IoT has the potential to benefit every industry such as manufacturing, healthcare, retail, and transportation. Industries can develop solutions that have the ability to collect and analyze data quickly to gain actionable insights easily. This allows for businesses to improve efficiency and gain a competitive advantage by forming better business decisions. Here’s a look at a few industries that create smart solutions with the Internet of Things.
The manufacturing industry is the biggest user of Internet of Things devices. Nearly, 40.2% of IoT devices are used in industrial plants. The Industrial Internet of Things (IIoT), promotes machine-to-machine communication and machine learning enabling increased efficiency, productivity, and safety in operations. The use of “smart machines” reduces human intervention and errors so that the highest level of automation could be achieved which is one of the greatest advantages of IIoT.
By 2030, it is predicted that two-thirds of the world will live in urban settlements. This growth has increased the need for more developed and enhanced solutions to provide a sustainable lifestyle in these cities. Smart cities are beneficial because they provide solution to increase energy efficiency, reduce congestion, decrease maintenance budgets, and improve the overall quality of life for citizens and visitors.
As technology advances, consumers have higher expectations for their shopping experiences. Retailers are investing in IoT technologies to provide solutions that create more tailored services and experiences as well as monitor inventory. One of the main challenges for store owners is getting customers into their stores. Without customers walking in to your store, you cannot make any sales. Smarter stores will help to retain business and increase revenue.