The world of the Internet of Things (IoT) is exploding, disrupting many industries and improving global technologies. Consumers are demanding more connected devices, so businesses are investing more and more into IoT to meet this demand. As the internet of things grows, here are four IoT trends to look for as we move through 2018.
1. There’s No Stopping IoT Spend, Growth, and Value
In 2016, the global spend on IoT was $737 billion; IDC predicts this number will increase to $1.29 trillion by 2020. Of those businesses who already invested in IoT technology, 94% have already seen a return-on-investment. And, General Electric predicts investment in the Industrial Internet of Things (IIoT) is expected to top $60 trillion during the next 15 years. The demand for, investment in, and usefulness of the IoT is growing fast. This year, businesses will continuously seek IoT developers and specialist to expand their IoT abilities
2. IoT Boosts Predictive Maintenance
Especially in the manufacturing industry, IoT is leading innovation. IoT sensors are helping to create smart factories, which are revolutionizing the manufacturing space. Connected machines can communicate with each other and predict breakdowns or maintenance needs, known as predictive analytics. This technology also helps many other industries, like automotive, to create a safer, more productive atmosphere.
Fleet managers, for example, can monitor individual vehicles to predict when a specific truck may break down. Instead of waiting for an accident to happen, the manager can change or fix the part ahead of time, reducing the risk of an accident. Predictive maintenance is available through IoT technology and eliminates machine downtime while improving productivity.
3. “Smart” Home Demand Will Rise
“Smart” homes are going beyond controlling temperature and lighting in a house. Now “smart” homes are increasing security and safety measures, putting them in increased demand. The functionality of “smart” homes has improved drastically, now being able to provide energy savings for homeowners in addition to safety alerts. Smart lighting and smart thermostats help families conserve energy, which means environmental and financial savings.
4. The Healthcare Industry Embraces IoT
From patients to doctors to stakeholders, numerous players in the healthcare industry will benefit from IoT adoption. Remote patient monitoring allows real-time data collection, which means medical professionals can have access to patient records and be alerted to an emergency situation. “Smart” hospitals including “smart” beds to monitor patients, ease burdens off nurses and let hospital managers remotely control the building’s temperature and energy use. This year, more hospitals will implement this technology to improve the healthcare experience.
IoT can improve technologies across many sectors, so it’s no wonder businesses are investing heavily. To no surprise, those that have already invested in IoT are reaping the rewards in market competitiveness and financial gain. This year, IoT adoption will grow as demand increases from consumers and the technological innovation flourishes.
- IDC, Worldwide Semiannual Internet of Things Spending Guide, 2017. https://www.idc.com/getdoc.jsp?containerID=IDC_P29475
- CSG, Profiting from the Internet of Things (IoT): Above and Beyond Connectivity. https://www.csgi.com/resources/profiting-from-the-internet-of-things-above-and-beyond-connectivity-iot/
- GE, GE Power Digital Solutions. https://www.ge.com/digital/sites/default/files/GE%20Power%20Digital%20Solutions%20Brochure.pdf