As connected technologies evolve and market disruption through acquisition and other strategies accelerates, the gaps in IoT deployments will become less pronounced. GMI Research has forecast that the IoT chip market will reach $1,457 billion by the end of the forecast period (2033). Currently, the market is evolving to meet the growing demand for high performance and energy efficient chips for use in various application areas.

The Internet of Things (IoT) is transforming the way we live. It is now commonplace to control household appliances or manage your personal health and fitness from the palm of your hand. Thanks to improved connectivity and lower costs, innovative products are developed at an unprecedented rate and adopted quickly by the market.

One of the most visible impacts of the Internet of Things (IoT) is the concept of the smart home. Homeowners can control almost any device in their home from almost any other location, and real time feedback and controls aid in home security.

Better connectivity is improving health and wellness. A host of personal health and fitness products combined with increased connectivity has empowered individuals to better manage their health and wellness.

Furthermore, improvements in connected medical devices are enabling healthcare providers to monitor patients in the comfort of their own home and providing timely and personalized care.

IoT in Manufacturing

Various aspects of manufacturing have been enhanced and transformed with the advent of the IIoT. Connected devices have been employed for condition monitoring on production floor equipment. When equipment are monitored for their operational health, time can be gained to plan and schedule equipment maintenance thereby eliminating unplanned equipment downtime.

The IIoT provides several automation and improvement opportunities in the production and management of a business.

A Smarter City

Global cities have been able to innovate and transform their urban and infrastructure service offerings with the widespread use of the IIoT. Cities have been able to achieve enhanced transportation and parking management, improved waste collection and management services, better air quality and environmental management as well as sustainable infrastructure and public services.

The IIoT has found numerous use cases in the supply, distribution and retail trade. It is being employed to transform the entire value chain, from shop floor and warehousing to last mile deliveries.

It offers retail businesses new avenues to gain customer loyalty and increase their market share. Like manufacturing, the IIoT has facilitated automated and improved various retail business operations from real-time shop floor management to inventory, self-check outs.

The Internet of Things is a game changer across various business verticals by improving business processes and services and enhancing customers experiences.

It has enabled routine and mundane tasks to be automated.

IoT technology helps people manage household tasks. Homes can increase energy efficiency with smart systems. People can control more around the home with less interaction.

Better Business through IoT

With IoT technology, businesses can analyze data and see opportunities to better operate their business.

Businesses can improve their use of resources and help reduce waste.

Predictive maintenance gives businesses opportunity to avoid equipment failure and potentially costly repairs.

With the data from equipment, predictive maintenance allows for greater productivity and equipment utilization.

Better Security

The use of the Internet of Things can give users control and awareness of potential security issues.

IoT allows for immediate response to security risks including theft.

Why is IoT Growth Expected?

The value Internet of Things provides users continues to create opportunities for different markets and industries. Risks to security, equipment failure, and equipment utilization can be improved with IoT, creating value for the user. IoT provides faster, more efficient, and adaptable systems, processes, and technologies.

The Internet of Things is rapidly evolving to provide efficient solutions to a myriad of problems across different markets.

Continuous advancements in the field of Artificial Intelligence, combined with a more ubiquitous, high-bandwidth and low-latency connectivity will ensure that the rise of IoT-related products will be rapid and significant.

Areas of investment for the IoT are, but not limited to, industry, healthcare, transport and logistics, agriculture and retail.

The Internet of Things is the first real manifestation of the Integration of Intelligence in to everyday systems and will radically alter the way we work, live and play. It’s near ubiquitous nature will result in the creation of smart Homes and offices, Factories and farms, as well as smarter ways of doing business in the retail sector and beyond. As demand outpaces supply of Internet of Things products and services, advanced and integrated intelligence systems will turn into essential means of doing business in most, if not all, industries and professions.