Impact of IoT and Edge Computing Convergence on Various Industries

IoT and edge computing are emerging technologies and play a vital role in bringing digital transformation to modern enterprises. Be it a healthcare industry or lifestyle, IoT solutions and edge computing combination can influence all the major industry sectors. 

As data remains the key driver to the growth of various industries, it is possible to offer a more personalized customer experience with the help of IoT and edge computing combination. 

One of the biggest benefits of IoT and edge computing combination is it can enhance the capability of processing, computing, and analyzing data with the same quality as that in the cloud. 

Also, there is no latency experienced in any of these processes. Both IoT and edge computing combine to make processes as seamless as possible in line with the rapid pace of adding connected devices to the business system.

In this article, we are going to dig deep into the impact of IoT and edge computing on various industries. But, before moving ahead, let us go through some interesting facts related to edge computing and IoT. 

Interesting Facts

• As per the Redhat survey, enterprises are likely to spend an estimation of 30 percent of their IT budget on edge computing over the period
• Gartner has revealed that Edge will process and create nearly three-quarters of enterprise data by the year 2025
• GSMA Intelligence has reported that the estimated  global IoT revenue after the effects of the pandemic stood at $381 billion in December 2020
• As per a Statista report, the number of connected devices will cross 38 billion by the year 2025 globally

These facts indicate that both these technologies are getting mainstreamed across different industry sectors rapidly. Let’s see how the combination of these two technologies impacts various core industries. 

Manufacturing 

IoT solutions with built-in advanced features can assist manufacturers to leverage the benefits of Industry 4.0. The thriving manufacturing sector needs real-time tracking and managing of heavy equipment and machinery.

Here, IoT and edge computing-based software can contribute to controlling manufacturing assets. 

Manufacturers can analyze the data fetched by sensors placed in and around their factories. It is possible to understand the functionality of machines and predict maintenance requirements with the help of IoT solutions. It can significantly reduce downtime and maintain the manufacturing process seamlessly. 

Supply Chain

The supply chain has gradually gained prominence as a separate sector in recent years. Entrepreneurs, who want to monitor certain aspects like inventory monitoring and raw material management, need to give importance to supply chain management. 

Here, real-time data analytics can work wonders and remain convenient to make instant decisions. Thanks to IoT app development services, it is possible to make an app that can optimize every step of the supply chain while removing any friction.

As a result, companies can get more customer retention and reduce operational expenses significantly. 

Here, IoT and edge computing can assist enterprises with real-time data and offer great visibility in the supply chain. As a result, organizations can meet the demand of a high-supply product effectively.

Also Read- How IoT Benefits Enterprise Mobility and Modern Businesses 

Transportation and Logistics

IoT solutions, together with Edge Computing can be a growth driver for the transportation and logistics sector. Sensors and micro-devices are useful in tracking various products and fleets for having greater control and better management. 

Both these technologies are useful in tracking all means of transportation including trucks, boats, and airplanes. 

It is also possible to use the connected network for communication assistance. Planning, monitoring, and routing are also possible with location awareness functionality. 

Fleet tracking also helps in the maintenance of vehicles and ensures timely delivery of products. An IoT app development company can integrate features related to the transportation and logistics sector. 

Retail 

Any B2C (Business to Consumer) business including retail and eCommerce can leverage the benefits of IoT and edge computing.

The combination of these two technologies is capable of improving transactions happen between consumers and product or service providers. 

IoT has already made an impact on the retail sector by enhancing the customer experience while reducing sales costs. 

Supply chain optimization, inventory control, and asset management are other possible use cases of an IoT and edge computing combination. Also, retailers can use these technologies for targeting audiences as per their proximity. 

Financial

IoT app development services enable banking and financial institutions to target various services to clients with the help of edge computing. This combination is also useful in giving ATMs and kiosks the capacity to collect and process information. 

As a result, bankers can offer more features to their customers as per their expectations and requirements. 

Another use case of IoT solutions and edge computing is- hedge funds and other financial transactions of high-volume need accuracy of a millisecond, and therefore, it is necessary to make a trading algorithm in a way that the objective is achieved with ease. 

Both these technologies enable the finance sector with the most accurate and cutting-edge data.

Healthcare 

In the recent pandemic age and beyond, the healthcare industry has to face multiple challenges. IoT solutions are useful in distant patient monitoring and enhancing patient care along with edge computing. 

As IoT devices are equipped for handling massive amounts of patient-generated health data (PGHD), healthcare service providers can get access to such data instantly with the help of edge computing. 

Telemedicine and other healthcare services can also get an advantage of IoT and edge combination. Healthcare organizations can improve their services in hard-to-reach rural areas and improve patient experience significantly.

Concluding Lines

The corporate world has started recognizing the importance of edge and IoT technologies. They are major components of customized digital transformation solutions for modern enterprises.

As both these technologies will evolve, along with other emerging technologies like AI and ML, we will witness more influence of them in daily operations across different industries globally. 

As a leading IoT app development company, we offer top-notch IoT solutions to meet the requirements of various industry sectors.

Our experienced IoT app developers can bring digital transformation to modern enterprises with the help of advanced and user-friendly app solutions.