How the Internet of Things (IoT) is driving economic growth in every industry?
Internet of things is reinforcing the economic growth in every industry globally. Industry experts are thanking the revolution of IoT occurring across the world which is creating lot of business opportunities across every industry. HighBeamGlobal anticipates that the subset of IoT is an unprecedented value and growth across the entire business world.
Recapitulating Internet of Things by HighBeamGlobal
Experts define IoT as the use of network sensors in physical devices which enables remote monitoring and control. In short, the objects which are connected to the internet are categorized as IoT which are also used to collect and share data across a network. The users are able to get a deeper automation and analysis within as system.
Major features of IoT includes artificial intelligence, connectivity, active engagement and use of small IoT devices. It is supposed to major changes in the delivery of products services and create changes in the economic, political and social scenario of the globe. Business consultants anticipates IoT to create a major impact in every areas of lifestyle and businesses. When IoT is installed in system it enables greater transparency, control and improved performance. It even enhance the process of data collection, automation and business operation coupled with unique flexibility and ability to be adjusted in any environment.
Industry experts have also experienced few disadvantages which can hinder the growth of this market. IoT systems are complicated in terms of deployment and maintenance which doesn’t makes it user friendly. RFID, NFC, low energy Bluetooth, low energy wireless, low energy radio protocols, Wi-Fi Direct and amongst others are the few major enabling technologies of IoT.
Experts Insights into End Use industries of IoT
Experts analysis shows that the common areas of application of IoT includes Healthcare, Government and Safety, Media & Entertainment, Retail, Manufacturing, Agriculture, Automotive, Consumer Goods, Education and amongst others. These industries are the pillars for the economic development of the world. The IoT is a highly fragmented market with the entrance of new start-ups. Threat of new entry is very low.
IoT in healthcare enables stress monitoring, monitoring patient behaviour, tracking hospital equipment, patient tracking and others. Major advantages of applying IoT to the healthcare industry enables cost reduction through real time patient monitoring, provides faster disease diagnosis and stimulates effective decision making process across the industry. According to statista , The IoT in Healthcare Market size is expected to grow from USD 124.17 billion in 2023 to USD 293.10 billion by 2028, at a CAGR of 18.74% during the forecast period (2023-2028).
Industry experts says that when IoT is applied to the government and safety, it enables an improved law enforcement, defence, city planning and economic management. IoT is used by government bodies and engineers to analyse the complex factors of town planning and control. The era of IoT enables the government to define the priorities of water supply and consumer needs. Governments can preserve human life during the high times of unforeseen disasters through the implementation of IoT and big data enabled disaster prevention and management systems. This can also help in the areas that are prone to flooding, by monitoring water bodies and alarming authorities at the right time.
In media and entertainment industry, the application of IoT revolves around providing customized experience to the clients focusing to their general behaviour patterns, purchasing power, buying habits, culture and other features. This helps to improve business productivity and strategy and also improves the customer experience by delivering them relevant contents and solutions.
Industry experts believe that IoT is driving is dynamics of retail industry. Enabling IoT devices in retail can make the customer happier through the automated checkout system. The potential impact of IoT in retail environment will range from USD 410 billion to USD 1.2 trillion per year by 2025 according to an estimation by industry experts. The budget of IoT in retail industry is evenly distributed among its four business areas which includes product monitoring, premises monitoring, customer monitoring and supply chain monitoring. The most factor for retailers is that they can identify and pursue new business opportunities with the implementation of IoT in this industry.