Will IoT change the world?
Internet of Things (IoT) technology has become extremely popular in recent years. According to McKinsey Digital, as many as 127 devices connect to the Internet for the first time every second. No wonder – every day we commonly use the so-called. "smart devices". However, IoT has also entered other areas of life. Today, Internet of Things technology is used in almost every industry. Is the Internet of Things a key part of our future? How companies respond to the dynamic development of this technology? What benefits they derive from it? In this text you will read about the role of IoT in the modern world. You will also learn how you can use this technology in your business.
Definition of IoT
It is worth starting by explaining what IoT actually is. IoT itself is an acronym for Internet of Things (translated into j. Polish – Internet of Things). This is a broad term encompassing networks of smart devices connected to the Internet – so-called "autonomous cars". smart devices. Most of us use smart products on a daily basis, such as speakers, phones, washing machines, security systems, thermostats, etc. Importantly, IoT is also commonly used in other industries, such as. medicine, industry, automotive, transportation or logistics. What is the current situation of the Internet of Things market in the world and what are the forecasts for the next years?
Forecasts for IoT
According to Statista, in 2025 the number of devices connected to the Internet (IoT) worldwide will reach 38.6 billion. And by 2030, it is expected to grow to about 50 billion. So we can expect that in just a few years we will have a huge network of connected devices in the world. IoT is also obviously of great importance to the global economy – by 2025, this market is expected to be worth between $4 and $11 trillion (McKinsey).
The leaders when it comes to the density of IoT devices are currently Asian countries, including China, but also North America and Europe (Statista).
IoT from your industry's perspective
Internet of Things is now being used on an increasingly large scale in many industries. It can be a standalone product (e.g. IoT devices can be used in a wide variety of ways, such as: as part of a manufacturing process, to remotely manage resources, or to support life-saving systems. How IoT is used in healthcare, industry and automotive?
- Smart devices and smart home – The closest use of IoT to each of us. The term "smart devices" refers to everyday appliances connected to the Internet. Commonly used devices of this type include: televisions, home appliances, smart lighting systems, thermostats or security systems (e.g. monitoring systems, alarm systems or video intercoms). It is with their help that we can make our home or building smart (so-called.smart home, smart building). We then have the ability to manage them remotely from anywhere in the world. Without moving from a place, we can freely configure them and decide whether to start and stop their work or take appropriate actions in specific situations. The use of IoT in the form of smart devices saves energy, reduces costs, increases safety and convenience.
- Automotive – in 2016, the number of active IoT connections in the automotive market within the European Union was 45.01 million, while by 2025. the number is expected to reach as many as 163.71 million (Statista). IoT in the automotive industry is used in solutions such as remote fleet management, connected cars (i.e. connecting vehicles to each other, to the system or to infrastructure elements), predictive maintenance and car control systems based on collecting data from sensors placed in the vehicle, connection to a smartphone via Wi-Fi or even autonomous cars. Internet of Things has completely changed the way we interact with our vehicles, and they provide us with greater safety or entertainment. We also have the ability to control them more easily and conveniently.
- Healthcare and Medtech – IoT market size in the healthcare industry worldwide in 2016. was $24 billion, and that number is expected to grow to more than 135 billion by 2025 (Statista). IoT in the medical industry includes internet-connected medical devices and systems that collect valuable information and communicate with each other. The medical IoT device can have functionalities such as notifying medical staff of a patient's condition in real time, or so-called. Real-time Alerting, continuous monitoring of patient health parameters (such as pulse, temperature and blood pressure) or alerting in case of emergency. Data collected can also be stored and used to improve quality of care.
- IoT in manufacturing and industry (IIoT) Industrial IoT has its own name – IIoT (Industrial Internet of Things – Industrial Internet of Things). IIoT is closely connected with such technologies as Machine Learning or AI (Artificial Intelligence). IIoT can involve connecting machines, devices, systems and other assets using sensors. Such devices communicate with each other and collect valuable data, which is then used for advanced analytics. An example of IIoT use is monitoring conditions at successive stages of the production process and adjusting appropriate parameters to them, such as. e.g. combustion temperature.
In research conducted in 2019. More than 50% of respondents said that the use of Industrial Internet of Things (IIoT) technologies in their company resulted in a reduction of operating costs and gave them more control over production processes. Other benefits of IIoT in manufacturing highlighted included the ability to detect and prevent problems and increase efficiency in inventory and supply chain management. (Statista)
Solwit, as a technology partner, supports manufacturers in implementing IoT solutions. One customer, a company that manufactures m.in.: room and bathroom heaters, electric heaters and accessories for heating systems decided to invest in IoT. Learn the story behind the transformation of an ordinary heater into a smart product.
Companies facing changes
According to Statista, within five years (2018-2023), the amount of spending on IoT solutions is expected to nearly double, from $646 billion to more than $1 trillion. Such forecasts and actions taken so far by companies focused on investing in the Internet of Things indicate that IoT is not a fad, but a key technology that will affect almost every area of our lives.
Why you should invest in IoT
Forecasts indicate that regardless of industry, the Internet of Things (IoT) market will grow rapidly. What benefits can you expect when investing in IoT?
- Innovation – implementation of the latest technology will increase your level of innovation and improve your position in the market.
- Data – make the best business decisions based on real data. IoT devices have the ability to produce and store data that you can then use for analytics.
- Reports – access to comprehensive reports and analysis, will not only give you insight into the course of processes in the company, but will help you develop forecasts and make the most beneficial decisions.
- Automation – program devices to automatically take selected actions in specific situations.
What your customer will get:
- Convenience – comfort resulting from the ability to remotely control devices via phone or tablet from any place in the world.
- Security – Placing IoT devices such as surveillance cameras, automatic door locks etc. throughout your home. allows you to activate security alarms in emergency situations and remotely monitor your facility.
- Optimization and care for the environment – Remote control of equipment saves time, and control of energy consumption helps reduce costs and is good for the environment.
A technology partner's point of view
In Solwit we are aware that finding their way in a dynamic technological environment is a difficult task for many companies. For this reason, our role is to guide you through the entire IoT implementation process. We create and develop IoT solutions for various industries: automotive, medical, industrial and everyday life. We guarantee cyber security, scalability and full customization. Every project is unique, which is why we provide competent teams of experts from different fields: software development, software testing, cyber security and hardware selection (processors, sensors, drivers).
"Today's world requires companies to keep up with new technologies and not so much meet customer demands as anticipate and create them. We realize that this can be a challenge. As a technology partner, we embrace the idea that every product and every business can be smart. Following this lead, we are developing dedicated solutions for companies in various industries. We develop and test full IoT systems, starting from embedded software, through backend and analytics, ending with mobile or web applications. We put special emphasis on the security of solutions and their quality, trying to support you at every stage of product development and its subsequent maintenance."
Piotr Wierski, Tests Area Director & Embedded, Solwit S.A.
The ways in which IoT technology can be used seem almost limitless. Progress in this area is extremely dynamic and will not slow down in the coming years, as all forecasts confirm. Internet of Things has already entered almost every industry. IoT provides the opportunity for valuable data that can be used for forecasting and decision making. Enables real-time response, increases convenience, security, and sometimes even saves lives.
Is it worth investing in Internet of Things technology? As much as possible – it is an investment that will pay off quickly.
Write to us, get a free consultation with our experts and create your own IoT product!