7 Industries that Benefit from IoT
October 17, 2022
The Internet of Things (IoT) is having a profound impact on almost every facet of life. From smart home devices, like speakers, thermostats and watches, to entire system automations, like the kinds happening on factory floors and in space (even NASA uses IoT on a daily basis), the proliferation of IoT has been vast.
In 2021, the global IoT market was valued at $761 billion and this is expected to almost double by 2026. Businesses are adopting IoT at an increasing rate because of its capabilities to extract massive amounts of data from machines, or “things”, transmit that over the internet and then use machine learning (ML) and artificial intelligence (AI) to unlock efficiencies, automations, self-learning and new insights. The capabilities and opportunities that IoT provides make it an invaluable tool to industries across the globe.
There is hardly an industry today that can’t benefit from adopting IoT. In fact, many companies already have an ideal environment where IoT can create productivity gains and business value.
In this article, we look at 7 of the industries that can benefit from IoT.
How IoT Benefits These 7 Industries
As a broad definition, IoT is a system of interconnected digital devices that range from handheld objects, manufacturing systems, machine sensors, automation systems and devices. Basically, anything that has the ability to transmit data over a network (the internet) is part of the IoT.
Here are 7 industries that can benefit from IoT.
1. IoT in Real Estate
IoT in real estate is on the rise, and for good reason. IoT applications in real estate can be used for a variety of purposes. They help with:
- Automating processes
- Improving quality of service to clients
- Offering predictive analysis
- Making the transition to smart properties easier
- Fostering a more client-oriented approach
2. IoT in Property Management
In the past decade or so, the property management industry has experienced the rise of the smart building. Using sensor and analysis technology, smart building technology enables property management companies to unlock a wide range of new capabilities, such as:
- Monitoring and controlling air quality
- Automating temperature regulation
- Performing predictive analysis on property issues that are likely to arise
- Removing the risk of human error and cost of labor in scheduling routine checkups and maintenance
3. IoT in Retail
IoT in retail benefits all tiers of the industry, from sales forecasting and tracking, labor and staffing, supply chain management, and profit and loss analysis.
Specifically, the use of IoT in the retail industry is most apparent in GPS and RFID technology. These innovations help retailers track products through the entire chain supply, from material sourcing to in-store and online sales.
IoT in retail can help with:
- In-store experience innovation
- Improving store management efficiency
- Reducing cost of labor
- Performing predictive equipment maintenance
- Providing location tracking and logistics
- Managing Inventory
4. IoT in Manufacturing
Manufacturing is a multifaceted industry that includes multiple processes, ranging from engineering to manufacturing to tool and die maintenance and repairs.
A lot of these processes can be automated and even completed by IoT, including both devices and software.
IoT in manufacturing helps:
- Automate assembly processes
- Reduce floor labor and therefore reducing costs of labor
- Significantly reduce workplace injuries and human error
- Automate systems maintenance and repairs
- Predict and mitigate risk
- Automate supply and output fulfillment
5. IoT in Health
IoT has helped the healthcare industry in spades and continues to expand in capabilities. It allows healthcare professionals to monitor and communicate with patients in a more effective and efficient way. IoT can also collect data that helps healthcare workers tailor treatment plans.
IoT in healthcare also helps:
- Reduce costs through patient monitoring and by cutting down unnecessary doctor visits, hospital stays and readmissions
- Improve treatment through evidence-based informed decisions for both healthcare workers and their patients
- Provide faster diagnostic capabilities
- Enhance proactive treatment planning
- Monitor and manage equipment
- Reduce risk and human errors
6. IoT in Finance
IoT is incredibly beneficial in the finance industry. It saves time and money by collecting and transferring data efficiently. It automates core processes that work across the entire industry, from customer service to management.
IoT in finance specifically improves:
- Real-time data gathering
- Security and fraud detection
- Investment decision-making
- Customer service and satisfaction
7. IoT in Fintech
While there is a lot of overlap between the use of IoT in finance and fintech, there are some worthy benefits that IoT provides specifically in the fintech industry.
IoT in the fintech industry has had a positive impact on security and payment processing. Given the rapid increase in online transactions over the past few years, online security is on everyone’s mind.
In that regard, IoT in fintech helps:
- Safely process and encrypt payment information
- Improve safety and efficiency of mobile point-of-sale systems
- Boost innovation
Partner With the Right IoT Experts
Think your company could benefit from IoT technology? Now is the time to get ahead of the curve and develop an IoT blueprint so you can stay competitive.
At WatServ, our IoT architects will work with you to build an individualized IoT solution in the cloud.
WatServ is an IT solutions provider that helps organizations digitally transform through cloud technologies and managed services.
Serving clients as a trusted advisor since 2006, WatServ provides experience-tested, strategic solutions across all stages of the digital transformation journey. Clients choose WatServ to migrate infrastructure and applications to the cloud, secure critical data, implement disaster recovery, deploy virtual desktop, enable data-readiness for productivity solutions and manage IT environments.
Our clients span a broad range of industries, and we’re a global supplier of IT services for many Brookfield Portfolio Companies. To help our mid-size clients, we provide scalable offerings that simplify cloud adoption and drive business optimization. For enterprise clients, we co-create cloud solutions that enable stability and efficiency for complex IT tools and processes.
With more than 15 years of experience, WatServ has a track record of delivering quantifiable business results and a superior client experience. Ranked as one of Canada’s Top 100 Solution Providers for the last three years in a row, WatServ is always on.