As the Internet of Things (IoT) and its applications continue to span the home and enterprises, various industries are driving investments and adopting the revolutionary technological advantages offered by IoT devices.
IoT is gaining impetus in the recent times and various IoT solutions are now solving complex business problems across several industries across the world. Intelligent data collection, decreasing costs of sensors, and overall efficient management of connected devices are the factors that are accelerating the adoption of industrial IoT more quickly than the world could have imagined.
Here are some of the vertical markets and industries that have or are on the verge of adopting IoT solutions to improve their overall efficiencies:
Smart Buildings
Building management is now capable of collecting data from the smart devices as well as sensors for the remote monitoring of a myriad of activities. From the energy to security of the property, HVAC, landscaping, lighting, energy management and so on – all of these can be effectively managed with the help of optimized IoT solutions. The actions during the building development and management can also be automated as per the data collected and subsequent analysis. The automation can be optimized for saving the overall cost, time, and resources.
According to Memoori, Internet of Things in Buildings (BIoT) will grow rapidly, from $26.65 billion in 2015 to $75.5 billion by 2021 – a CAGR of 20.7%.
Manufacturing
Industrial IoT (IIoT) makes use of the system integration along with sensors for gathering data within a particular process. This is meant for the purpose of analyzing and optimizing the overall industrial activities, such as supply chains. As a result of this, human errors are reduced and the overall operation costs also go down.
To aid supply chains, 26% want to definitely invest in IoT systems, and a further 36% would possibly consider IoT investment within the next 12-24 months – Global Manufacturing Outlook, Forbes 2016
Logistics and Transportation
The in-transit visibility gets enhanced while the operational processes become automated with the help of IoT solutions. Various individual solutions like asset tracking, fleet management, and predictive maintenance are able to work together as an effective end-to-end solution.
According to IDC IoT Spending Guide, the transportation industry invested $78 billion in Internet of Things in 2016
Oil & Gas
As the operation costs tend to fluctuate, insightful decision and remote monitoring of the activities in this sector will help an enterprise in the oil & gas industry operate in an effective manner. Regulatory compliances can also be monitored accurately and the overall costs will decrease.
According to Research Nester, in 2015, the Internet of Things (IoT) in energy market reached USD 6.8 billion. Based on trends and projections, in 2023, the energy IoT market will reach USD 26.5 billion.
Smart Agriculture
As the population of the earth keeps on increasing at a rapid rate, it is vital that the farming activities and the related industries are able to operate effectively and efficiently with the help of optimized IoT solutions. IoT solutions can enable the commercial as well as local farming activities to be more environmental-friendly, production-efficient, and cost effective, and also aiding better logistics and monitoring of perishable food products.
According to Research and Markets recent study on the global agriculture IoT market, it’s bound to grow to $20 billion by 2022 – a CAGR of over 16% from the year 2016
Telecom Industry
Facing large amounts of data transfer, the telecom industry is also adopting IoT-based devices, applications, and solutions. Device monitoring and certification can help in delivering predictive failure insights, generating new revenue streams, and optimizing usage pricing.
The global IoT market for the telecom sector is poised to grow at a whopping 42% CAGR by 2020 – Technavio study on Global Telecom IoT Market 2016-2020
Smart Homes
Consumers who would be adopting the use of smart home devices will be able to enhance their living experience. In addition to this, they can also help in conserving energy and ensuring top-notch home security.
The recently popular devices that provide smart home voice control has revolutionized the home automation ecosystem in the US – BI Intelligence
Smart Cities
It might include anything from smart parking to mass transit. It addresses energy management, public safety, and managing traffic with the help of IoT solutions.
Market size: US $1 trillion by 2019
Leading countries: USA, Germany, China
Market drivers: Rapid urbanization, resource conservation, energy efficiency
What’s your industry? If you’re an IoT vendor, what are your thoughts on the vertical/industry you’re catering to?