IoT tomorrow — the Internet of Things in the future
Every second, 127 devices connect to the Internet for the very first time (McKinsey Digital). Undoubtedly, in recent years, Internet of Things technology has become very popular. It has also reached our homes in the form of “smart devices.” However, IoT does not only refer to everyday products. The Internet of Things technology is now used in almost every industry.
Is IoT the technology of the future? What actions do companies take to meet the technological challenges, and what are the benefits of it? In this article, you will learn about the role of IoT in today’s world and how you can use this technology in your own business.
Definition of IoT
Let’s start with the basic definition of IoT. IoT means Internet of Things. It is a broad term referring to a network of intelligent devices (so-called smart devices) that have been connected to the Internet. In everyday life, we deal with smart products such as smart speakers, telephones, washing machines, security systems, thermostats, etc. What’s important, IoT is also present in other industries, such as medicine, manufacturing, automotive, and logistics. What is the current state of the IoT market, and what are the forecasts for it?
The future of IoT in the world
In 2025 the number of devices expectedly connected to the Internet (IoT) around the world will reach about 38.6 billion, and by 2030 this number is expected to increase to around 50 billion (Statista). Basically, there will be a huge worldwide network of connected devices of all kinds in a few years. IoT also has a significant impact on the global economy. According to McKinsey, the value of this market will reach between $ 4 and $ 11 trillion by 2025.
IoT in various industries
The Internet of Things is used on an increasing scale in various industries. It can support the production process, be a standalone product (IoT device), or be part of a system that saves human life.
How is IoT used in medicine, manufacturing, and other industries?
- IoT in Manufacturing and Industry (IIoT)
IIoT means Industrial Internet of Things. It refers to the use of IoT solutions in the industry and manufacturing sector. Machines, devices, systems, and other resources are connected with sensors, allowing obtaining advanced analysis based on the collected data. IIoT is inextricably related to technologies such as Machine Learning or AI (Artificial Intelligence). An example of IIoT use is a system for monitoring conditions at different stages of the production process and adjusting appropriate parameters to them, such as combustion temperature.
In a 2019 study, more than half of respondents said that using the Industrial Internet of Things (IIoT) in their companies resulted in a reduction in operation costs and greater control over the production processes. Other significant benefits of IIoT in manufacturing are detecting and preventing problems and improving the efficiency of inventory as well as supply chain management. (Statista)
- Healthcare and Medtech
In 2016, the global IoT in healthcare market size was $ 24 billion. According to forecasts, by 2025, this number will increase to over 135 billion (Statista). IoT in the healthcare industry refers to medical devices and systems connected to the Internet which communicate with each other. The IoT device can have features such as real-time alerts to medical personnel about the patient’s health condition, constant monitoring of patient’s parameters (such as pulse and pressure), or emergency alerts. The collected data can also be stored and used to improve the quality of the healthcare service.
- Automotive
The number of active IoT connections on the automotive market in the EU in 2016 reached 45.01 million and is projected to increase to 163.71 million by 2025 (Statista). IoT in the automotive industry includes such solutions as remote fleet management, connected cars, predictive maintenance (using data from sensors placed in various vehicle elements), smartphone connection via Wi-Fi, or even autonomous cars. The Internet of Things has completely changed the way we interact with our vehicles. We can control them better and more conveniently with greater security and entertainment.
- Smart devices and smart home
The term ‘smart devices’ refers to devices we use every day connected to the Internet. Some of the most popular smart devices are TVs, household appliances, intelligent lighting systems, thermostats, or security systems, e.g., monitoring systems, alarm systems, or video intercoms. They allow us to create a smart home or smart building that can be managed remotely. In such a case, we can remotely control the system from anywhere in the world. We can also freely configure the devices — turn them on and off or decide what actions they should take in specific situations. The main benefits of using IoT in smart devices are energy savings, cost reduction, increased security, and comfort.
The role of tech companies is to support manufacturers in implementing IoT solutions. One of Solwit’s customers, a company producing room and bathroom radiators, electric heaters, and accessories for heating systems, decided to invest in new technologies. Read the story of the transformation into a smart product from an ordinary radiator.
Companies take action
IoT solutions ‘ spending will almost double within five years (2018–2023), from $ 646 billion to over $ 1 trillion (Statista). Such forecasts and the actions taken by companies worldwide show that IoT is no longer just a temporary trend but a technology that will soon be used in every area of life.
Benefits from investing in IoT
Is it worth investing in IoT? Regardless of the industry, according to forecasts, the Internet of Things (IoT) market will develop very dynamically. What will you gain by investing in the development of IoT products?
- Innovation — the usage of top modern technologies will increase your innovation and improve your market position.
- Data — the best business decisions are those based on real data. IoT devices generate and store data that can be used for analytical purposes.
- Reports — access to extensive reports that will not only present statistics of the company but also help to develop forecasts and make the best decisions.
- Automation — based on data, you can automatically program devices to take the appropriate action in certain situations.
Benefits for your clients:
- Convenience — the ability to remotely control devices from a mobile or tablet from anywhere.
- Security — IoT devices, such as surveillance cameras, automatic door locks, etc., turn on security alarms and allow you to monitor the facility remotely.
- Optimization and care for the environment — remote control of devices saves time, and control over energy consumption will help reduce costs and is suitable for the environment.
The perspective of a technology partner
At Solwit, we know that it is sometimes difficult for companies to perform in a dynamic technological environment. Our role is to guide the client through the process of IoT implementation in a comprehensive way. We create and develop IoT solutions for automotive, healthcare, manufacturing, and everyday life. We provide cybersecurity, scalability, and complete adaptation to customer needs. Each project is different, so we know the importance of competent specialists in various fields: software development, software testing, cybersecurity, and hardware (processors, sensors, drivers).
“Today’s world forces the companies to keep up with the newest technologies. It also requires not only to meet customer requirements but to predict and create them. We know that it can be a challenge. As a technological partner, we assume that every product and every business can be smart. We develop dedicated solutions for companies from various industries. We create and test full IoT systems, starting with embedded software through the backend, analytics and ending with mobile or web applications. We put special emphasis on the safety and quality of our solutions, trying to support you at every stage of product development and its future maintenance.” — Piotr Wierski, Test & Embedded Business Unit Manager, Solwit S.A.
Summary
The possibilities of using IoT seem to be endless. Progress in this area is very dynamic. All forecasts say one thing — IoT is doing well and will continue to grow. The Internet of Things is now used in almost every industry. It allows obtaining valuable data necessary for forecasting and decision-making. It allows you to react in real-time, increases comfort, safety, and sometimes even saves human life.
Is it worth investing in Internet of Things solutions? Yes, definitely. This is one of those investments that really pay off.
Take advantage of the free consultation and learn more about Solwit’s IoT solutions!
