On average there are 127 new devices connected to the internet every second (McKinsey Digital). The Internet of Things is vastly changing our world and continues to impact our personal and professional lives, whether at home, in the car, at work, or even when we’re out and about in town. However, IoT is not only focused on everyday products; the Internet of Things technology has already been adopted by many industries.
Are you curious if IoT is the technology of the future? Maybe you’d like to learn what steps companies take to meet IoT’s technological challenges? And more importantly, how can your business benefit from it? If you said yes to any of these questions, then keep reading our freshly prepared article below on the role of IoT in today’s world.
IoT stands for “Internet of Things”. This broad term refers to millions of physical devices (so-called “smart devices”) that are now connected to the Internet. Smart appliances such as speakers, thermostats, and washing machines are becoming more commonplace, especially at home. However, it’s so much more than that. IoT is impossible to miss in many other industries, such as medicine, manufacturing, automotive, and logistics. So what is the current state of the IoT market, along with its forecasts?
Here’s what you need to know.
The number of devices expected to be connected to the Internet (IoT) around the world will reach about 38.6 billion in 2025 and 50 billion by 2030 (Statista). In a nutshell, it will result in creating a massive worldwide network of connected devices across various industries. The global economy is also heavily impacted by IoT. According to McKinsey, the value of this market will reach between $4 and $11 trillion by 2025.
The Internet of Things is used on a growing scale in an extensive range of industries. Not only can it support production processes, but it can also be a stand-alone product (IoT device) or part of a system that saves human lives.
So let’s take a closer look at how medicine, manufacturing, and other industries can benefit from IoT.
IIoT, or Industrial Internet of Things, refers to the use of IoT solutions in the industrial and manufacturing sectors. Machines, devices, systems, and other resources are connected with sensors, allowing us to obtain advanced analysis based on the collected data. A great example of IIoT use is a system for monitoring conditions at different stages of the production process and adjusting appropriate parameters to them, such as combustion temperature. What may come as somewhat of a surprise, although still in line with new evolutions, is how well IIoT interacts with AI (Artificial Intelligence) and ML (Machine Learning).
In a 2019 study, more than half of respondents indicated that using the Industrial Internet of Things (IIoT) in their companies resulted in reduced operation costs and greater control over production processes. The list of benefits is long, so let’s highlight a few more. IIoT utilized in manufacturing helps to detect and prevent problems, and improve the efficiency of inventory as well as supply chain management. (Statista)
In 2016, the size of global IoT in the healthcare market amounted to $24 billion. According to forecasts, this number will increase to over 135 billion by 2025 (Statista). IoT within the healthcare industry entails medical devices and systems connected to the Internet that communicate with each other.
For instance, the IoT device can be featured with real-time alerts informing medical personnel of their patient’s health condition, constant monitoring of patient’s parameters (such as pulse and pressure), and emergency alerts. The collected data can also be stored and used to enhance the quality of healthcare services.
The number of active IoT connections within the EU automotive market reached 45.01 million in 2016 and is projected to reach 163.71 million by 2025 (Statista). IoT in the automotive industry has delivered a bundle of amazing solutions including:
The Internet of Things has completely transformed the way we interact with our vehicles. It enables us better control, greater security, and enhanced entertainment.
The term “smart devices” refers to devices we use every day that are connected to the Internet. Some of the most popular smart devices are TVs, household appliances, intelligent lighting systems, thermostats, and security systems, e.g., monitoring systems, alarm systems, and video intercoms. They let us create smart homes and buildings that can be managed and controlled remotely from anywhere we please. We can also freely configure the devices—turn them on and off or decide what actions they should take in specific situations. The key benefits of employing IoT are improving energy efficiency, cost reduction, increased security, and convenience.
The role of tech companies, like ours, is to support manufacturers in the process of IoT implementation. One of Solwit’s clients, a company producing room and bathroom radiators, electric heaters, and accessories for heating systems, decided to invest in new technologies. If you want to get some more insights on this, read the story of the transformation of an ordinary radiator into a smart product.
IoT solutions spending will almost double within five years (2018-2023), from $646 billion to over $1 trillion (Statista). Such forecasts and the actions taken by companies worldwide prove that IoT is no longer just a temporary trend, but a technology that spans multiple sectors and will continue to do so.
Is IoT the way to go? No matter what industry, the Internet of Things (IoT) market will develop very dynamically (at least according to the forecast ).
So, if you’re wondering why you’d invest in IoT, here’s the list of advantages:
And here’s how your clients can benefit from it:
Here at Solwit, we are well aware of how hard it can be at times for companies to perform in a dynamic, technological environment. We aim to guide our clients through the process of IoT implementation comprehensively. We create and develop IoT solutions for automotive, healthcare, manufacturing, and everyday life and provide cybersecurity, scalability, and complete adaptation to customer needs. As each project is different, we know the importance of competent specialists in various fields: software development and testing, cybersecurity, and hardware (processors, sensors, drivers).
Today’s world forces companies to keep up with the newest technologies. It also requires not only to meet customer requirements but to predict and create them too. We know that it can be challenging. As a technological partner, we assume that every product and every business can be smart. We develop dedicated solutions for companies from various industries. We create and test full IoT systems, starting with embedded software through the backend, analytics, and end with mobile or web applications. We put high emphasis on the safety and quality of our solutions, providing support to our clients at every stage of product development and its future maintenance.
Piotr Wierski, Head of Test and Embedded BU, Solwit S.A.
The possibilities of using IoT seem to be endless. And there is no question that this area is changing extremely rapidly. All forecasts confirm—IoT is doing well and will continue to grow. The Internet of Things is now used in almost every industry. It allows companies to obtain valuable data that is necessary for forecasting and decision-making. And more importantly, it enables you to react in real-time, and increases your comfort, convenience, and safety. And let’s not forget in some cases, it even saves human lives.