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The core of innovation and maintaining a competitive edge is reliable and accessible data. The Internet of Things (IoT) enables companies to gather vast amounts of critical data from their assets, personnel, and processes. This data is the lifeline for reducing costs, improving efficiency, and providing a safer environment for employees. Although IoT is no longer a new concept, the deployment of large-scale sensor networks has become more urgent than ever for certain industries. Here are the top 5 industries expected to gain significant benefits from IoT in 2021.
Even before the outbreak of COVID-19, the commercial real estate industry had begun focusing on tenant comfort and well-being in recent years. Recognizing that people are the greatest asset in the built environment, companies and owners have turned to IoT and smart building technologies to create healthy, comfortable, and engaging environments. Now, this pandemic is rapidly accelerating this trend worldwide. Smart building technologies, particularly IoT and wireless sensor solutions, enable owners and operators to effectively implement new building codes and protocols to ensure optimal ventilation, sanitation, distancing, and tenant well-being.
For example, we will see a surge in the deployment of occupancy sensors in offices, retail, and hospitality, which can track the number of people entering, leaving, and using specific areas (such as queues, waiting rooms, restrooms, conference rooms, and office kitchens). This data will be used to identify areas of overuse and underuse to streamline cleaning services, ensure safe distancing practices, and encourage regular sanitation.
The global healthcare industry has never faced such immense pressure. Hospitals are striving to improve the quality of care while essential medical supplies and resources are rapidly dwindling. The COVID-19 pandemic has sparked discussions about the future of IoT in healthcare and how to safely connect healthcare professionals and patients. However, even before the outbreak, the healthcare industry had been seeking new ways to address challenges surrounding inefficiencies, supply chain management, and operational costs.
A wide variety of IoT technologies are providing unprecedented value in the healthcare sector. Wireless tracking solutions and real-time location systems address asset management issues by creating real-time maps of all critical mobile assets within their facilities—from beds and wheelchairs to defibrillators, infusion pumps, ventilators, and portable endoscopic equipment. IoT devices can assist patients with medication adherence at home; sleep monitoring devices can track the heart rate, oxygen levels, and movements of high-risk patients; continuous glucose monitoring sensors connect to mobile devices and alert patients and clinicians of changes in glucose levels.
IoT opens up a world of possibilities for healthcare, providing valuable data about patients, staff, facilities, and assets. This critical insight not only gives patients more control over their lives and treatments but also enhances operational efficiency, allowing healthcare professionals to focus more on patient care.
From reducing maintenance costs and supporting new business to improving overall productivity, IoT has become key to maintaining a competitive edge in manufacturing. With the new business insights brought by large-scale sensor networks, it’s no surprise that the global manufacturing IoT market is expected to reach $994 billion by 2023.
In 2020, we saw most companies turn to remote operations, and manufacturing was no exception. In addition to ensuring safe, reliable, and efficient facilities, companies must also consider new ways of operating. The loss of on-site workers due to the pandemic crisis clearly necessitated a change in the operational model that keeps everyone at the company. IoT sensor networks and reliable connected assets are driving the success of remote operations, such as monitoring and maintenance. With real-time data, businesses can better monitor the condition of their assets, products, and machines to optimize their use, better predict impending failures, and identify the root causes of issues. Therefore, condition-based predictive maintenance can reduce costly downtime and repairs. With the ability to minimize downtime, accelerate resolution times, and improve uptime, businesses can also enhance customer service and create new business opportunities and service level agreements.
As an asset-intensive industry, oil and gas companies have been striving to maximize equipment performance and production. Therefore, it’s no surprise that about 65% of companies prioritize optimization and predictive maintenance as their IoT initiatives. Advanced wireless connectivity and low-cost sensors are helping to digitize and enhance previously disconnected assets and processes, positively impacting profits.
For example, wireless IoT sensors can monitor field equipment in remote areas. Any non-compliance situations can be detected immediately, allowing for informed decisions on when and how to execute maintenance, thereby increasing equipment uptime and contributing to higher production.
Additionally, many processes that previously required inefficient manual labor, such as reservoir water level monitoring, can benefit from the deployment of wireless IoT sensors for effective coordination of tasks. IoT can also automate field supervision and asset monitoring to improve worker health and safety. With fewer required field visits, the potential hazards faced by employees are also reduced. Even when on-site repairs are necessary, risks can be mitigated as the valuable insights from IoT sensors enable technicians to prepare in advance.
Faced with the explosive growth of the world’s population, decreasing arable land and natural resources, and the severe challenges posed by increasingly extreme climate events, the agriculture sector is under excessive pressure. To increase yields while minimizing resource usage, farmers worldwide are turning to IoT and precision agriculture practices.
The global agtech market is expected to reach around $5.5 billion by 2021, with a compound annual growth rate of 12.8%. By merging data sources and utilizing new technologies like IoT, farm activities can generate approximately 100,000 data points per hectare. This data is being transformed into actionable knowledge, enabling farmers to achieve stable and higher yields with fewer resources (such as fertilizer, water, and energy) per hectare. Ultimately, this will lead to greater profitability and long-term sustainability.
(Source: IoT Home)
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