A recent survey by McKinsey Digital reports that 127 new devices connect to the internet every second. This signifies that the Internet of Things is bringing about significant changes to our world, affecting our personal and professional lives in various settings such as homes, cars, workplaces, and even when we are out and about. However, IoT technology is only partially applicable to everyday products and is already being implemented in many industries.
If you are curious about whether IoT is the technology of the future, interested in knowing the measures that companies are taking to address IoT’s technical challenges, or seeking ways in which your business can benefit from it, then continue reading our recent article on the role of IoT in today’s world.
What is the Internet of Things?
The term “IoT” stands for the “Internet of Things” and encompasses millions of physical devices that are connected to the Internet, commonly referred to as “smart devices.” Although smart appliances like speakers, thermostats, and washing machines are increasingly prevalent in homes, IoT extends far beyond that. It is now extensively utilized in various other sectors, including medicine, manufacturing, automotive, and logistics. If you’re curious about the current state of the IoT market and its projections for the future, read on for everything you need to know.
The Future of the Internet of Things
According to Statista, it is projected that the number of devices connected to the Internet of Things (IoT) worldwide will reach approximately 38.6 billion by 2025 and 50 billion by 2030. As a result, a vast interconnected network of devices across multiple industries will be established. The impact of IoT on the global economy is significant as well. McKinsey predicts that the market value of IoT will range from $4 to $11 trillion by 2025. All these data and stats show how powerful IoT is becoming and it shows the importance of why every business should leverage relevant IoT Services for their exponential growth and success.
The Internet of Things For Your Industry
The Internet of Things (IoT) is rapidly expanding across various industries. It is useful in aiding production processes and can serve as a standalone product (IoT device) or a system component that can potentially save lives.
Therefore, it is worth exploring how IoT can benefit industries such as medicine, manufacturing, and others.
IoT in Manufacturing and Industry (IIoT)
IIoT, which stands for Industrial Internet of Things, involves utilizing IoT solutions within the industrial and manufacturing sectors. By connecting machines, devices, systems, and other resources with sensors, advanced analysis can be obtained through the collected data. An excellent example of IIoT in action is a system that monitors conditions at various stages of the production process and adjusts relevant parameters accordingly, such as combustion temperature. What’s interesting is how well IIoT works in conjunction with AI (Artificial Intelligence) and ML (Machine Learning), which is in line with current technological advancements.
According to a 2019 survey, over 50% of respondents reported that incorporating the Industrial Internet of Things (IIoT) into their businesses resulted in reduced operational costs and increased control over production processes. The benefits of using IIoT in manufacturing include identifying and preventing issues and improving inventory and supply chain management efficiency. (Statista)
IoT in Healthcare and Medical Technologies
The healthcare industry is rapidly embracing the Internet of Things (IoT), with the global market size reaching $24 billion in 2016. According to Statista, this figure is expected to soar to over $135 billion by 2025. IoT in healthcare involves connecting medical devices and systems to the Internet, allowing them to communicate with each other seamlessly.
By leveraging IoT, medical personnel can receive real-time alerts on their patients’ health conditions and constantly monitor their vital parameters such as pulse and pressure. In case of emergencies, IoT devices can quickly send alerts to medical staff. Moreover, the data collected by IoT devices can be stored and used to enhance the quality of healthcare services.
IoT in Automotive
The EU automotive market witnessed 45.01 million active IoT connections in 2016, and according to Statista, this number is expected to surge to 163.71 million by 2025. IoT has brought about many incredible solutions in the automotive industry, including remote fleet management, connected cars, predictive maintenance through sensor data, smartphone connectivity via Wi-Fi, and autonomous cars.
The Internet of Things has revolutionized our relationship with vehicles by providing better control, greater security, and enhanced entertainment. With IoT, the automotive industry is evolving rapidly, creating exciting new opportunities for innovation and growth.
IoT’s Role in Smart Devices and Smart Homes
Smart devices are internet-connected devices that we use every day, including TVs, household appliances, lighting systems, thermostats, and security systems such as monitoring, alarm, and video intercoms. With these devices, we can create smart homes and buildings that can be remotely managed and controlled from anywhere. We can configure the devices as we please, from turning them on and off to determine their actions in specific situations. The key benefits of IoT in this context include improved energy efficiency, reduced costs, increased security, and enhanced convenience.
Tech companies like ours are crucial in supporting manufacturers in implementing IoT. For example, one of Solnit’s clients is a company that produces room and bathroom radiators, electric heaters, and heating system accessories. This company recognized the value of investing in new technologies, and we were able to assist them in that process.
Why Should Businesses Invest in IoT?
Reasons to Invest in IoT:
- Innovation: utilizing top modern technologies to enhance innovation and improve market position.
- Data: generating and storing data that can be used for analytical purposes.
- Reports: access to extensive reports for presenting company statistics, forecasting, and decision-making.
- Automation: automating actions based on data collected to streamline processes and increase efficiency.
Benefits for Clients:
- Convenience: remote control of devices from anywhere using mobile or tablet.
- Security: added security through IoT devices such as surveillance cameras and automatic door locks.
- Optimization and care for the environment: controlling devices remotely saves time and energy costs while reducing environmental impact.
Internet of Things – The Technology of the Future Generations
The potential of utilizing IoT appears boundless, and it is evident that this field is rapidly evolving. All projections indicate that IoT is thriving and will persist in its growth. It is presently being utilized in nearly every sector, enabling organizations to acquire critical data that is essential for prediction and judgment. Moreover, it facilitates real-time responsiveness and enhances personal well-being, convenience, and security. It is important to note that, in some instances, IoT can even contribute to saving human lives.