Creating the Future

Smart homes and factories, smart clothing (socalled “wearables”), autonomous cars, trucks and drones and other stuff from the world of science fiction have become everyday phenomena that introduced the world to IoT technology and its giant potential. The continued growth of this technology and its use has created a global IoT market of $389 billion, which is forecasted to reach $1 trillion in 2030 (according to Statista). IoT allows the physical world to be integrated into computer-based systems, which, in turn, helps to improve the efficiency of the systems and reduces human intervention. So we’ve come a log way, right?

And it’s everywhere, effecting industries from transportation (shipment & tracking), retail (inventory management) hospitality (voice assistants) to healthcare (health & wellness monitoring).

Let’s take a closer look at some of them. In retail, the global market for IoT is expected to reach $182.04 billion by 2028 according to a report by Grand View Research. Much of this growth will be due to advances and reduced cost for IoT hardware and sensors, etc., but improvements in customer experience through much increased customer tracking and personalization are expected to be the real drivers. Using beacons, brands or retail stores can attract passersby to visit their stores by sending IoT-enabled notifications to their smartphones. The

Internet of Things connecting everything to everything also means connecting to everyone.

Tim Cole is the editor of Smart Industry – the IoT Business Magazine. He is the author of “Digital Enlightenment Now!”

Supply chain optimization will not only unlock the bottleneck for stuff that has stifled both retails waiting for shipments from Asia but manufacturers of cars and sophisticated electronic systems desperate for chips. IoT sensors do not just track location, but also humidity, temperature, tilt, shock, speed and driving behaviors, meaning that logistics teams can determine if their stuffs safe, on time and has been transported under the right conditions, thus avoiding loss and spoilage.

In Smart Factories, or as the Europeans prefer to call it, Industry 4.0 machines, will take over mundane and repetitive tasks on the assembly line, freeing qualified workers for more demanding tasks where lack of talent is being felt around the world. Using powerful AI tools such as image recognition and analysis, manufactures will dramatically raise quality with hope of achieving the golden grail of making stuff – zero-reject production. The hospitality business rocked by lack of people willing to work for sweatshop wages will have to invest heavily in automation provided by IoT in everything from “connected rooms” where everything from temperature control to room service to lowering the blinds and turning on the TV will be guided by Alexa-style gadgets and smartphone that enhance the guest experience. And in maintenance where hotels spend a lot, IoT sensors can help to reduce this expenditure by detect problem and notify staff, for instance about faulty lighting and other fixes. The Internet of Things brings numerous opportunities for any business to transform itself. Companies like our sponsor Avnet Silica and many others will be happy to point out ways in which, you, too, can reap the benefits of IoT a myriad of practical use cases and applications. In you aren’t there yet, setting out on your journey to the connected future has never been easier. Bon voyage!

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