Industries That Have Undergone Transformation Due to Internet of Things

In the present scenario, Internet of Things or IoT is one of the most progressive technologies and will continue to do so in the future. In literal terms, IoT can be defined as a virtual Internet connection where the network can be linked with any of the devices within the surroundings. It can be any device from LED lights and electronic appliances to the four-wheelers.

One of the important features of the Internet of Things is that it requires no human help for machine connection so as to form a network. It establishes the link itself with the help of series of physical objects. As such the IoT is usually based on wireless protocols, well-connected sensors, and effective processors.

From the studies, it has been revealed that the number of connected devices will increase from 15.41 billion in 2015 to 75.44 billion in 2025. It has already influenced some of the major industries that are vital in the lives of common masses. A few of these include energy, healthcare, automotive, building and construction.

Healthcare Sector – Internet of Things has given a new life to the healthcare sector in a way that it has benefited both the medical practitioners and the patients. With the help of IoT, hospitals will be able to utilize their existing resources in the best possible manner. It will also let the hospital authority control the temperature and humidity of the different wards. The hospital staff will just have to enter the correct and accurate patient information, and everything will be set according to it in a given patient wards. 

From the patient’s point of view, the new technology will help in reducing the expenditure of the hospital bills that often burns their pocket. With the help of cloud computing system, the patients can be monitored in real-time thereby allowing the doctors to take appropriate decisions on the basis of diagnosis. This, in turn, will result in speedy recovery of the patient and provide him with an enhanced experience.

Construction Industry – The construction industry has scored leaps and bounds in the recent past, and with the help of IoT, it will go further to set new records. One of the key highlights of IoT in this sector is the reduction in the human efforts. The use of wearables such as Smart Glasses can prevent accidents, help in incident management and enable quick emergency response.
  
Construction firms can deploy IoT sensors at the sites to keep track of the stock, forklift movement alerts, approaching crane alert and for regulatory compliance for better workplace safety. In this way, the construction firms can prevent accidents, reduce the amount of money spent and the total time taken to complete any project. IoT solutions can also assist in fixing the daily working hours of the workers and labors so that they don’t feel exhausted. In simple terms, construction firms can unlock the power of IoT to increase operational efficiency, optimize productivity, and increase worker safety.

Energy Sector – Even in the 21st centuries, many countries across the world are facing energy and power crisis. IoT solutions can play a comprehensive role in sorting out this grave problem. The smart sensors will capture the valuable data and will keep you informed about the performance of the machines and how to avoid snag and failure. 

These all, in turn, will enhance the efficiency of the equipment and play a positive role in transforming the energy landscape. To manage the energy consumption at home, it is recommended to connect your PCs, smartphones or laptops with other electronic appliances such as refrigerators, microwave ovens, air conditioning systems, etc. This way you can switch off the appliances when you are not at home and save energy.

Banking Sector – From the recent reports it has been revealed that the IoT budget of the banking sector has already exceeded $117.4 million and by the next year it is expected to increase to $153.5 million. Due to IoT, banks' traditional way of working has undergone significant changes. IoT offers a more secured atmosphere for conducting the monetary transactions and managing the other financial assets.

The introduction of self-transaction machines and vending machines enhances the experience of customers as they can deposit their money, take loans or withdraw cash, without any hassle.

Internet of Things has been a bliss for humans and it has also transformed the face of many industries. IoT solutions solve industry-specific challenges, which could help various industries to reduce cost, improve productivity and increase revenue. We can see a future where the intersection of people, intelligent machines, and data to have far reaching impacts on the operations of industries across the world.