How IoT Will Impact Different Industries

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In this age of technological advancements, there’s no doubt that IoT is changing how we do business. By connecting smart devices to the internet, this technology allows us to utilize connectivity, automation, and data analytics for inspiring innovation and driving significant progress.

And as the technology continues to evolve, IoT-enabled systems and devices will likely become a more prominent aspect of our lives. IoT is already making some notable changes in various fields, so many teaser videos on the internet explaining what is IoT. But here are some of the most important ways this technology will impact different industries in the following years:

Healthcare

Healthcare is possibly among the most essential and sensitive industries. With IoT integration, the main goal isn’t only to improve the business aspect of healthcare, but also to enhance the average conditions and standards for treatment and care. If healthcare facilities are able to incorporate IoT devices, emergency situations could be handled in a much better way. For instance, when medical equipment is connected to the internet, needed maintenance and repairs could be assessed instantly, thus potentially saving the lives of a number of patients. Monitoring is extremely crucial in healthcare facilities, and smart IoT devices could allow staff to easily monitor patients and equipment, thus minimizing common disruptions during important procedures.

Energy

The energy industry is among the first ones to adopt IoT technologies, and has been successfully incorporating smart meters into their operations ever since. These devices enable more accurate tracking of energy consumption and allow energy companies to charge consumers more efficiently for their consumption. Smart meters can also record the amount of energy that users of renewable resources send back to the grid, giving them the opportunity to be credited and incentivized for using eco-friendly energy alternatives. Similarly, IoT-powered solar panels and other smart ‘green energy’ devices can be monitored and maintained more easily using these solutions. In turn, this might lead to a more sustainable energy sector in the near future as well.

Construction

The construction industry is among the least digitized fields in the world, even though it often entails complex projects and tasks, the use of heavy equipment, and hazardous work sites. For that reason, an increasing number of companies are deciding to incorporate efficient construction equipment maintenance software into their operations. By offering an IoT-enabled data fusion platform, such software allows construction companies to effortlessly process, analyze, and ingest data. As a result, businesses are able to save money, reduce risks and increase safety, achieve better client outcomes, and evolve their operations digitally, something that will truly change the entire construction industry for the better.

Insurance

Many insurance companies have already been using IoT technologies to determine risks more accurately, relying on different indirect factors when setting premiums. But the car insurance industry has taken this a step further, collecting data such as driving patterns and behaviors and distances traveled by car to make more accurate predictions. Not only does this allow car insurance providers to set more suitable premium rates, but also to accurately determine risks regarding accidents and other driving-related incidents. You can click here to see a great example of a car insurance company that brilliantly uses IoT for improving and expanding its business. They also offer smart comparison tools that allow consumers to make the most suitable choices, thus giving them an IoT-powered edge over competitors.

Agriculture

The agriculture and farming industries could reap important benefits from IoT technologies as well. Certain case studies have already shown how IoT sensors and other smart technologies could enable agricultural workers and farmers to streamline their operations. This includes keeping track of livestock and crops, using drones for surveying land, measuring data regarding farm resources, etc. When combined, these advancements lead to what is called ‘precision farming’. As the global need for food continues to rise, these new technological developments made possible by IoT will allow agricultural workers and farmers all around the world to successfully keep up with the growing demand.

Retail

While online shopping might be on the rise, in-store experiences are slowly changing as well. Stores have been using IoT-enabled devices for quite some time now, allowing them to keep track of inventory, check availability, and connect all locations through a single system. But the customer experience might be evolving as well, as some retailers are using Bluetooth beacons that interact with consumers’ phones to provide discounts, additional information, and personalized services based on location. It’s also expected that the retail sector will embrace augmented and virtual reality in the near future as well, offering virtual changing rooms and try-ons, as well more customized shopping opportunities, in an effort to improve the entire customer experience in-store.

Evidently, the flexibility of IoT technologies and smart devices make them a suitable choice in a number of different industries and environments. By allowing businesses to improve automation efforts and enhance data analytics and processing, IoT is a beneficial tool for companies of all types and sizes. It’s clear that IoT-enabled devices will continue to drive change in many sectors over the following years, and embracing this technology seems to be key to industry success.