November 17, 2017
The internet of things (IoT) should actually be coined the internet of everything. Business intelligence via IoT technologies play a crucial role in digital transformations.
Growth in IoT by Industry
A recent Datamation article lists the various industries experiencing a crescendo in IoT investment. Between 2016 and 2017, Verizon Wireless received an 84% increase in IoT connections from manufacturing clients. This measurement includes new connections as well as the addition of devices connected to existing systems.
In the industrial space, sensors help provide intelligence on efficiency, throughput and the health of machinery. Ultimately, the IoT data prevents outages and predicts scenarios that could threaten production ahead of time.
Following industrial manufacturing, energy companies have increased their IoT connections by 41% and transportation and distribution companies increased by 40%. In supply chains, IoT via sensors and GPS systems is deployed to detect the status of goods in transit for security and visibility. In distribution scenarios, IoT signals the need for replenishments, the movement of goods throughout the DC and to track inventory.
The healthcare sector increased connections by 11%. IoT in healthcare presents life-saving potential. Monitoring devices connected to the internet can alert healthcare providers during urgent situations and allow them to prepare with proper emergency equipment.
The Future of IoT
IoT provides intelligence but not necessarily automation. It allows companies and organizations to connect physical devices and assets to the internet to collect data and monitor them. IoT creates higher visibility and intelligence. The next step for many organizations in digital maturation is automation. Artificial intelligence relies on preexisting data to predict outcomes and make decisions. Over the next few years, the IoT market will continue to grow. Datamation predicts the industry will exceed $930 billion. Connecting operations to the internet is the first step towards creating a more automated state.