Impact of IoT Development on Core Industry Sectors in 2022

Smart cities, smart buildings, and smart offices- IoT has expanded its wings to bring disruption in the way we work and live. It has revolutionized the business world by making machines smarter than ever. 

IoT development is designed to generate more value in modern enterprises while bringing automation to key processes. This is a major reason why many industries have started jumping on the IoT bandwagon. 

In this article, we are going to see how IoT brings revolutionary changes in core industry sectors. Though IoT development has a positive impact on all sectors, here we discuss five major beneficiaries of IoT. But before moving ahead, let’s understand the IoT concept in brief. 

Internet of Things- Futuristic Concept for Industry 4.0

Industry 4.0 or the fourth industrial revolution is upon us and IoT acts as one of its main components. For those who are yet to know about IoT or the ‘Internet of Things’, it is an ever-growing technology consisting of interconnected devices and servers. 

It enables machines to communicate with each other for increasing efficiency, improving operations, and enhancing productivity over the period. 

IoT technology can combine with the ML (Machine Learning) concept to leverage the benefit of predictive maintenance. This combination is useful for developing remote asset monitoring and maintenance solutions based on IoT.  

In a recent report from IDC (International Data Corporation) on WorldWide Global DataSphere IoT Device and Data Forecast, 2019-2023, we will have approximately 41.6 billion connected IoT devices in the year 2025. These devices will generate a whopping 79.4 zettabytes (ZB) of data. IoT-powered business applications can fetch and transmit this data to enable companies to make informed decisions. What’s more, it is possible to control devices and tasks remotely. 

Let’s dig deep into the key beneficiaries of IoT applications. 

Biggest Beneficiaries of Customized IoT Applications

A Statista report has predicted that there will be around 50 billion connected devices by the year 2030. As the technology keeps on growing globally, it enhances its spread across various sectors. Out of them, we can consider the top industries like-

Power and Energy

Interesting Stats

• The global value of IoT in the power and energy market is expected to increase to 35.2 USD by 2025
• Almost 47% of executives in the energy sector have revealed that they have implemented IoT across different functions
• Around 45% of energy companies have deployed IoT to monitor asset performance
• With IoT, more than 40% of energy companies have reported an overall boost in productivity

IoT is useful in transforming the energy sector effectively. IoT has a huge impact on domains like grid balancing, load forecasting, process optimization, and remote asset monitoring. Simply put, IoT technology is capable of bringing transformation in the energy sector. 

Manufacturing

IoT applications can transform the manufacturing sector in multiple ways including real-time monitoring of the production cycle. It enables manufacturers to optimize the flow and reduce wastage while minimizing the repetitive work in process inventory. 

Interesting Stats

• 82% of manufacturers report higher efficiency with the help of IoT
• IIoT technology is expected to witness rapid growth in spending to $12.44 billion in 2024
• Manufacturing is the topmost beneficiary of IoT that expects up to a 10% increase in revenue over the period

Another important IoT use case is remote equipment management, which is beneficial for tracking and maintaining the performance of equipment in a cost-effective way. Apart from this, manufacturing plants can manage the supply chain effectively with the help of customized IoT solutions. 

Be it tracking of vehicles or assets, IoT can bring radical changes in the manufacturing sector. 

Finance

Banks and tech-savvy customers have become used to manage financial transactions with the help of various connected devices. Smart cashpoints have become reality thanks to the thriving IoT technology. 

Interesting Stats

• The IoT is all set to contribute to nearly $2 trillion in economic benefit globally
• IoT is expected to grow to USD 2030 million by 2023 in the BFSI sector
• IoT will automate business processes in more than 70% of banks worldwide

Banks and financial institutions have already started using sensors to collect the customer’s information for offering personalized services. Connected devices can help users deal with overspending behavior and financial mistakes. IoT can improve the banking experience significantly with the help of IoT. 

Healthcare

This pandemic age, the healthcare sector witnesses a challenging time. Here, IoT technology can lend a helping hand to healthcare professionals and organizations. Real-time health tracking systems, based on IoT, can assist healthcare service providers to improve patient treatment and diagnosis. 

Interesting Stats

• Global IoT healthcare market size will grow at CAGR 21% till 2025
• Global spending of IoT in the healthcare sector is expected to reach USD 188.2 billion by 2025
• 42% of healthcare organizations believe that IoT can reduce cost of care

Remote surgeries and equipment maintenance are also possible as IoT technology provides smart treatment with the right actions and an accurate prognosis. 

Key benefits of IoT technology in the healthcare sector include reduced cost for patient care, remote monitoring of the patient’s health, and improved telemedicine services. It is also possible to reduce the length of the patient’s hospital stay. 

Wearable devices like fitness bands, glucometer, and heart rate monitoring cuffs can assist physicians to offer personalized attention to patients. 

From the patient’s perspective, many IoT-powered healthcare apps can remind of physician appointments, medication schedules, and exercise checks. What’s more, IoT devices and sensors can be used to track the real-time position of medical equipment. 

Transportation & Logistics

The transportation and logistics sector has to maintain a subtle balance between speed and timing. IoT development enables transportation companies to come up with a smarter and more efficient solution. It can bring automation in business processes and optimize core operations of the sector. 

Interesting Stats

• The IoT transportation market is expected to reach $328 billion in 2023
• Freight monitoring has received $41.7 billion as investment
• The global smart transportation market is expected to grow at 10.6% CAGR till 2025

Some of the noteworthy benefits of IoT in transportation and logistics sector include improved operational performance, reduced energy consumption, and increased profitability in a cost-effective way.

It can increase real-time visibility and support vehicle maintenance. IoT can also contribute to warehouse management and increase the overall safety of the fleet. 

Concluding Lines

Flexibility, user-friendliness, scalability, and several other benefits have made IoT technology a preferred choice for many industries globally. We can certainly expect that this future-ready technology will bring out more changes across various industry sectors in the coming years. IoT development will give modern enterprises an edge over competitors, increase profitability, and enhance overall efficiency over the period.