The Internet of Things (IoT) is spreading widely in the home and enterprise, where certain industries are leading their investments in revolutionary technologies that are remarkably changing the way we live and work.
The top industries investing in the Internet of Things (IoT) are the manufacturing, transportation, and utilities industries, although, others are steadily catching up!
“The total investment between 2015 and 2020 will be $6 trillion among both consumer and industrial IoT markets, with industrial IoT leading the growth,” — estimates PK Agarwal, regional Dean of Northeastern University-Silicon Valley and former CTO for the state of California.
Here are the top five industries leading in IoT investments and adoption:
1. Consumer electronics and cars
In the past year we’ve seen the rise of home and office automation systems as well as digital assistants such as the Amazon Alexa and Google Home. Another great device that is changing the ways of business-doing for the better is HELLO — the all-in-one, voice-controlled device for your smart home or office, which brings video conferencing and security to any TV.
Fully connected homes and offices have seen a rise in popularity and will continue to rise. Consumer IoT purchases are projected to become the third-largest segment in 2020, according to IDC.
“Connected cars are also an IoT industry leader in the consumer space,” said Theresa Bui, Head of Enterprise Product Marketing and IoT cloud strategy at Cisco.
2. Manufacturing
“IoT’s manufacturing origins continue, considering that the largest investments in the technology remain in that space,” — said Peter Middleton, a Gartner analyst focusing on IoT.
These investments fall into two categories: Inward facing (those concerned with optimizing systems and saving costs), and outward facing (those that make improvements in customer usage).
As far as internal investments, IoT is very effective in doing preventative and predictive maintenance on equipment, optimizing processes as well as monitoring the equipment.
Whereas, outward-facing investments use IoT devices to examine the way products are being used by customers through maintaining a networked link to those products and sampling usage data and sensor measurement.
3. Transportation
Considering the fact that a large number of freight and public transportation vehicles are equipped with sensors that help schedule maintenance, optimize fuel consumption and train drivers, the use of IoT provides help in monitoring the operating and driving behavior, important for insurance purposes in particular.
A number of these vehicles also have digital data recorders programmed to take video samples under heavy acceleration conditions as indicators of a serious traffic accident. What’s more, these videos can then be used for further investigation.
4. Utilities
As far as utilities, investments in the Smart Grid meter for electricity and gas totalled $57.8 billion in 2016, according to IDC. Smart Grid are electricity meters that are static and have power, which eliminates concerns for batteries. Plus, you don’t have to pay to read the meter.
“The oil and gas industry have also taken advantage of IoT solutions, where the loss of revenue from oil pump breakage is huge. By installing the IoT systems, pressure gauges as well as valves and pipes are easier and better to monitor,” — said William Webb, IEEE fellow and CEO of the nonprofit Weightless SIG.
IoT devices are coming to prominence within the power generating plants for equipment monitoring purposes, predictive maintenance and additional safety oversight.
5. Healthcare
According to IDC, healthcare will be the industry to see the fastest spending growth in IoT in the following years.
IoT’s use in healthcare ranges from medical machines that share images with patient’s other caregivers, real-time location systems that can track equipment, dispensation of medicine, monitoring and troubleshooting problems with equipment, and even staff and patients.
Advances in implants, prosthetics, and wearables will be able to take advantage of the IoT in streaming data back to medical providers.
*Original Source of Article is Our Company's Medium Post: https://medium.com/@HELLOSolaborate/the-five-industries-leading-the-iot-revolution-93f6eaecfafb!