The Internet of Things (IoT) is taking every industry by storm, dramatically changing the way businesses function. Sophisticated sensors, smart systems and intelligent solutions are getting adopted at an alarming pace to increase productivity, improve efficiency and enhance business performance. Let’s take a look into how IoT is impacting some of the key industries.
- Manufacturing – Bringing Mind and Machine Together: In industrial manufacturing, IoT is moving beyond real-time monitoring to connected platforms powered by predictive analytics and robotic process automation (RPA). ‘Cobotics’, the collaboration of people and robots, is getting widely adopted in the United States, resulting in faster and efficient floor operations. Gartner has predicted 3D printing as one of the top ten tends impacting the manufacturing industry, which can help companies drastically reduce production lead time and retooling cost. The Industrial IoT (IIoT) is helping manufacturing companies achieve its much needed digital identity with real-time, unit-level visibility for proactive decision-making.
- Heavy Equipment and Construction – Building a Smart Future: Smart apps for M2M monitoring are transforming the landscape of the construction industry. RFID tagging sensors, GPS tracking systems and wearable devices have taken remote asset monitoring to next level, improving equipment monitoring and maintenance. Building Information Modelling (BIM) combined with Augment Reality (AR) will enable construction engineers to overlay a 3D model on top of the actual site, providing a compelling visualization of the project. Reducing TCO, minimizing equipment downtime and preventing machinery breakdown are some of the areas IoT is helping companies in the heavy equipment and construction sector.
- Logistics and Transportation – Connecting Everything, from Packages to People: Real-time fleet management solutions are enabling businesses, manage and monitor fleet in a smarter way. Intelligent inventory management driven by connected pallets and items is unlocking higher levels of operational efficiency. Drones and mobile autonomous robotics are getting slowly adopted by logistic providers to automate various warehouse operations. IoT is providing deeper intelligence into the supply chain and inventory management, which is benefiting distributors and retailers which in turn is helping them meet the changing needs of end users faster.
- Energy and Utilities – Plugging into the ‘Energy Internet of Things’: According to MarketsandMarkets the global IoT Energy market is expected to reach $22.34 Bn by 2020. Built on sensor technology, the intelligent smart grid systems are evolving fast for efficient power delivery and distribution. These systems enable companies to perform remote equipment monitoring and gain real-time insights. IoT, with its myriad opportunities and offerings is dramatically changing the way energy and utilities industry function. Smart meters with real-time billing, Smart Building Management System (SBMS), democratization of energy are just some of the ways IoT is paving its way into the energy sector.
- Telecom – Towards a Hyper-Connected World: The telecom industry is at the forefront of the IoT revolution. As per the research firm Ovum, the global cellular M2M service revenue is expected to reach $67 Bn by 2021. M2M billing management services are appearing to be a great revenue opportunity for the telecom companies. Mobile operators and communication service providers (CSPs) are rapidly adopting real-time tower monitoring solutions. Network fault management solutions powered by IoT are enabling CSPs to not only quickly identify the root cause of an issue but also prevent them from occurring. To meet the varying bandwidth requirements of an IoT network, service providers have started providing LP-WAN (Low-Power Wide Area Network) along with 3G/4G networks.
Clearly, IoT is transforming businesses across industries and creating new business models and revenue streams, which were not imaginable few years ago. The super-connected world of sensors and devices is forcing enterprises to innovate and step higher in to the value chain.
Have you come across any IoT mega-trend that could re-shape the future of any industry? Share your views here.
Sr. Consultant – Marketing, RapidValue