We’ve already established how smart IoT is the future, with greater connectivity than ever before across electronic devices, objects, and even humans. In fact, the global IoT market was valued at a whopping $193.6 billion (13.8 trillion INR) last year, and it is estimated that this value will rise to $657.31 billion (47 trillion INR) by the year 2025. These four industries are further proof of how the increasing adoption of IoT technology will have a positive impact in the very near future:
1. The Banking Process
Banking is becoming more digital to meet the changing demands of an increasingly younger market. Previously, ATMs were among the top IoT devices that enable customers to access their cash without long wait times at the bank. Recently, Business Insider reports how banks are embracing new IoT technologies to cut costs while improving user experience. For instance, they are now using location-detecting beacons that ping customers’ smartphones as they enter the branch, sending them customised offers. In addition, some ATMs have the capacity to livestream video support in case customers need to speak to tellers or need assistance. To cater to both new and established users, banks are “listening to the mobile demands of tech-savvy Gen Zers, while maintaining traditional services for older customers – such as phone banking.”
2. The Design and Manufacturing Process
Just about every electronic gadget today contains a printed circuit board (PCB) of some kind. Computers, mobile phones, printers, x-ray screens, and gaming systems all rely on PCBs to connect components to each other. During the process of creating the circuit boards, thorough team collaboration and PCB design go hand in hand. However, the biggest pitfall in a collaborative atmosphere can be poor communication. PCB designers used to be limited to sharing their designs through PDFs and email threads, severely impeding the process and disrupting efficiency and productivity within the workflow. However, there are now cloud-based applications that allow team members to seamlessly share their designs in real time. PCB designers can now even access their designs on their tablets and smartphones, and as a result, the editing and revision process has the potential to become a lot more streamlined, leading to greater efficiency in manufacturing.
3. The Healthcare Industry
All across the globe, having access to safe and effective healthcare is a basic right for every individual. In their list of predictions for developments in the healthcare industry, Forbes notes how approximately 161 million devices will be used in hospitals, clinics, and medical offices by 2020, resulting in more efficient methods of diagnosis and treatment. However, along with the growing digitisation of medical records and health-related data comes the potential for rising cybersecurity threats. Because this data often contains highly sensitive information, hackers tend to target the healthcare industry and commit crimes related to identity theft and fraud. Despite this, staff shortages, particularly in nursing, has resulted in administrators turning to IoT devices to free up staff from doing manual tasks. This has meant that more attention must be paid to maintain the security and privacy of both patients and staff.
4. The Rise of Smart Cities
Lastly, IoT has also laid down the foundations for the rise of smart cities. Business World reports how India’s Smart Cities Mission aims to develop 4000 smart cities across the country. Through an interconnected ecosystem, data can be used to run cities more efficiently in terms of transportation and energy. For instance, IoT powered buildings can automatically direct you towards an empty parking slot, along with integrated air conditioning or heating that powers on if you’re the first to arrive in the building. Current examples of smart buildings are the Edge in Amsterdam and Berlin’s 10-storey Cube. They contain sensors that have automatically adjusted light and climate controls, using less electricity than typical offices. With climate change being a major concern for today’s society, this is an extremely welcome development.
Ultimately, IoT has limitless potential when it comes to its widespread impacts on various industries around the world, and we can’t wait to see what’s in store for the future.