the car with a network of sensors.

Autonomous vehicles can communicate with each other and share data in real-time thanks to IoT-enabled technologies, allowing them to drive safely and plan routes more efficiently.

Healthcare

Healthcare
Healthcare

In 2019, the global medical IoT market was worth about $61 billion, and it is expected to be worth more than $260 billion by 2027.

The Internet of Things (IoT) is used to monitor patients remotely and locate equipment, and medical personnel, among other applications. It enables real-time monitoring while automating routine care processes and administrative tasks. It also ensures that the patient has a safe stay in the hospital.

An IoT application typically connects a group of medical devices to a cloud server via ports. Data storage, processing, analytics modules, solution business logic, and control applications are hosted on cloud servers. Patient and medical staff applications allow patients and medical staff to access and control the applications.

IoMT is also important for digital therapies known as “digicures.” These therapies improve existing medical treatments through software and Big Data. For example, pills with ingestible sensors can help doctors determine if patients are taking their medications correctly. Doctors have used remote surgery for years to perform operations from other countries.

However, these surgeries were usually performed via video conferencing. New technologies allow surgeons to perform surgeries with robotic arms while present in the hospital. These advances can save lives and improve the quality of life for people living in rural areas without enough hospitals.

Retail

IoT devices can collect customer data through a mobile app and provide personalized recommendations as customers move through stores. Problem spots, such as unavailable products, can be eliminated to improve the customer experience.

The latest application of IoT apps in retail includes a “scan-and-send” feature that allows store users to scan the availability of items. Smartphones allow customers to store groceries without interacting with cashiers or using a self-service kiosk.

They enter the store, select their items and leave. Amazon calls this the “walk-out” shopping experience. Other brands are starting to follow in the footsteps of standalone retail experiences, so they are gradually being rolled out globally and how it works.

The IoT-enabled store communicates with mobile apps installed on customers’ smartphones. Store sensors detect which products have been taken out (or put back on the shelves). The app then adds the items to the “shopping list” and debits accounts connected to the app.

Smart sensors that monitor the temperature of food containers, for example, can send alerts when they get too hot or too cold. With these simple processes and IoT business applications, retailers can easily reduce the amount of waste caused by overheated or frozen food.

The supply chain and logistics

The supply chain and logistics
The supply chain and logistics

The Internet of Things (IoT) can help solve problems such as optimizing supply chains to reduce emissions, monitoring assets in transit to reduce deterioration, and deploying self-driving vehicle fleets to improve road safety. Artificial intelligence (AI) and machine learning are key IoT innovations (ML).

AI makes predictions based on experience. ML uses these learned patterns to predict future events. It allows AI and machine learning to monitor the supply chain and identify potential problems based on the difference between actual asset movement and expected outcomes.

Sensors and analytics can help companies monitor shipments in transit to identify potential issues before they become major problems.

Summary

Internet-of-Things (IoT) applications have tremendous, transformational potential in business. Businesses of all sizes, from startups to Fortune 500 corporations, can leverage the IoT to increase productivity and customer satisfaction while reducing operational costs and staffing.

It is possible with an IoT application tailored to your users’ existing devices – their cell phones. We can develop a custom solution for your business. If you want to learn more about our services, don’t hesitate to contact us.

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