Applications of Internet of things (IoT)
Next gen applications of IoT which are at their tipping points
5 Fields or Areas which have applications for the Internet of Things (IoT) which will change the game!!
The current low-hanging fruits where IoT has made an impact are in the areas of Smart Homes and Wear-ables. This wave has impacted our personal life and lifestyle. The next wave will impact both economic as well as our social lives and lifestyles.
1) Industrial IoT
This is one field that is seeing a lot of traction and interest. The experts of Industry as excited about the possibilities at hand for Industrial IoT. There are concepts like Industry 4.0 which are meant as models for IIoT. The major focus of the applications and the solutions of IoT are on getting operational efficiencies and cost-saving. Thus Preemptive maintenance, Asset monitoring, Warehouse management, Security, etc are forming the key focus areas. There are further after thoughts about it and now people are considering and thinking about how it can increase revenue and customer satisfaction.
2) Smart Retail
Typically if you look at retail outlets, the sales are typically forced from upstream since it is difficult to produce on-demand since the entire ecosystem downstream is a disconnected one. IoT will help create a connected supply chain thereby making it possible to adopt on-demand manufacturing and sales feasibly. With IoT, one would be able to get a better idea about consumer behaviors and sales conversions in a better way and thereby do a better target and rich digital marketing thus making it efficient and effective. After-sales service is another aspect that is going to become preemptive thereby increasing customer satisfaction.
3) Smart City
Increasing populations of cities is going to make the need for efficient management of resources of a city. This makes a good set of use cases for IoT to a major role in the future of cities. Many governments have woken to this and have started investing in this direction. Some researches have put the smart city market to be 1.4 Trillion by 2020. Energy, Building maintenance, Traffic management, Public Transport, Water management, Pollution and Air quality, etc are some of the areas in which there is immense opportunity for using IoT Technology to better management of these resources. Thus the city governance has a lot of benefits it can derive from the implementation of IoT solutions in these areas.
4) Connected Healthcare
Healthcare is another field that is going to revolutionize. There is already a lot of new special wearables and devices which are being brought into the market making remote healthcare monitoring a feasible thing in the near future. There is a concept of Real-Time Health Systems which is a connected health system with the real-time monitoring enabled by wearables along with basic systems.
The use of Artificial Intelligence in healthcare is another big impact area. With a lot of data getting generated from the data from patient monitoring lot of the predictive analysis of treatment and the patient, the condition is going go a long way in changing the way how tomorrow’s treatment methods.
Apart from these asset monitoring, energy savings, equipment maintenance are some of the areas that Healthcare centers are planning on the use of IoT.
5) Smart Farming
Farming is also a field that is not to be left behind. It is needed that the agricultural yields have to double by 2050. This kind of increase needs much more than the current practices of farming. There are ideas like precision farming where a piece of looked as a collection of multiple farms based on the type and properties of the soil. The possibility of real time and continuous monitoring is something that has not been applied to it by far. With data collected from the soil, wind and environmental conditions and cheaper iot devices and more connectivity spreading affordable solutions that can be deployed would become feasible.
What will tip them off?
There is already a lot of traction in all these areas, what is holding the reins is due to multiple reasons – mature solutions, cost, ROI fears and scale of impact.
Once we have more mature and end to solutions that get deployed and more IoT devices getting manufactured the over cost (TCO) would be much lower and more people are going to receptive to adopting it. This would help allay the ROI fears. The scale of all these application areas is huge and would naturally would go slow initially but with time the momentum is expected to catch up and make up for the time.
This field of IoT is really interesting .Read more about IoT below and on our blog posts.