It is expected that IoT will connect more than 20 billion “things” to the Internet, covering a wide range of markets and applications in 2020.
With the rapid development in the Internet of Things, IoT solutions are solving business problems in many markets around the world. The declining cost of sensors, data collection, and management costs is accelerating IoT adoption faster. Although every business have unique problems, they seem to have similar resolution processes: agile system integration and device connectivity, data collection, analysis, and automation. So far, here are some IoT vertical markets that have the most adopted IoT solutions.
IoT Agriculture and Farming
According to the World Agriculture reports, global food consumption is expected to grow by 70% by 2050. IoT is well-positioned to transform the agriculture industry and enable farmers to increase the quantity and quality of their crops at reasonable costs. IoT farming techniques are already increasing crop productivity and creating economies of scale for farmers. This is critical especially with the recent environmental challenges farmers are facing, such as increased water shortage in many regions of the world and the diminishing availability of farmland.
IoT Energy Solutions
IoT energy covers smart buildings offering dynamic monitoring of overall energy consumption, thereby allowing their occupants or tenants to see when they are consuming power during peak hours at abnormally high rates. This allows the tenants to optimize energy usage while maintaining comfort.
Also, it will cover smart cities offering automatic dynamic optimization of global energy consumption on the streets, highways, and public facilities.
IoT Oil and Gas Solutions
IoT has been at the core of the oil and gas industry transformation. It is not only enabling full real-time monitoring of oil rigs but also allowing the contingent workforce to run near real-time maintenance of critical assets. IoT oil and gas is used for predictive maintenance, pipeline monitoring, emission control, and location intelligence.
IoT Smart Building Solutions
As with smart homes (under smart energy), smart buildings utilize sensors and controllers to monitor and automatically trigger services to save valuable time in cases of emergency (e.g., fire, intrusion, or gas leak). With the smart building system, services like video monitoring, light control, air-condition control, and power supply control are often managed from the same control center. This include
- Safety monitoring and alerting
- Smart lighting
- Flooding, water leakage, and pollution monitoring
- Detection of hazardous gases and radiation levels
Healthcare is considered as one of the most important verticals for IoT. Healthcare providers, as well as patients, are in a great position to benefit from IoT. Intelligent IoT wearable devices in combination with mobile apps are allowing patients to capture their health data easily and send medical information for up to the minute analysis. Hospitals are using IoT for real-time tracking of important medical devices, personnel, and patients
Industrial equipment and machines used in the overall manufacturing process, for instance, are becoming more digitized with capabilities to connect to the Internet. At the same time, manufacturers are looking at ways to advance operational efficiency such as supply chain and quality control, by utilizing such equipment to gather important data for their business to remain competitive and provide services at reasonable costs.
IoT is used to establish networks between machines, humans, and the Internet, thereby creating new ecosystems.
According to a survey by Infosys, more than 80% of consumers are willing to pay up to 25% more for a better experience. This translates to a huge opportunity to be gained with IoT by collecting and analyzing information about products and customer interests and then gaining actionable insights from this information. Input sources include point of sale (PoS), supply chain sensors, RFID, as well as video cameras in the store
As industry regulations force transportation and logistics organizations to do more with less, many companies have already discovered the benefits of using IoT to offer new services, improve efficiency and security, significantly gain real-time visibility of their operations, and save on fuel, just to name a few advantages.
Scaletech will help you to implement IoT for your business needs and reduce your operational cost.