From transportation to manufacturing to healthcare, IoT is playing a huge role in transforming the global economy. In fact, Gartner estimates IoT will contribute $2 trillion global economic growth in only the next 3 years. If you’re not thinking about it already, it’s definitely time to start considering how your business can develop an IoT strategy. Here are four trending examples to give you some inspiration.
1. Automated Vehicles
There has been a ton of discussion in the media and tech circles about vehicle automation over the past few years. What often gets overlooked in those discussions is the role that IoT plays. From traffic, road and weather conditions to GPS positioning and other data points, the nearly 250 million cars that will be connected to the internet by 2020 will produce a massive amount of data. Car companies and insurance companies, among others, are especially keen on having this data in order to make actionable business decisions.
2. Manufacturing gets a Digital Upgrade
While automated transportation gets a lot of attention, the world of manufacturing is also undergoing a transition thanks to IoT. Dubbed Industrial Internet of Things (IIoT), this emerging field is expected to help manufacturers produce more efficiently and at greater quality. That’s just the tip of the iceberg, though. IIoT carries the promise of creating new business models and revenue streams that could contribute $14.2 trillion to the global economy, according to Accenture.
3. Connected Healthcare
According to Information Age, the adoption of connected wearables in healthcare services has skyrocketed, reaching 80% in the US 2016 for example. And the industry is just getting started. A flood of new data is becoming available from hospitals, for example, that will help improve not only operational efficiencies but also patient care and even clinical trials.
4. Internet of…Fish?
Ok, so this last one isn’t really an enterprise-level example, but it’s still worth noting that the in New Bedford, Massachusetts, the small fishing town is using IoT sensors to monitor “environmental conditions to improve operations, better manage resources, and grow better and more product.” The interesting thing here is that the data is used primarily to help humans make better business and production decisions, which is a bit of a departure from some of the more cutting-edge use of IoT to manage automation, though it’s possible that’s not too far behind. Who knows: With increased productivity, we may see the first large-scale automated fishing operation.
These are just a handful examples of both the extraordinary and sublime ways IoT is transforming our world, our economies, and our lives. It’s likely that we’ll arrive at a point in the near future where we, as a society, are producing more data per minute than what we now produce in a month. And if these examples are just preview of things to come then the business opportunities involving IoT are huge.
The question remains, of course: What’s your strategy for tackling IoT?