From agriculture to retail, the Internet of Things (IoT) is making change how companies in many industries do business.
According to a Gartner report, IoT adoption goes to 43% of enterprises worldwide by the end of 2016. A 2015 IDC survey analyze that 58% of organizations worldwide look the IoT as strategic to their business. Another 24% of organizations look it as transformational to their business.
Apart from transforming business models and improving high output, it is automating processes across a lot of industries.
Few industries have been quicker than others when it comes to ad up IoT into their everyday operations. Here are the 6 top industries, compiled according to an IDC report.
No other sector has been more influenced by the IoT revolution than manufacturing. Manufacturers across all areas — durable means, electronics, automotive, etc. — have invested more in Internet of Things devices, and they are already experiencing the profits.
A TATA Consultancy survey reported that manufacturers utilizing IoT solutions in 2014 looked an average improvement of 28.5% in revenues from the last few years.
One concept that comes into the role is smart manufacturing, the use of IoT devices to implement the productivity and efficiency of manufacturing operations. This typically includes the retrofitting of sensors to presented manufacturing equipment, and latest upcoming manufacturing equipment coming with the sensors pre-installed. To have sensors placed on factory equipment permits the collection of information about the performance of machines and systems.
Several IoT solutions are still at a basic stage, but it is considered that manufacturers will eventually improve more advanced technologies, such as augmented reality (AR) tools and autonomous robots.
IoT solutions are being used in transportation to grow business in lots of ways, making an impact from supply chain logistics to public transit.
One illustration of such solutions is connecting shipping vehicles with sensors to monitor temperature, supporting companies make sure that goods arrive in a safe condition — especially food. There is also growing the number of freight and public transportation vehicles being equipped with sensors for motive use such as scheduling maintenance, training drivers, and optimizing fuel consumption.
By making intelligent transportation systems in the upcoming time, the transportation authority would have the ability to monitor each vehicle’s movement, and also know the future location and possible road traffic.
Several of the IoT invested in the transportation sector is driven by freight monitoring, which was at $55.9 billion in 2016. This showed the second largest use case across all industries.
While not leading the way presently, joined cars are expected to become one of the most beneficial areas where IoT is applied.
The utility industry is another sector that invested highly in IoT solutions. Investments in the “smart grid” for gas and electricity were total $57.8 billion in 2016, according to the IDC. Now smart grid meters are huge deployed in the U.S. and in many European countries.
Smart grids and smart meters permit utility companies to cut down on inefficiencies while better-analysing demand. They do this through distributing utilities according to where they’re required at any provided time. Towns have more opportunities to become greener and more efficient, as utility systems are changed and upgraded to digitized systems. Smart meters help utility companies’ spot outages and know when to periodical repairs.
The oil and gas industries have also taken benefits of IoT solutions. Since these industries are spread across great areas and have several valves, pipes, and gauges to monitor, it’s worth installing it because the loss of revenue from just some minutes of a breakdown is wide.
Consumer electronics and cars
One sector of interest for investors is IoT-connected cars.
BI Intelligence, a premium research service for Business Insider, considers the shipping of 94 million connected cars in 2021. It’s known that 82% of all cars shipped that year to be IoT connected. This will have indicated a 35% compound annual growth rate from 21 million connected cars in 2016.
Internet of Things would revolutionize retail, as 70% of retail decision-makers all over the world are prepared to accept it to implement customer experiences. By 2021, 90% of retailers would improve options to purchase online and pickup in store. There are two of the insights from the Zebra 2017 Retail Vision Study.
An illustration of a present IoT solution implementation is that few retailers are using Bluetooth beacons in their stores to better reach their customers. This equipment enables communication with customers’ mobile phones to enable location-based services.
As IoT continues to increase and revolutionize industries, there would be several improvements to companies and services. Per day operations would be monitored and handled in a more efficient manner, leading to more automated processes and improved productivity. Industries such as the automotive sector would make widespread profits in the future.