IoT, a term that not many businesses were aware of a decade ago, has now become a vital technology for improving monitoring, enhancing security and enabling proactive decision making in diverse industries. From Banking and Finance to Manufacturing and E-Commerce, businesses have successfully established industry-specific IoT use cases to make steep progress.
With its market size poised to reach the 1.6 trillion mark by 2025, new and emerging businesses have also started to find opportunities to scale up with IoT solution implementation. It is important to note that IoT use cases will continue to expand in the years to come, however, in this article we have compiled the list of four IoT use cases/trends that are being leveraged in by a broad-range of industries.
- Predictive Maintenance
It is important to keep business assets “ power plants, solar panels, quality control machines, etc. up and running. However, in cases when the specific assets are non-operational or perform low, it increases the operational expenditure and affects the quality/performance of machines. By leveraging predictive maintenance engines developed by IoT solution providers, businesses address the performance issues much quicker.
IoT enabled solutions with sensors are used to relay warning signs from the connected equipment and send data to a centralized system so that preemptive maintenance is done on time. This allows managers to know which equipment needs maintenance and which are performing well. Based on the data received from machines, managers set the maintenance timeline for the future.
- Smart Metering
Smart meters are internet-enabled devices that measure energy, water or power consumption in a home or a building. While traditional meters measure total power consumption, smart meters are capable to monitor the overall power/energy consumption with detailed energy utilization insights.
Such IoT Services are incorporated by power companies to monitor consumer usage and to adjust prices based on the power consumption. The data received is used for reducing energy theft, enhancing power monitoring, improving forecasting, and to manage operations remotely. The use of smart meters are proving to be a game-changer for power companies as they monitor energy utilization levels of organizations/individuals.
- Asset Tracking
Asset tracking IoT services are indispensable for most shipping businesses and manufacturing firms. Efficiently tracking the location of goods and fleet in real-time, these asset tracking applications are the new normal for shipping businesses. By including an asset tracking application in business setup, logistics and supply chain operations are streamlined as delivery is done on time while the inventory levels are also maintained with ease.
Some shipment companies leverage internet-enabled asset tracking software that uses sensors to give real-time temperature information of containers. Thus with regulated temperature, perishable goods are kept fresh for longer durations. However, only a small proportion “ around 15% of those businesses actually have a proper asset tracking software in place, though the percentage is surely going to rise with more IoT solution providers raising the levels of their IoT services.
- IoT in Healthcare
Before IoT came into picture, patient’s interaction with doctors was limited to physical visits, tele and text-based communications. There was no way to monitor a patient’s health for continuous periods and give proactive recommendations. IoT enabled devices have made remote monitoring possible which is used by physicians to deliver superlative care to patients.
The data collected through IoT devices like fitness bands, glucometer and others allows physicians to decide the best treatment process for an individual. Based on the patient’s calorie count, heartbeat count, blood pressure variations, etc the physicians give suitable feedback or ask for a medical visit in case of emergencies. Thus with faster disease diagnosis through IoT applications, healthcare professionals are delivering better services to vulnerable patients.
In a Nutshell
Incorporating an IoT solution in the business setup enables real-time data access and performance monitoring for enterprises. Moreover, with the use of other transforming technologies including AI and Blockchain with IoT enabled solutions, organizations experience more accurate and secure data access in an IoT network. However, the world of IoT enabled devices continues to expand as businesses come up with new industry-specific use cases.
