The Internet of Things (IoT) is changing everything. Just a few years ago, terms like smart homes, smart cities, wearables, and connected cars sounded like something out of the movie “Back to the Future.” But in today’s world, these are just a few ways that IoT is leading the digital transformation in seemingly every business sector.
In fact, IDC forecasts that IoT spending will jump from $800 million in 2017 to nearly $1.4 trillion in 2021, with manufacturing, transportation, and utilities leading the charge. However, other industries are picking up speed in the adoption of connected devices and big data.
IoT has a number of applications for the healthcare industry. From remote monitoring for at-home diagnostics to smart sensors for tracking patients within the hospital’s campus, IoT helps healthcare providers keep patients safe and healthy while improving how physicians deliver care. Improved diagnosis accuracy, enhanced treatment outcomes, and a streamlined approach to data across various doctors are driving factors in IoT adoption for healthcare providers. Analysts predict that 87% of healthcare organizations will adopt IoT technology by the end of 2019, which indicates we will continue to see more integrated IoT from this sector in the coming years.
The surge of online shopping in recent years has forced traditional brick and mortar stores to leverage technology to access the same in-depth data and high-performance analytics that online retailers use to drive mobile shopping. For example, sensors can be placed strategically throughout the store to provide customer mapping that now replaces the expensive “mystery shopper,” resulting in better shopping experiences. Customized signage and location-based services give retailers the ability to better target customers and increase spending in-store. With retailers continuing to battle for consumer dollars, those that leverage IoT applications to improve customer experience, streamline supply chains, and open doors to new revenue streams will win big in the long run.
As conservation efforts and the quest for alternative energy ramp up, the energy sector is focusing on technology to help better manage costs, reduce energy demands, and mitigate downtime issues before they arise. Analysts expect the Energy IoT market to hit an estimated $22.34 billion by 2020 as energy companies look to IoT to bring significant energy reductions via integrated systems like smart homes, smart grids, and smart sensors. Many are already leveraging two-way communications systems of smart devices that connect energy management systems to consumers homes, appliances, and meters. The push for smart homes and energy efficiency will continue to drive IoT adoption in this sector over the next few years.
IoT and connected devices will continue to change the way we not only consume products and services but also how businesses serve their customers. Want to learn more about how LanYap Networks is helping clients and partners with IoT solutions? Give us a call!