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Role of IoT and Its Impact Across 7 Key Industries in 2023

IOT

There is no single definition of the Internet of Things (IoT)—it varies by industry, both in terms of system types and use cases. IoT in one industry differs from IoT in another.

According to the findings of the survey, financial services, healthcare, and manufacturing are leaders in IoT thinking, and in many cases, are combining IoT capabilities with powerful advanced analytics or artificial intelligence. Financial services executives, at 58%, report having well-developed IoT initiatives, followed by healthcare organizations (55%). Growth in IoT systems has been most pronounced in the manufacturing and financial services sectors, with 47% and 42% of executives in these sectors reporting network growth of more than 10% over the last three years, respectively.

Continue reading to learn how executives in communications, energy, finance, healthcare, manufacturing, retail, and transportation are leveraging IoT. An IoT Development Company in UAE can assist organizations in these industries to design and implement IoT solutions that improve operational efficiency, reduce costs, enhance customer experience, and enable new revenue streams. By leveraging IoT, executives can gain real-time insights into their operations, monitor equipment and assets remotely, automate processes, and enable predictive maintenance, among other benefits.

  • Communications: The mobile revolution is highlighting the shift to IoT for telecommunications providers and other communication companies. 53% of the communications companies represented in the survey have IoT embedded in their processes or in key business areas.

Audio devices (45%), followed by mobile phones (42%), are the most common IoT data sources in communications companies. Preventive maintenance is the most common application (44%), followed by efforts to increase employee productivity (40%).

Furthermore, more than one-third of communications providers are at the forefront of using computer vision and analytics to better understand and predict customer behaviour, as well as asset viability. In total, 38% of respondents say they have implemented visual analytics in various parts of their businesses.

Energy companies typically have operations spread across remote locations, such as oil and gas fields, which necessitate constant monitoring. 47% of executives in the energy sector say they have either implemented IoT across selected functions/business areas or have extensive IoT deployments.

Machines (49%) and robots (46%), are the most common data sources. IoT is being used by energy companies to monitor asset performance (45%), improve customer experience (43%), and increase overall efficiency (40%). Approximately one-third, 34%, report extensive use of visual analytics within their organizations. Camera-equipped drones, for example, can assist businesses in monitoring the health and safety of production fields and facilities, detecting anomalies before they become a hazard.

  • Financial Services: Because financial services organizations are concerned about security, they are increasingly reliant on networks of cameras and other visual sensors to ensure the viability of their facilities. As previously stated, financial services is the industry leader in IoT deployment, with 58% of survey respondents having some level of capability.

This industry is also far ahead in terms of visual analytics adoption, with 51% reporting that they have developed and implemented capabilities utilising cameras and visual sensors linked to AI and analytics systems.

Mobile phones are the most popular endpoint choice for financial institutions (51%), followed by cameras and sensors (48%). While financial firms have multiple goals for their IoT efforts, the most prominent is the need to increase network connectivity (31%), as well as use IoT as a vehicle for greater security (30%).

  • Healthcare: There is concern within healthcare about the experiences customers have not only at the bedside, but also in waiting rooms, emergency rooms, and business offices. Healthcare organizations are also at the forefront of IoT deployments, with 55% having fairly robust deployments in place.

Also Read: Benefits of Custom Mobile App Development in 2023

Audio devices and mobile phones are the most commonly used devices in healthcare, according to 46% of respondents. Employee monitoring is the most common use case (41%), followed by monitoring facilities and improving customer experiences (38% each). The majority, 57%, also use visual analytics to improve customer service and patient care.

  • Manufacturing: Because manufacturers rely on heavy machinery to produce their products more than other industries, they have a keen interest in understanding the performance of these machines. Manufacturing companies can use computer vision to manage and track the movement of goods, which can be linked to artificial intelligence-enhanced systems that can predict, and even remediate, events before they occur.

But there’s more to the story than machine management. Manufacturers are experiencing the most IoT transitions when compared to other industry groups. A majority of manufacturing executives, 51%, “strongly agree” that IoT is opening up new lines of business for their companies.

Furthermore, 29% of manufacturing executives and 29% of communications executives report that their IoT efforts have enabled them to offer new products or services. The majority of manufacturers, 51%, state that IoT supports specific business areas or that it has been widely deployed across their organizations.

A majority, 52%, of manufacturers say they have visual analytics capabilities in place, allowing for real-time asset and product monitoring. Manufacturers’ primary sources of IoT data are mobile phones and computer systems (cited by 48% and 47%, respectively), and the leading use cases in this sector are preventive maintenance (51%), and increasing productivity (49%).

  • Retail: In retail, what happens on the sales floor is studied, evaluated, and evolved; customer behaviour and reactions are studied, evaluated, and evolved. The survey found that 51% of retail executives have robust IoT efforts underway, either across departments or across their entire enterprise. A majority, 53%, also report using visual analytics to some extent, allowing them to gain a better understanding of customer preferences and behaviour.

Computer systems (51%) and sensors (47%) are the most common IoT data sources. The main use cases for retail organizations are enabling business transformation (44%), and providing training enhanced by augmented virtual reality (43%).

  • Transportation: Transportation is about movement and logistics, and IoT systems are helping to manage these capabilities. Approximately half of the executives polled in transportation-related organizations, 47%, report departmental-level IoT efforts or enterprise-wide IoT implementations underway.

Increased productivity (40%) and logistics monitoring and routing (40%) are the most important use cases. 46% of transportation companies have some form of visual analytics integrated into their IoT efforts. Cameras and sensors, for example, could be installed along railroad tracks to monitor wheel assembly wear and tear or freight car anomalies.

Also Read: How Much Does It Cost To Develop A Mobile App In The UAE?

The Last Wise Words

As these examples show, every industry has the potential to benefit from IoT. However, it is up to executives to recognise the potential of these technologies and determine how to best leverage them within their organizations and industries. Those who do will undoubtedly reap the benefits.

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