As years pass, technology becomes more advanced and more industries can benefit from using these technologies. Some examples include artificial intelligence (AI) and machine learning, which have caused significant shifts in the way companies operate.
One technology becoming more prevalent in tech and manufacturing is the Internet of Things (IoT). It’s a popular topic of discussion, and as 2022 is just around the corner, it’s interesting to see what types of predictions are being made regarding the IoT’s impact.
The world of IoT is expected to grow in the next few years as researchers and tech specialists find innovative ways to develop the technology. Below is more information about the IoT, how it’s advancing and some of the industries expected to be directly affected by IoT development.
Advancements in the IoT
What started as a hyped-up, futuristic technology, the IoT is known for its social and technological wonders. The capabilities of this technology continue to expand and allow companies to improve processes, see a boost in earnings and efficiency and provide enhanced customer service.
There’s been noticeable growth in the business world as more companies are shifting to the cloud and leveraging 5G technology. The combination of these technologies is contributing to digital transformations across sectors. In 2013, only 13% of businesses used IoT technology, whereas now 25% of companies use it.
These are some of the areas that the IoT has helped to improve:
- Device connectivity
- Augmented data analytics
- Workforce management
The IoT technology allows devices to become interconnected and adds to the plethora of data being collected. For example, one simple use case for the IoT is having an alarm clock that not only wakes you up in the morning but signals to your coffee maker to start brewing. This is a real-life example of how the IoT can truly transform daily life.
Physical devices are integral to the IoT because of the proliferation of wireless networks and the acquisition of cheap processors. As 5G tech develops, it will only help fuel the growth of the IoT, and soon enough, all of the devices we use to make life easier will be able to send data to each other and ensure they’re all in working condition.
Industries Most Impacted by the IoT
Below are some examples of industries in the world that the growing role of the IoT will heavily impact.
Because the backbone of the IoT is the high-quality data collected, the health care industry will greatly benefit from the IoT technology. Take the COVID-19 pandemic, for example. The IoT tech can track how many beds are open and can automate processes like contact tracing, leaving medical professionals with more time to spend on caring for patients.
There are multiple applications for the IoT in health care. Most notable is the use of IoT sensors in remote patient monitoring. When patients leave a doctor’s office, they can still be connected to their doctor through remote monitoring. For example, monitoring blood glucose levels or CPAP data to treat sleep apnea is possible with IoT technology.
The benefits of using the IoT in transportation are improved safety, enhanced customer experience, operational efficiency and reduced congestion on busy highways.
Transportation is a complex industry, especially when considering the volume of shipments being transported daily. This can also apply to maritime digitalization, where a ship’s location can be tracked, and that data can be used to better manage ports.
The IoT is expected to improve transportation and make it safer and faster. Additionally, the IoT will optimize truck maintenance, push for more dynamic navigation and will assist drivers on the journey to their destination.
Piggybacking off the previous industry, transportation, retailers can improve their supply chain management by using the IoT. For example, RFID tags and GPS sensors can help retailers follow their product’s journey from start to finish and better manage their inventory. This also plays a significant role for retailers that deal with perishable goods.
Additionally, buyer behavior tracking can assist retailers when deciding where to place products in brick and mortar stores, for example. Gaining better insights into why and how customers make their purchasing decisions using the IoT will undoubtedly help retail businesses improve sales, gain new customers and build a loyal customer base.
Compared to companies in other industries, manufacturing enterprises use heavy machinery to accomplish their tasks. Implementing the IoT sensors allows real-time data about heavy machinery to be shared seamlessly with employees. Data collected from the IoT sensors can be used for maintenance, predictive analytics and can help with the implementation of AI.
The IoT in manufacturing is often referred to as the Industrial IoT, or IIoT. IIoT changes the way products are manufactured and delivered, helping factories work more efficiently and, in some cases, save millions of dollars in operating costs.
Last but not least, the automotive industry is expected to adopt IoT technology and incorporate it into vehicles, making them smarter and more intuitive. Many cars today connect to the internet, and some even have built-in Wi-Fi networks, making it convenient for drivers who need GPS services or clearer insights about their car’s performance.
The connected car will play a significant role on roads, potentially making them safer. Every company in the automotive industry can benefit from incorporating the IoT technology, and more will likely adopt this innovative technology soon.
These industries are only a few examples of how IoT will grow and transform the world as we know it.
IoT in 2022: Expect Growth and More Applications to Emerge
2022 is expected to be a big year for the IoT technology industry, but it doesn’t come without obstacles. For example, the current chip shortage may hinder some of the IoT’s growth. However, the United States is expected to fund further development of the IoT, regardless of this one obstacle. For technological advancements to be made, companies will have to face and overcome these and any other potential challenges.