The IoT revolution was first introduced to the world by wearables, smart homes, and automated cars. This technology’s continued growth and realization of use cases has led to a $389 billion global IoT market, which is expected to reach $1 trillion by 2030 according to Statista.
Edewede Oriwoh is an IoT researcher. He says that the Internet of Things isn’t a concept. It is a network. The true technology-enabled network of all networks is the Internet of Things. These devices can communicate with one another, exchange data and collect information.
IoT allows physical world to be integrated in computer-based systems. This, in turn, improves efficiency and reduces human intervention.
This modern technology’s collaboration with Artificial Intelligence is what makes it even more unique. When IoT data is combined with AI models, the result is an automated system that’s just as efficient as humans. IoT’s power, both individually and together with other widely applicable advances, is shaping the future of many businesses.
IoT technology has become a commonplace. Nearly every industry makes use of IoT technology for one reason or another. IoT is being used by many industries, including healthcare (health & wellbeing monitoring), transportation (shipment tracking), hospitality (voice assistants (human-machine communication), and retail (inventory managing). These industries are using IoT to automate their processes, improve customer experience, increase efficiency, and enhance operations.
The next segment will be about the current state of IoT and the ways that industries are adopting it. Let’s see how this technology can bring about positive change in our daily lives, from businesses to everyday routines.
The State Of IoT in Retail
According to Grand View Research, the global market for Internet of Things will reach $182.04 million by 2028. This growth can be attributed to customer demand for seamless shopping and lower costs for IoT hardware, sensors, and other IoT products.
Retail uses IoT to deliver personalized content and marketing, manage warehouses, inventory, and track buyer behavior. Let’s get into detail.
- Personalization
IoT technology encourages customers to connect with the brand. Retailers can enhance customer experience and convert customers using beacons. By sending IoT-enabled notifications on their smartphones, retailers can encourage passersby to come to their stores.
Microtargeting can also be made possible by data collected from IoT devices. This allows marketers to make informed, cost-effective advertising decisions.
- Supply Chain Optimization
IoT sensors are used to monitor goods in the supply chain. Location, humidity, tilt & shock, temperature, speed, driving behaviors, etc. These are just a few of the many factors IoT sensors can track. These factors allow the supply chain team to determine whether the materials have been safely delivered on time and transported to their destination in perfect conditions. These insights can be used to improve transport logistics, minimize product damage, and prevent loss.
- Warehouse and Inventory Management
IoT devices are a great way to speed up order processing, decrease manual labor and errors, and increase overall efficiency in warehouse operations. IoT sensors are used to track goods movement, monitor inventory levels, evaluate employee productivity, and other useful functions.
The State IoT in Hospitality
IoT in hospitality refers to the creation of a network digital devices that can be connected via the internet. This system can enhance the guest experience and optimize expenses.
- Personalized Hotel Rooms
The ‘connected rooms’ concept is being adopted by hotels. This allows guests to control all aspects of their rooms via mobile phones or tablets. This allows guests to control their room’s air conditioner, ventilation, and even connect to room service. Alexa skills are a popular example of IoT in hospitality. They can enhance the guest experience.
Alexa skill-development (for Alexa App Development), automates many operations in the hospitality sector that would otherwise need repetitive human effort. This blog post will explain how voice assistant technology is helping hoteliers improve guest experiences.
- Creating Smart Hotels
Hotels spend a lot on maintenance. IoT sensors are a great way to cut down on this expense. The sensors can alert the hotel about any problems and detect them. A room may have faulty lighting. So that guests have a pleasant experience, the sensors will notify the team responsible for fixing it.
The State IoT in Finance
According to Markets & Markets, the global IoT market for BFSI is expected to increase from USD 249.4 Million in 2018 to USD 2,030 Million by 2023.
- Personalized Customer Experience
IoT devices can be used to collect data about customers and clients. This data can then be used to predict their investment potential, as well as their needs and requirements. These insights allow financial institutions such as banks, brokerages, and insurance companies to better understand their customers and offer personalized solutions and deals.
- Enhanced Transaction Security
Artificial Intelligence systems can use data from IoT devices to increase transaction security. A predictive solution that prevents unauthorized transactions can be created by combining IoT data with AI models.