The Internet of Opportunity: A Look at IoT’s Potential in Key Vertical Sectors
by Bill Ziske, on 2/18/20
We’re at an exciting time for IoT adoption in which the only barrier to innovation is our own imagination. From prosthetic limbs to agricultural sensors to connected office furniture, the IoT is already improving all facets of our work and personal lives—and this improvement will only accelerate as we enter the 5G era.
These trends, coupled with AI and machine learning, offer numerous opportunities for transformation across sectors, including:
- Supply Chain: According to Forrester, “From knowing where your delivery trucks are—right now—to guaranteeing that medicines aren’t too shaken or too warm, the IoT-enabled supply chain makes it happen.” Today’s technology simplifies and standardizes even the most complex supply chain, and these benefits extend beyond real-time fleet insight or inventory assurance. Eighty-eight percent of primary production respondents in a Forrester survey believe their IoT strategy will drive significant revenue increases and help them operate more competitively in a crowded sector.
- Retail: Similarly, Forrester found that 70% of retailers believe that adding IoT to their inventory and warehouse management processes will result in substantial operational efficiencies. Ranging from automated fulfillment devices to self-organizing inventory storage solutions, the warehouse of the future is fast-becoming a reality. IoT’s potential for other aspects of retail is equally compelling. Predictive maintenance has huge implications for the grocery sector, for example, while brick-and-mortar apparel, home goods and furniture retailers can compete against eCommerce rivals by offering a rich connected customer experience.
- Healthcare: The global IoT healthcare market is exploding, and expected to top $534 billion by 2025. With new advances possible in prosthetic limbs, as mentioned above, patient monitoring, and image-based diagnostics, among many others, healthcare is arguably one of the most exciting industries for IoT innovation. As AI adoption increases and 5G ushers in faster connectivity, expect to see advances in personalized medicine and other promising areas to improve patient care and drive down unnecessary costs.
In order for IoT’s potential in the above and other sectors to be truly realized, however, there is a critical element that cannot be overlooked: the trust that organizations place in the technology powering their innovations. Whether it’s processing data from a remote fleet truck or obtaining actionable insights from a patient’s wearable, businesses need to know that their IoT-enabled technology will perform as expected and can withstand tough conditions.
So, how can organizations obtain that trust? Interestingly enough, the answer lies in one of the technologies fueling today’s technological revolution—namely, AI. The latter allows companies to adopt a user-centric approach to software testing, monitoring and development, and continuously optimize applications to ensure they are delivering the best possible user experience. This in turn engenders greater trust in the technology, which ultimately drives higher adoption rates and better business outcomes.
The world is changing faster and faster, and the technology of tomorrow is fast becoming available today. The convergence of AI, 5G and IoT offers companies across industries countless opportunities for innovation and business success. With ever-evolving ways to connect people, processes and applications, now is the time to ensure your IoT investment truly delivers on its potential.