Monday, March 26, 2018

A Pulse Check on IoT

In 2017, there were more than 20 billion Internet of Things (IoT) connected devices around the world. Globally, we’re becoming more connected than ever and brands are realizing that they need to integrate IoT technology as the number of connected consumers continues to rise. The IoT industry is shaping up to be one of the biggest market influencers in 2018, with millions of dollars in investments, adoption on a global scale, and a big boost in the number of IoT front-end app development companies. So, who is this affecting? Well…pretty much everyone! We expect to see the continued rise of popularity in not only residential IoT use cases like smart home systems, but also in industrial process improvement use cases as well. So let’s dive in to the current state of IoT in different consumer and industrial areas, and explore where we’ll see it heading in the coming year.

Smart Home Reality
The Jetsons had it right–the smart homes from the show produced 60 years ago are starting to become mainstream reality. The global success of Amazon’s Echo devices, smart kitchen systems, and IoT-connected home security systems have taken consumer tech by storm. You can brew your morning cup of coffee from your bed or let your fridge re-order the milk when you’re low. Smart kitchen systems alone are predicted to garner a 15 percent savings for consumers by 2020. Two-thirds of consumers are likely to purchase IoT devices for their homes by next year as the cost of installation of these systems decreases.

Revolutionizing Industrial Factories
Global manufacturers are slotted to invest over $70 billion in IoT solutions in the next two years. Manufacturing has been one of the best use cases for IoT because of the myriad of opportunity in robotics and automation. Part tracking, smart ventilation systems, and even facility management are helping manufacturers save time and labor hours. China’s biggest retailer, Alibaba, is using IoT to connect and track packages moved by robots through their factories. The robots can hold up to 1,300 lbs and run for 8 hours on a full charge and are laser-fitted to prevent run-ins. They connect with WiFi to relay data of their whereabouts to human employees, who then take the items and pack and ship them out. This kind of IoT integration into manufacturing is expected to contribute $14.2 trillion to the global economy by 2030.

IoT is on the fast track to become integrated into every part of our lives over the next several years. It’s gaining massive traction and with 127 IoT-connected devices activating every second, companies are using this technology to meet their customers constantly changing needs. From smart coffee makers to disrupting the manufacturing industry, IoT will continue to be a dominant force in the tech field.