With artificial intelligence (AI) and automation interest on the rise, more and more companies are starting to invest in the Internet of Things (IoT). Business Insider predicts that total investment in this technology will be up to $15 trillion by 2025. If you are wondering why an increasing number of entrepreneurs are choosing to allocate their budgets to the Internet of Things, then keep reading. Below you will find five key reasons why it is worth investing in implementing IoT solutions for your company.
Despite being a relatively young field, the Internet of Things is growing at a rapid pace and there is no indication that this trend is about to change. Statista predicts that the number of IoT devices around the world will grow rapidly from around 9 billion in 2020 to over 25 billion in 2030. The same source also indicates that as early as 2023 there will be 75 billion IoT-connected devices in use generating 79.4 zettabytes of data.
For this reason, amongst others, the Internet of Things is defined as the driving force behind the fourth industrial revolution. It contributes to many changes in the market, causing a substantial increase in productivity and transformation of existing business models. Thanks to the application of cutting-edge IoT developments, companies from various industries can introduce innovative solutions that will lead them to become pioneers in their given field.
Implementing the Internet of Things brings a bundle of business benefits and is one of the fundamental ways to boost your company’s competitive advantage in the market. According to Forbes, one in four Chinese companies that use the Internet of Things admits that the main reason behind investing in this solution was specifically to increase competitiveness.
Big data plays an increasingly significant role every year when it comes to making impactful business decisions. Today, all savvy companies use big data to enhance their business performance. With this information at their disposal they can learn more about consumer needs, plan their work more effectively, improve service quality and create more personalised marketing messages amongst various other things.
What does this have to do with the Internet of Things? Well, for starters, IoT devices gather vast sets of data, which are analysed and translated to smarter, data-driven business decisions.
But there is, of course, more to it than that. Smart devices can analyse data themselves in real-time and take appropriate action based on their findings. A good example is the heating monitoring system developed by the Solwit team. This cloud-based solution gathers and processes information, which it uses to adjust the optimal heating temperature in specific rooms according to the users’ preferences.
It is also worth highlighting the undeniable role of data obtained from the Internet of Things (IoT) in medicine. For instance, smart devices such as sensors connected to mobile apps gather information on glucose levels, overall well-being and food intake for diabetics.
By analysing this data, apps can then help people make better decisions when it comes to their nutrition or physical activity. Let’s not forget that software in devices such as insulin pumps requires the highest level of security. As an example, the FreeStyle Libre CGM device sends diabetes patient data to smartphone apps, allowing glucose levels to be monitored.
We’re seeing companies move from simply adopting the Internet of Things technologies to actually putting it in a position to drive their business. This leads to making noticeable direct cost-savings while increasing revenues.
An interesting example of this is the solution implemented in New York Air Brake (NYAB) trains, which uses remote sensors to monitor data from over 5,000 train engines. Their advanced control system makes it possible to analyse the efficiency of trains and fuel consumption, and warn drivers about possible road hazards or bad weather conditions. With this solution in place, trains arrive on time and have become safer and more environmentally friendly. What’s more, the system has saved the American railways billions of dollars in fuel and other costs.
Let’s take a bit of a deeper dive into another argument in favour of IoT implementation: safety. This becomes particularly vital when using smart devices in industries such as medicine, industrial, transportation or agriculture, where technology can prevent tragedies and save lives.
The IoT’s real-time data acquisition and reporting capabilities enable the private industrial sector to substantially minimise workplace accidents. Smart sensors can predict impending equipment failure and report it in time.
Here are some interesting applications, among others:
– cameras using computer vision technology to detect and alert staff of possible dangers in the workplace
– wearable smart devices such as glasses, bands, vests and gloves that help reduce the risk of injury and improve safety (example: smart protective helmet containing accelerometers and GPS sensors that monitor the location of employees and detect sudden movements that indicate a slip or fall)
– systems that recognise sound and use its data to inform of machine failures or notify services such as Acoustic Event Detection
IoT enhances safety in countless ways outside of the workplace, including the everyday devices we use in our homes. Installing motion sensors, cameras and other IoT devices may become extremely handy in regards to protecting us from potential dangers such as equipment failures, fires or break-ins.
These days, every business owner should strive to make their company environmentally friendly. The implementation of IoT can certainly play an active role in this process as well.
The aforementioned applications of the Internet of Things, such as the system for temperature control or train monitoring, amongst others, make devices more efficient and able to better utilise their resources (fuel, energy consumption).
Speaking of IoT in the context of the environment, it would definitely be wise to discuss agriculture. It is estimated that the size of the global smart agriculture market will reach $15.3 billion by 2025, which is three times more than nine years earlier when it was $5 billion.
The possibilities for using smart devices in this sector are endless. For instance, the adoption of IoT sensors lets farmers obtain accurate, real-time information on greenhouse conditions such as lighting, temperature, soil condition and humidity.
With the IoT in use, lighting and irrigation levels can be effectively modified to have a major impact on reducing water and energy waste. These solutions use smart agricultural sensors to remotely manage irrigation and lighting systems, directly translating into a significant reduction in water consumption.
The use of IoT in business is not just a vision for the future. It is an opportunity for today and a true revolution happening right before our eyes. If you want to make your products both innovative and exciting for your customers, consider enhancing them with smart features. This will help make your products the go-to choice over competitor offerings.
How this can be done? Get started by choosing an experienced technology partner to help you create this type of solution. Here at Solwit, we’ve been working with clients across a variety of industries for years, providing a comprehensive and customised approach to each and every project. We deliver scalable and safe solutions that meet the most demanding needs of our clients.
Have a glimpse at the project portfolio of IoT solutions we have delivered so far: