Internet Of Things (IoT), Page 6 Category

The rampant adoption of IoT has been setting new records in the technology world since its inception. IoT’s prominence will continue to flourish for the years to come and in the year 2021, this technology will serve many industries with more data-intensive solutions.

Let’s look at some statistics put forth by International Data Corporation (IDC), as per a post on BusinessWire.

These estimates by IDC experts make it evident that the IoT sector will witness heavy growth in the upcoming years. This sector will also set some ground-breaking trends that will revolutionize the market altogether.

So, in this post, we are going to peek into such pioneering IoT market trends which may prove game-changers for several industrial sectors. We will take a look at how these trends will enhance the IoT app solutions and reshape several businesses.

‘IoT in healthcare’ isn’t a new concept but with the advent of Covid-19, wearable devices and related IoT app solutions are being used more persuasively. Since the year 2020, remote healthcare solutions are being encouraged for regular check-ups, remote patient monitoring, etc. Virtual care is being provided using smart connected devices. Richer data-driven health services will also be delivered in 2021 and in upcoming years.

A set of advanced technologies like RPA, advanced algorithms, process mining, smart analytics, etc. with IoT can be used for hyper-automation in organizations. It may sound similar to automation but isn’t the same. Hyper-automation is based on traditional automation processes and allows organizations to automate numerous processes more effectively, intelligently, and proactively.

Security threats like cybercrimes, cyber-physical attacks, IoT attacks, ransomware, crypto-jacking, government-sponsored attacks, etc. are on the rise, especially since people have started working remotely.

Vital organization data like personal sensitive information of employees, and clients, banking details, details of citizens on government records, etc. is constantly at risk of being stolen by hackers and cyber-criminals for selling it to black markets. Owing to this, the IoT app developers and security specialists are working on developing robust IoT-enabled security strategies and also on upgrading the IoT apps to reinforce the security firewall.

AI and ML have provided great value to businesses by facilitating automation of mundane tasks, simplification of work, and collecting accurate data. Furthermore, in tough times of the pandemic, these technologies have ensured uninterrupted delivery, supported critical processes for companies and governments, helped in social distancing, and understanding the Covid-19 virus, etc.

In the year 2021, MI and AL, together with IoT will shape the future of human-machine interactions using data-driven insights. They will change the dynamics of the business landscape innovatively.

IoT security has long been a matter of concern and Blockchain seems to be a potential solution for this. Blockchain consists of strong protections against data tampering. It locks accessibility to IoT devices, and thus, allows compromised devices present in an IoT network to shut down when required.

So in the future, a myriad number of financial enterprises, governmental institutions, small and large businesses, and even the consumers will be decentralized and self-governing. They will leverage Blockchain to secure their IoT products and services.Recently, Hyundai has extended its support to a Blockchain-based start-up designed specifically for the security of IoT devices and IoT-powered software solutions.

The data of IoT devices were being stored in cloud storage for a long time, but now, the IoT app solution providers, manufacturers, development services, etc. are thinking about the utility of calculating, storing, and analyzing data to the limit. That means, before sending the complete data from IoT devices to the cloud, it will be transmitted first to a local storage device near the IoT device i.e. on the network’s edge.

Later, this local storage device analyses the data, filters it, sorts it, and calculates it to send it either completely or partially to the cloud, ultimately decreasing the traffic on the network and thus, refraining from any bottleneck conditions. This approach is called “edge computing.”

Edge computing is growing exponentially and may overtake cloud computing in the year 2021, owing to the remote work approach. This approach helps in the proper management of large chunks of data sent by every device. It decreases the overall dependency on cloud storage, due to which apps perform faster with reduced latency. It also leads to lower security costs. Today, giants like Dell, HPE, IBM, etc. are working on creating such solutions for edges having cloud-like features.

While addressing the IoT Trends, we can’t ignore SaaS or Sustainable-as-a-Service. Owing to its low-cost entry, the SaaS model is rapidly becoming popular for designing outputs that will make the lives of people better.

Also, it is estimated by some technology enthusiasts that the Internet of Things is aimed to bridge the gap in connecting individuals and organizations to service-based solutions.

The discovery of IoT-based smart home devices was initially being mocked by many. However today, their popularity is soaring as these devices have become more innovative and intuitive and not only ensures home automation but also enhances home security. Besides, they help energy conservation and save on electricity bills due to the usage of intelligent thermostats, smart lights, etc.

IoT and modernization have led to another noteworthy accomplishment- smart cities. IoT tools and superfast data transfer of 5G will together lead to improved public transportation, smart parking lots, automatic traffic control, higher security, smart infrastructure, better water management, smart waste management, etc. in the future. Thus, IoT will power the building of sustainable cities and probably a greener future.

For energy and resource management, it is important to gain vital insights into how resources are being consumed. Smart app solutions play a vital role in collecting such data. Some applications like in-house temperature management, sprinkler control, etc. help in managing power consumption.

Besides, IoT devices and applications can help in lowering energy spending, optimizing asset management, integrating green energy, identify malfunctions in advance for preventing them, minimizing carbon emissions, effectively combat accidents, outages, blackouts, etc.

In the year 2021, IoT trends will enhance drastically, owing to the shift in overall work culture and the current economic changes due to the Covid- 19 pandemic. But challenging times always come with some great opportunities too. This is a great opportunity for every IoT app development company to architect best-in-class solutions that benefit different sectors.

By 2021, the global spending on the Internet of Things is forecasted to cross $1.4 Trillion, as per the reports generated by a reputed online portal- Information Matters.

One more report by Statista, another famous market research portal, depicts that the market revenue of IoT in 2017 was $100 billion and by 2025, it will cross $1.6 trillion.

These figures are huge and growing at a fast pace due to the usefulness of IoT in various industrial sectors. The transparency, real-time visibility, automation, smart data insights, and much more that IoT offers, have helped sectors like manufacturing, transportation, healthcare, supply chain management, agriculture, etc. to become more efficient and profitable.

This blog-post focuses on the significant ways how IoT app solutions have influenced the manufacturing sector and helped companies accelerate productivity, reduce costs, enhance product quality, and deliver on time. But before getting started, let us quickly look at the challenges faced in this sector.

During production, identifying defects and inspecting process flows, etc. is essential for maintaining the best possible quality of products. Implementation of IoT helps in the identification of defective products and also helps monitor the process cycle. This data allows the managers to take proactive manufacturing decisions, thereby preventing quality issues and thus, maintaining the brand value by developing high-quality products.

If carried out manually, asset tracking can consume a lot of time and there are high chances of errors or missing data at times. But with IoT devices and technologies like Barcode, RFID, NFC, etc. traditional methods can be replaced by smart tracking methods. It helps to gather real-time accurate data from assets like a crane, machines, smart totes, smart shelves, equipment, etc. It gathers data like their locations, their quantity, their movements, etc., and this data is sent to employees through IoT app solutions for utilization.

For implementing asset tracking, every asset in the company is labeled with an RFID tag that acts as an asset identifier. Every tag comes with a unique ID and whenever an asset moves in or out of a defined area, the tag is scanned and records are saved on the system for the concerned employees to use this data. This helps the manufacturers achieve asset visibility and accountability while saving a huge amount of time for employees.

Workplace safety in sectors like oil and gas, transport, mining, and other manufacturing companies is critical for a healthy environment in the company. IoT sensors, wearable devices, RFID, etc. play a significant role here. The safety teams can rely on IoT-based systems to identify sudden or unknown safety risks to take the required measures proactively. Such efforts will also help to reduce compliance claims and costs associated with the risks.

In several companies, workers are provided with RFID tags and wearable devices to keep monitoring their locations, as well as data like temperature, heart rate, galvanic skin response, etc. This data is relayed to the cloud to identify any unusual patterns like fluctuations in the heart rate, sudden vertical movements, overheating effects, etc., and used for preventing the workers from any threats or injuries.

Centralized supervision is possible with IoT systems and several giants in the manufacturing sector are using them. Vital data can be collected through distant control and it provides intelligent insights into the actual production field. Thus, IoT enables monitoring the workflows, controlling the switches of the machines, and thus, ensuring safe automated production.

Also, in case a company sets up their manufacturing company in a different state or city, it is vital to maintain the same product quality. In this case, too, the remote controlling ability of IoT systems can be brought to use. These methods help the manufacturers keep an eye on the efficiency of the products in real-time from a distant location.

For example, COREIoT Workforce Management Solution is a turnkey project that provides advanced tracking and monitoring facility thereby ensuring complete visibility of the workforce in the organization.

A study by Deloitte says that IoT-based predictive maintenance solutions can reduce maintenance costs of the factory equipment by about 40% and by 2025, it can generate an economic value of $630 billion per year. It is obvious from these numbers why IoT is being adopted by countless businesses for maintenance.

It is of utmost importance for the companies to track the abnormalities in the machinery or monitor any machine failures, well in advance. In case these are not tracked beforehand, they can cost a fortune to the company. In this scenario, predictive maintenance with IoT or Conditions Based Maintenance (CBM) comes into the picture. IoT sensors can be employed to continuously monitor the actual conditions of the machines and send the data to IoT- applications. As a result, any signs of machine failure can be detected in advance by the concerned staff and its maintenance can be scheduled accordingly; thus saving the company from huge monetary losses in the future.

IoT-powered inventory management solutions can help track and locate products/equipment/raw material from large warehouses in a very short time. These solutions help the manufacturers to ensure constant visibility into locations, quantity, and statuses of the inventory, automatically track them and send reports to the mobile apps or company systems, and properly optimize the time between the order and delivery of the inventory items. It minimizes inventory out-of-stock situations, as it helps to re-order the inventory at the appropriate time.

Thus, IoT simplifies inventory management and does it with higher accuracy while saving vital time for the company.

Maciej Kranz, Vice President of Strategic Innovation, Cisco quoted, “[Leading manufacturers] are getting ROI primarily from applying IoT for connected operations, remote operations, predictive analytics, and preventive maintenance.”

As said in this quote, several firms have been radically transforming their operations and improving their bottom line with IoT app solutions. By successfully integrating the right IoT applications, manufacturer scan resolve complex challenges in the sector, and thus, serve their customers in a better way. Owing to this, the industrial sector is witnessing a rising number of IoT application development companies and smart IoT app developers all over the world.