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Five key industries that will be transformed by the Internet of Things

The Internet of Things looks set to redefine the way we live and work, with repercussions for businesses and consumers at all corners of the globe. Here we look at the repercussions for five key industries

The Internet of Things is set to design major industries including transport, manufacturing and healthcare

Energy

The Internet of Things (IoT) has fuelled the development of smart solutions, notably for those in the energy and utilities sector. Verizon findings show smart grids could save the US $6bn in otherwise-lost power each year, while smart meters will allow households to keep tabs on where they are missing efficiencies. Funded on the premise that openness will bring greater cost savings, smart appliances have an important part to play in the industry, with utility companies forecast to manage 1.53 billion devices before the end of 2020.

Wearables

Wearable technology has piqued the interest of consumers across the globe, with smart garments, watches and fitness wear soaking up much of the limelight. A Pew Centre survey conducted recently showed 83 percent of a 1,600-expert sample believed wearable technology would dominate the mainstream by 2025. More than 35 million wearable devices were in use as of the end of 2014, and the numbers are certain to skyrocket in the years ahead as the ‘Internet of Me’ movement takes hold.

Transport

The complexities associated with transportation – particularly in densely populated urban environments – are many, though studies show, increasingly, that the IoT has a part to play in making transport safer and more efficient. The GSM Association predicts every US vehicle will be connected to the internet before 2025, and changes on this same front will greatly improve fuel efficiency. Complex analytics capabilities also mean travel on or in roads, rails, seas and skies will be safer.

Manufacturing

The IoT means manufacturing activities will no longer fit into separate silos, nor will they be isolated from the latest advances in IT. Data sharing and open network architectures have given rise to smart manufacturing, whereby processes are more closely tied to the internet and informed by advances in big data. Verizon forecasts services will account for a greater share of manufacturing revenues than product sales by 2025, and the changed operating environment will result in new operating models.

Healthcare

A recent MarketResearch.com report predicted the healthcare IoT market will tip the $117bn mark by 2020, as big names recalibrate to satisfy the industry’s consumerisation. Much of the transformation is attributable to advances in big data, which means consumers are better informed about matters pertaining to their health. By harnessing this data, providers will,in the near future, be able to offer personalised medical plans and deliver them much quicker.