Crucial Trends and Vital Benefits of IoT Across Various Sectors 

Whenever there’s a discussion about a current problem such as climate change or even the pandemic, the Internet of Things (IoT) often comes up as a possible solution. Why is that? Electric vehicles, telemedicine, remote monitoring, and other solutions are all based on IoT technology. Using IoT tools, we have a chance to revolutionize a plethora of industries and make them more efficient, cost-effective, and accessible. From logistics and energy to healthcare and agriculture, this cutting-edge technology can generate outstanding benefits for many sectors. In this article, we will cover use cases for several industries in more detail and discuss the possible future of IoT. 

IoT Basics

IoT provides the connection of physical objects over the internet. Its main purpose is to collect and exchange data that accumulates via different tools using sensors and software. IoT-driven systems can gather, record, share, and monitor each device in the interconnected network of tools. The process involves a few essential components: a device (such as a smartphone or sensor), a connectivity layer, and a cloud server. For example, a sensor that monitors temperature in the field collects this data and sends the reports to the cloud. 

IoT is already largely adopted in multiple industries, including healthcare, agriculture, energy, manufacturing, etc. The application of IoT ranges from ordinary household objects like refrigerators to complex industrial machines and sophisticated medical tools. With over 13 billion connected IoT devices at the moment, the industry is truly vast and is likely to continue to grow in the future.

IoT Benefits

IoT technology is a great contributor to the technological industry. Using such devices, companies have access to larger volumes of data, including real-time data, which they can utilize through complex analyses. These insights allow businesses to identify possible bottlenecks and improve their products. The ability to rely on real-time information enables informed decision-making and reduces the wasting of resources. Instead of dealing with a problem, you can identify a potential issue before it occurs thus saving valuable resources. Here are some use cases of IoT being useful in various industries:

Industries that Use IoT

Albeit slower than expected, the IoT market continues to grow each year, bringing in over $320 billion in the global market size in 2022. Some reasons for the slight delays in the expansion include sustained inflation, high-interest rates, and the current Ukrainian-Russian conflict. However, the trend for growth is still evident as the yearly gain averages roughly 20%. In this section, we would like to take a look at how industries utilize the Internet of Things and what benefits they reap. 

IoT in Manufacturing

IoT in manufacturing deals with devices that connect with industrial software programs. For example, such solutions are widely used in shop floor operations to collect real-time data on the machinery. The information is sent to the cloud where managers can access the data and make predictions regarding the health of the equipment. IoT’s capabilities allow for proactive care and maintenance and save costs in the long run. 

The Internet of Things is expected to become an integral part of manufacturing in the foreseeable future. Reduced costs aren’t the only benefit companies will gain upon the adoption of the technology: 

• Increased efficiency: Using IoT in the manufacturing industry, business owners can automate business processes and optimize efficiency. Automated machinery is more predictable and operates with higher accuracy and efficacy. Moreover, you can collect equipment-related data to gain valuable insights and make data-driven decisions. 
• Shorter time to market: Optimization in manufacturing processes also enables teams to accelerate production. With more efficient data collection and transferring, managers can make important decisions faster. Therefore, any bottlenecks are dealt with immediately without disrupting vital processes. As a result, companies can produce faster and more efficiently. 
• Reduced errors: According to The Global Risk Report, 95% of cybersecurity issues can be traced back to human error. Minimizing human involvement will reduce the chances of error. 
• Predictive maintenance: IoT in manufacturing enables the shift from reactive to proactive maintenance. Instead of losing money on equipment downtime, you can now continuously monitor the health status of each machine. Dealing with a potential issue before it worsens and becomes serious will save you valuable resources. 
• Improved safety: IoT-driven systems will not only protect sensitive data but also improve the overall safety of the workplace. By adopting IoT in the manufacturing industry, you can use sensors and devices to make sure employees do not get injured. And if they do, the staff responsible will be immediately alerted about the situation. Wearables, as a use case, can be a great driver of employee safety in the future. 

IoT in Energy and Power

Another industry that has greatly benefited from the adoption of IoT in recent years is the energy sector. IoT in the energy market is expected to reach 357.4 billion USD by 2028, rising at a market compound annual growth rate (CAGR) of 19.7% during the forecast period. Real-time monitoring, process automation, and predictive maintenance allow companies to unlock a multitude of cost-saving advantages. Let’s explore the most common use cases and benefits of the IoT in energy sector:

• Reduced risks of outages: Real-time data collection enables uninterrupted monitoring. Using the gathered data, specialists can timely predict possible breakdowns to prevent outages. IoT is also the biggest driver for smart grids and electricity networks that comprise infrastructure, hardware, and software. Using smart grids, companies can take advantage of multiple energy-generating methods. 
• Energy management: IoT in energy facilitates more complex and comprehensive energy management that includes predicting power consumption. Using these data-driven insights, companies can accurately calculate how much energy they require and manage power demands. The IoT-driven technology is called smart metering and tracks energy consumption to offer trends and peak times throughout the enterprise. 
• Renewable energy: IoT is also a critical aspect of adopting renewable energy sources. For example, IoT devices help record and transfer data from solar panels. By adding blockchain to the mix, you can enable peer-to-peer energy exchange. The systems monitor energy consumption and distribute it in the most efficient and cost-effective way. 
• Virtual power plants: The rise of IoT in energy has made the creation of virtual power plants possible and beneficial. These cloud-based systems consolidate multiple energy resources that can be distributed in the energy market. 
• Intelligent energy storage systems: Companies can connect their storage systems to the cloud to remotely monitor performance. For example, IoT sensors will capture temperature and humidity levels to ensure optimal storage conditions. These measures can extend the lifespan of your equipment and prevent serious incidents like fires. 

IoT in Oil and Gas

The mining industry is heavily dependent on smooth communication and optimization. The cost of a failure is extremely high and may affect the company financially and reputationally. Moreover, the mining process can be quite dangerous and can even cause life-threatening injuries. It is expected to reach $43.48 billion USD by 2024, growing at a CAGR of 21.86% from 2019 to 2024. Let’s discuss the benefits of IoT in the oil and gas industry. 

• Improved operational efficiency: A great example of how IoT in mining can improve efficiency is the water industry, for example. Companies install sensors to monitor water consumption in order to analyze how much water is being used in a certain region. This can help with planning and distributing water across cities and districts thus minimizing the threat of shortages. 
• Inventory management: Storing petroleum in massive quantities can be quite tricky. IoT in the mining industry delivers solutions that allow managers to passively monitor stocks and take action whenever necessary. Using a remote system, you can set priorities and thresholds and manage all storage without any manual work. 
• Informed drilling: Using IoT in oil and gas, companies have access to information related to seismic data which allows them to plan their drilling and fracking activities. Notoriously dangerous, fracking can be less controversial with the advancements of IoT systems. 
• Offshore production: Remote monitoring allows companies to oversee the production even miles away. Using IoT in mining, managers will receive a notification whenever a machine underperforms or a process goes south. As a result, they can prevent devastating accidents thus saving human lives, preserving the environment, and avoiding unnecessary expenses. 
• Reduces safety risks: IoT in the oil and gas industry offers solutions for monitoring the presence of dangerous gasses and tracking the condition of the storage facilities. These measures will significantly minimize the chances of an accident. Moreover, thanks to IoT in oil and gas, remote monitoring and alert systems will strengthen overall safety throughout the entire mining process. 

IoT in Metal and Mining

Mining is one of the most risky and challenging industries on our list. Not only does it impose threats to workers, but also contributes to the global climate crisis. Despite all that, the industry is on the rise. The connected mining market size is expected to grow from $ 12.7 billion in 2022 to $ 23.6 billion in 2027, at a CAGR of 13.3% during the forecast period. Fortunately, technologies like IoT can help reduce risks for both humans and the planet. Let’s take a look at how IoT can benefit the entire metal and mining sector:

Predictability and cost reduction: Installing sensors on mining systems allow miners to collect data for analysis. Using these metrics, companies can predict and prevent life-threatening situations to avoid accidents. Moreover, this data can also be applied to discover more efficient and cost-effective ways of excavating minerals. 

Improved control: Whenever systems malfunction or break, businesses lose significant sums of money on downtime. IoT in mining allows for remote control of operations. Instead of going to the site, engineers can access the hardware remotely and repair the issues. 

Plant designing: Sensors can be installed inside the mining plant to gather surrounding information and offer insights. Businesses can take the findings into account and calculate the best locations for mining activities. Especially in remote areas, power infrastructure can often be scarce, and having a portable sensor can aid in preventing damage. For example, mining activities can cause erosion or pollute bodies of water. IoT in mining industry delivers software that allows us to monitor and minimize this impact. 

Higher safety: As mentioned, mining can be a dangerous field of work. Luckily, the industry is shifting its focus to the safety of miners. IoT in mining gives businesses an opportunity to safeguard the premises, forecast potential breakages, and create a safer environment. Moreover, they can provide improved evaluation plans and allow rescuers to minimize the damage in case of an accident. 

IoT in Healthcare

The medical industry is one of the frontiers of IoT adoption. From sensors that monitor vitals to virtual healthcare, this sector has been using technological advancements to improve the quality of its services. There are multiple self-medical devices available in the market—for example, glucose monitors, sleep monitors, blood pressure devices, inhalers installed in smartphones, etc. The global IoT in healthcare market has reached nearly $182 billion USD, and is anticipated to grow at a CAGR of 18% and reach $9525.3 billion USD by 2032. Here are some of the most significant benefits of IoT in healthcare:

• Patient autonomy: These IoT systems remove some of the workload from doctors and simultaneously give patients more freedom and autonomy. Moreover, some patients in rural areas cannot access proper healthcare services. Home monitoring tools provide them with an alternative option that can significantly improve their quality of life, which is a huge benefit of IoT devices. 
• Instant reaction to the changes: Using connected IoT devices and sensors, physicians can collect and track patients’ vitals, including heart rate and blood pressure. Whenever the measurements are outside of the norm, doctors can immediately rethink the treatment plan to help their patients. 
• Cost reduction:IoT in healthcare can facilitate the removal of unnecessary trips to the hospital to check the vitals. As a benefit, this will allow millions of patients to cut monthly traveling expenses. Instead, they can only visit their clinicians when medical intervention is required. 
• Accurate diagnoses: The ability to passively collect and go through a patient’s health data as well as see dynamic changes allows for a more precise diagnosis. Having this critical data at their disposal helps medical workers find the underlying issues at earlier stages. 
• Drugs and equipment management: Keeping track of every drug and machine in the hospital is extremely difficult. IoT in healthcare allows for a simpler and more efficient inventory management protocol that reduces errors and cuts unnecessary costs. 
• Outpatient care: Once patients go home, physicians cannot monitor their medication consumption. Using smart dispensers, doctors can make sure the patients are taking their medication even remotely. Such tools automatically send the information to the cloud that can be accessed by the medical staff. 

IoT in Transport and Logistics

Logistics is a sector that requires a lot of planning to execute correctly. A big portion of planning tasks can be optimized and even automated to reduce errors and lower the burden on managers.The size of IoT in the transport and logistics market was worth $37.41 billion USD in 2021. It’s expected that IoT usage in this industry will grow at a significant CAGR of 14% with a possible value of $93.85 billion USD by 2028. Let’s dive into the advantages of implementing IoT in transportation and logistics:

• Shipment monitoring: By installing IoT sensors onto vehicles and packages, companies can closely monitor their locations. Using IoT in transportation, you can employ real-time data and instantly recalculate the route in case such actions are required. Moreover, logistics experts can make sure the temperature and humidity inside the vehicle remain optimal. 
• Inventory management: IoT sensors can also be placed on the products and shelves inside the warehouses to track the stocks. Whenever a certain item is in deficit, the managers will be notified to refill the stock. IoT in logistics systems facilitates more efficient and cost-effective inventory management and improves forecasting. 
• Vehicle breakdown prevention: Logistics operates with various vehicles, including trucks, boats, ships, airplanes, and more. IoT in transportation offers usage tags for tracking the health conditions of vehicles. If a truck is malfunctioning, you will be notified in real-time and solve the issue before it causes a devastating accident. 
• Self-driving cars: Autonomous vehicles have become a more pertinent topic of discussion in recent years. IoT in transport and logistics facilities a global adoption of such cars and ensures more efficient and accident-free delivery. 
• Compliance with IoT in logistics: The ability to continuously monitor vehicles, shipments, and drivers opens the doors for more transparency. This in turn allows for better compliance management. If managers can oversee the entire route and remotely enforce important policies, the truckers will have trouble hiding anything. 
• Last-mile deliveries: The trip from the local distribution center to the customer is referred to as the last-mile delivery. Notoriously expensive, they cost companies a lot of resources. IoT in transportation and logistics offers devices that enable managers to calculate an optional route and pivot in real-time in case something unexpected occurs. 

IoT in Agriculture

Agriculture is an ancient industry that has been enhanced with various technologies throughout centuries and is a telling use case. IoT is advancement that can disrupt the entire sector and make it more efficient and productive. The global IoT in the agriculture market is expected to hit around $28.56 billion USD by 2030 and poised to grow at a CAGR of 9.62% from 2022 to 2030. Let’s look at the advantages of IoT in agriculture: 

• Increased efficiency: IoT systems, including robots, are the solution to poor and untimely harvesting. Whether due to untrained staff or bad weather conditions, unmanaged harvesting can be absolutely devastating to the entire farm. Various IoT systems can optimize not only the growing processes but also harvesting activities. 
• Optimized navigation: Technologies for IoT in agriculture also allow for remote control of tractors and other agricultural equipment. While machine learning algorithms output the best possible routes, IoT sends the information to the cloud. Managers can access this data for further analysis and deeper optimization. 
• Environment monitoring: IoT sensors can be installed in the field to track important metrics such as temperature, humidity, crop nutrition, soil pH, and other metrics. These insights will warn the farmers in case of an emergency or drastic change in conditions. 
• Remote farming:IoT in agriculture is not only about data collection but also remote control. For example, farmers can set up triggers for watering the crops or adding some light to the field. Via sensors, you can have access to the entire operation and make sure the processes occur in the right order and at the right time, even if you are miles away. 
• Livestock tracking: Various IoT applications and sensors are key to monitoring livestock. Using these tools, farmers can have real-time data about animals’ health conditions, nutritional metrics, overall performance, and more. 

IoT in Chemical Sector

In the chemical industry, IoT can deliver automation, enhance productivity, and bring in higher revenue. This sector is also very concerned with safety as some of the byproducts can be extremely dangerous. The global market of IoT in the chemical industry was valued at $57.4 billion USD in 2021 and is projected to reach $193.9 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031. Let’s explore some of the prominent benefits and use cases of how IoT can be a winner for the chemical sector. 

• Compliance: A highly regulated industry, the chemical sector must constantly deal with new rules and guidelines. By digitizing records, managers can access reports and dashboards that offer them insights into the operations. 
• Improved supply chain: IoT solutions can also facilitate better traceability. By storing all pertinent data in one location, managers can generate reports and audits to ensure transparency throughout the production process. Any bottlenecks or inconsistencies along the way will become evident and can be handled by experts. 
• Remote monitoring: Much like with aforementioned sectors, IoT can be applied to remotely monitor various conditions and equipment. For example, you can track the gas levels in plants to prevent leaks and exposure. Not only does it reduce the chances of accidents but also makes the facility more efficient and data-driven. 
• Better forecasting: Real-time data collection offers specialists an abundance of useful information for prediction. From calculating the risks of supply chain disruptions to monitoring market trends, data analytics will unlock huge potential for the entire business. 
• Quality assurance: The automation that IoT brings to the industry allows for more precise quality assurance. Traditionally, only a randomly selected handful of samples would be tested, which left room for error. Using IoT solutions, businesses are now capable of analyzing thousands of samples throughout the company. 
• Environmental advantages: Through the acquired control of consumption and waste, managers can optimize resources to reduce harmful emissions. 
• Safety on job sites: Sites in the chemical industry are equipped with IoT devices and sensors that monitor certain features and inform the team whenever they sense possible safety hazards.

IoT Trends

The Internet of Things is already on its path to transforming businesses across industries. However, the technology is still growing and expanding. The bigger the technology, the larger the risks associated with it. This is why, in the future, we need to focus on security and digital twins. In this next section, we will explore what the future of IoT holds. 

IoT Security

The more devices are internet-connected, the higher the number of cyberattacks across the world. Being online automatically exposes you to potential leaks and breaches, no matter how protected you are. However, in IoT, the stakes are even higher as exposing one device will put all of the interconnected devices in danger. Whether through malware or DDoS attacks, software vulnerabilities, or data leaks, companies are always at risk of a cyberattack. 

To improve IoT cybersecurity, more companies will likely invest in specialized software solutions that will protect their data. For example, password management software can be utilized to minimize the chances of an attack. Such systems enforce stronger passcodes, monitor potential vulnerabilities, and regularly rotate passwords inside the system. Other anti-hacking tools include firewalls, identity and access management tools, VPN systems, and more. The global IoT security market size is expected to grow to $20.04 billion in 2027 at a CAGR of 31.6%. 

However, the most crucial step in protecting data is government regulations. More and more countries are developing corresponding laws and regulations to prevent data breaches. Once these rules come into effect, IoT companies and businesses that utilize the technology will have to adapt and comply with regulations. 

IoT Marketplaces

The primary goal of IoT marketplaces is to offer a holistic solution to specific applications. They strive to simplify the deployment of IoT systems by consolidating ready-made solutions in one place. For instance, cloud providers like AWS or Azure deliver IoT cloud platforms that can be set up and customized for your needs. Another use case is the AT&T IoT marketplace that allows companies to shop for IoT hardware, software, development kits, and more. IoT services enable organizations to quickly leverage ready-to-use applications tailored to certain business needs, ensure connectivity, and provide device management to speed up the insights that fuels efficiency, productivity, and growth.

Accessing these marketplaces enables businesses to get a ready-made tool instead of getting each piece separately. In one package, you can get proper hardware, software, and a connectivity solution and start your project. Even though in most cases customization is necessary to cover all the needs, you can jump-start the process with a pre-made solution. 

Smart Cities

Smart cities have become more ubiquitous across North America and Europe in recent years. The implementation of IoT can make our cities more safe and convenient to navigate. Technology can also expand the inclusivity of modern towns and make them more accessible to people with various disabilities. Furthermore, smart cities are a bright use case and a great tourist attraction that draws people from across the world. 

The city-wide IoT adoption can even make these locations a better place to live for residents. For example, smart cities improve transparency by offering open government data, including budgets, council meetings, and more. By capturing license plate numbers, these cities raise accountability and minimize crime. IoT is also capable of connecting intercity services like police and emergency to streamline record keeping and facilitate data exchange. 

Finally, smart cities can help us save the environment. Through energy-efficient construction, air quality sensors, and the shift to green energy, governments can significantly reduce their carbon footprint. Not only can the sensors capture and transfer information about the air quality but also identify the source of the pollution in a certain area. 

However, insufficient advancements in communication technology and low operational efficiencies are restraining the growth of the market. Moreover, the adoption of IoT services helps in providing better and advanced security and asset learning solutions at a distance without any physical presence, providing favorable opportunities for market growth.

Digital Twin Technology

The objective of digital twin technology is to facilitate a foolproof system to test hypotheses before implementing them in the real world. Using such systems, developers can recreate an environment and apply various models and strategies to see their outcomes. Everything takes place in a simulation and has no impact on real life. The purpose of these platforms is to test your theories in a virtual environment without taking any actual financial risks. For example, you can simulate a cyberattack to verify whether your system is strong enough to defend itself against hackers. Combining IoT with digital twin technology, you get better visibility, what-if-analysis, and integration of disparate systems.

Conclusion

The potential of IoT is yet to be fully discovered and implemented. This incredible technology can help us battle global issues that concern every country or simply make our household more convenient to navigate. If you think that your business can benefit from the Internet of Things, do not hesitate to consult our experts from NIX. Read our success stories to learn about our experiences and reach out to ask your questions. Our focus is always on the client and we will do our best to help you realize your projects and take your business to the next level.