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The digital revolution has created an opportunity for the market to use IoT to gain a competitive advantage and provide a better customer experience. However, the benefits of IoT can extend beyond revenue and profit growth. Here are ways that IoT is helping industries to succeed:
It is not too difficult to see what an IoT- enabled society would look like and how it could beneficially impact the way we live, work, and interact. From smart homes to appliances, to transportation systems, from personal wearables to wearable fitness trackers, IoT technology is finding its way into many aspects of our lives. The same can be said for small and medium-sized businesses that look to apply technology to the processes for running companies more efficiently.
The possibilities for IoT in healthcare are limitless. The use of Internet of Things-enabled medical devices has already swept the industry. Although these devices pose some security risks, the benefits outweigh them. IoT is also a driving force behind the rise of telemedicine (or telehealth), in which medical professionals can communicate with and monitor patients from afar. Furthermore, hospitals are using this technology to track patients and staff, and it is being used to reduce emergency room wait times.
Just as IoT has practical applications in the home kitchen, it can also be used in commercial kitchens and on the front end of restaurants. IoT is being used in the restaurant industry to improve worker safety and streamline communication. Display systems can replace receipt printers, reducing lag time. Smart refrigerators can detect when foods are spoiling, and smart ovens can detect when parts need to be replaced before they break.
Numerous IoT applications have the potential to benefit educational institutions. Schools are leveraging IoT to improve more interactive web-based learning capabilities, allowing students to go beyond what is in the textbook. Educators are using this technology to store important records such as grades and attendance, which reduces the time it takes to find that information.
Despite regulatory requirements, the financial services sector appears to be embracing IoT. According to a MarketsandMarkets.com report from 2018, IoT in financial services will be worth more than $2 billion by 2023, and current use cases are spreading throughout the industry. Insurance companies use telematics to anticipate and calculate potential hazards that could result in a customer claim. The technology can also be used to collect additional data about customers to provide more personalized offers.
Precision agriculture/farming is one of the most well-known IoT applications in agriculture. It improves the precision and control of farming practices by implementing smart farming applications such as animal monitoring, vehicle tracking, field observation, and inventory monitoring.
The ability of IoT to collect user data via embedded sensors and enable device-to-device communication is fueling research into a wide range of future applications. In the future, data-driven key performance indicators, statistics for mean time between failures, and other such information will lead to the following implementations:
IoT will be going to change the world in the future because of faster, lower-cost, and more effective management of entities/environments/products - IoT offers faster and higher-quality monitoring, processing, and control as and when required. Improved security throughout the IoT ecosystem, from sensors and actuators to backend analytical engines, and so on.