7 Industries That Will Benefit the Most from Applying IoT in 2020
The Internet of Things (IoT) has an opportunity to move beyond standard business models to one that offers cost savings, generates new revenue models, improves processes, provides customers with new experiences — or all of the above.
In this article, openGeeksLab has outlined what IoT is, how it works, how to use IoT software in the right way. You will also read about what industries will benefit the most from applying internet-of-things devices not only in 2020 but in the years to come.
What Is the Internet Of Things?
Internet of Things is a network of physical internet-connected devices that can share and collect data across a network. In short, it is an expression used to characterize things connected to the Internet.
Industries That Can Benefit from Applying IoT in 2020
Many enterprises around the world have adopted IoT tools in their infrastructures. Continuous expansion of the IoT market enables SMEs to shorten delivery time, cut costs, increase production. Statista states that its economic impact will be between 3.9 and 11.1 trillion U.S. dollars by 2025.
1. IoT in Healthcare
IoT applications in healthcare make this industry less dependent on people and more patient-oriented.
As for 2020, here are significant advantages that internet-of-things devices can provide healthcare organizations with:
- Cost reduction
Using IoT and connected medical devices allows therapists to control patients off-site. It reduces unnecessary visits to therapists, hospital admissions and readmissions via viable data collection and management.
- Reducing waste and failures
IoT usage for work automation, as well as data collection, is a great way to reduce waste like unnecessary tests, expensive imaging as well as decrease system costs and errors.
- Better management
Internet-of-things devices allow therapists not to spend a lot of time preventing hospital infections, tracking supplies, and searching for drugs.
For example, Simplifeye`s therapists use Apple Watch for tracking patient visits and getting EMRs. Augmedix is utilizing smart-glass wearables like Google Glass for healthcare charting. Others like Awarepoint use specific sensors for patients’ location tracking.
2. IoT in Manufacturing Industry
Manufacturers use IoT software for manufacturing process improvement, equipment monitoring, maintaining. Most of the firms work on smart manufacturing to increase manufacturing operations efficiency.
As for 2020, IoT in manufacturing provides companies with such benefits as:
- Avoiding problems that may cause delays.
- Increasing production quality.
- Enabling better resource allocation as well as improving worker skillfulness.
A perfect example is the Siemens AG plant. This factory, which builds automated machines for the likes of BMW, is 75 percent automated, with its 1.150 employees monitoring a whole process and operating computers. All that allowed reducing costs and increasing efficiency.
3. IoT Applications in Transportation and Logistics
Internet-of-things devices will make transportation organizations smarter and more successful. They will ensure cost-saving, emissions-reducing, more efficient travel, improved vehicles, greater safety, more strategic traffic management.t.
United Parcel Service saves millions of dollars every year with On-Road Integrated Optimization and Navigation (ORION) system that identifies the most fuel-efficient and shortest routes, which allow saving an estimated 1.5 million gallons of fuel over 10.000 courses.
4. IoT in Retail
Smart stores help retailers run business and increase revenues by improving customer experience with data collection and digital connectivity.
A prime example of IoT in retail is Locus Robotics which is producing autonomous mobile robots to improve warehouse operations by reducing labor costs, upgrading order implementation speed and accuracy without warehouse operations disruption. DHL. which is specializing in worldwide shipping. uses Locus robots.
Digital Lumens delivers products, software as well as system integration through its cloud-based intelligence platform SiteWorx connected to IoT sensors and LED lighting. It produces light for a tenth of the cost and reduces carbon dioxide emissions. Recently, Gelson’s markets have chosen a lighting system from Digital Lumens.
5. IoT in Municipal
Building managers worldwide are searching for Internet of Things solutions for improving buildings’ quality as well as costs reducing.
Smart lighting is a promising area as it allows saving money and energy by switching to LED bulbs. Nevertheless, smart grids are considered the greatest realization of smart infrastructure, which helps with resource conservation.
Amsterdam, for example, experimented with offering connected to the city’s smart grid home energy storage units and solar panels for households. By allowing residents to store energy during off-peak hours, they help lower stress on the grid at peak hours. Solar panels also let residents sell reserved energy from panels back to the grid.
6. Use of IoT in Agriculture
Smart farming allows monitoring fields with IoT agriculture sensors (temperature, humidity, light) and automating the irrigation system. IoT-based systems allow farmers to monitor the field conditions from anywhere. As for 2020, it can provide more efficient water usage, optimization of treatments and inputs.
John Deere, an agricultural IoT equipment manufacturer, helps farmers maximize their output. Sensors that are built-in machines can measure soil moisture to assist in planning field irrigation. They also have the technology of planting and harvesting, which can guide the equipment during operation.
7. IoT in Finance
IoT software has enabled the finance industry to effectively assist consumers as well as reach the best commercial result.
Here are some of the core benefits for FinTech for 2020:
- Personalized marketing
With IoT, banks can track all customer activities to offer a product as per their wishes.
- Customer relationship management
Internet of Things helps banks understand their economic condition and offer customers services as per requires which ensures building a healthy relationship.
IoT technology ensures that customers’ financial data is kept secure.
- Proactive services
Internet-of-things devices can detect any service fault, then bring it to the notice of a bank to solve the problem before it becomes too severe.
Citibank launched a Bluetooth-enabled system with beacons to let customers access branch ATM 24/7 by simply using their smartphones. These are bank departments installed in hard-to-access or unprofitable spots. They don`t need to hire employees for these branches as any client can do everything by himself or herself. With biometrics technologies, customers can access bank accounts using their fingerprints. A customer can also speak to a bank operator via video conference technology.
Move Beyond Standard Business Models
As you can see, SMEs need Internet of Things solutions to improve machine and system quality, understand consumer needs, become more responsive, optimize operations, discover innovative ways to operate.