The advent of the Internet of things (IoT) is changing the way businesses work. Its impact is visible in asset tracking, product manufacturing, designing, and healthcare, etc. Various businesses use IoT technology for office automation, data analysis, etc. Integrating IoT enabled devices to your businesses can help you stay ahead of the curve. We as an IoT application development company receive requests for integrating smart IoT solutions for warehouse management.
According to a Forbes survey, healthcare, manufacturing, and financial services are the leaders in using IoT technology. Businesses are connecting IoT capabilities with other powerful technologies like Artificial Intelligence and Big data analytics to maximize business benefits. 58% of survey correspondents in the financial services sector were reported developing IoT initiatives followed by healthcare organizations with 55%. The proliferation of IoT systems is visible in the manufacturing and financial services sector with 47% and 42% respectively.
According to the MarketsAndMarkets IoT market is projected to reach over $560 billion by 2022. Our IoT app development experts have collaborated with various real-estate builders to turn a simple home to a smart home.
How is IoT Deriving Industries?
Financial Services: Various financial services organizations are using IoT technology to ensure security. These businesses use visual sensors and networks of cameras to ensure the viability of their facilities.
- In banking billions of systems are connected. The intelligent systems and devices share data on the cloud to analyze, collect data, and transform the banking sector or businesses.
- One of the core benefits of IoT in banking is that it offers reward points, enables easy access to all banking services to credit and debit cardholders, etc. The use of IoT in the banking sector is used to analyze the use of ATM kiosks in specific areas.
- IoT data is used by banks to provide more flexibility and on-demand services available to the customers.
IoT in Healthcare: Healthcare is one such area that is influenced by IoT technologies. IoT experiences can be achieved inside emergency rooms, waiting rooms, and business offices. The healthcare sector is using IoT technologies to monitor the health of patients. Various devices are used to detect patient conditions using IoT enabled wearables.
- Motion sensors are used inside the hospital washrooms to prevent wastage of electricity
- Wearables are attached to the clothes of Alzheimer patients to prevent them from hazards.
- Patients at risk of heart attacks are given wearables that are attached to their bodies to monitor their condition at regular intervals.
Industrial Manufacturing: IoT technology is used by industries to reduce wastage and increase productivity. It is also used to manage entire supply chain processes including asset tracking, waste minimization, stock management, worker and asset safety, etc. You can also explore the capabilities of IoT in the manufacturing industry here: Exploring IoT capabilities in Manufacturing Industry.
Some Use Cases of Industrial IoT (IIOT) Applications
1. Airbus: Factory of the Future
Assembling a commercial jetliner is not only difficult but it requires a deep understanding of the compilation of millions of components and thousands of assembly steps. To tackle compilation complexities, Airbus started Factory of the Future to increase productivity and streamline various operations. It has integrated the IoT sensor to machines and tools and provided workers with wearables like smart glasses to reduce the chances of errors and increase workplace safety.
2. Amazon: Reinventing Warehousing
According to Amazon’s Sr. Vice President Dave Clark, the company saved 20% on the operating cost in the year 2014 by simply using IoT enabled smart Robots to locate shelves of the products. Amazon acquired Kiva Technology for $775 billion in 2012 and since then it plans to use it as drones or to hunt for objects within the warehouse. The technology has been very successful so far and is sure that using it can achieve more benefits.
Are you planning to automate your industrial processes? We are an IoT application development company that delivers smart IoT solutions to businesses across the globe.