Top 8 Applications and Examples of IoT in Business

Top 8 Applications and Examples of IoT in Business

Business spending on IoT projects is expected to increase this year.

Research firm IDC, in its “World Internet of Things Spending Guide,” predicted a double-digit growth rate in 2021, with a compound annual growth rate of 11.3% from 2020 to 2024. IDC cited healthcare, insurance and education as leaders in IoT spending.

Statista researchers forecast similarly high growthsaying that the global IoT market for end-user offerings was expected to grow from $212 billion in 2019 to $1.6 trillion by 2025.

Statista also predicted that there will be 75 billion IoT devices in use by 2023, generating 79.4 zettabytes of data.

Those IoT connections span across the globe and across industries, as well as permeating individual homes, offices, and vehicles, and the most prominent applications of IoT technologies fall into the following categories.

1. Connected vehicles

Autonomous vehicles are one of the most notable examples of IoT in action. Autonomous cars and trucks use a host of connected devices to safely navigate roadways in all types of traffic and weather conditions. Technologies in use include artificial intelligence (AI)-enabled cameras, motion sensors, and on-board computers.

IoT connections also exist in conventional vehicles, with manufacturers installing connected devices to monitor performance and manage computerized systems.

Commercial fleets, such as municipal buses and corporate delivery trucks, are often equipped with additional IoT technologies, such as connected systems to monitor security issues. Personal cars and trucks can be equipped with similar technology, often from insurance companies, that collects and transmits telemetry data to verify good driving habits.

IoT Use Cases by Industry
IoT can add business value to various industries, including construction, manufacturing, retail, and transportation.

2. Traffic management

Road infrastructure has also become more connected in the last decade, with cameras, sensors, traffic light controls, parking meters and even smartphone traffic apps transmitting data that is then used to help avoid traffic jams, prevent accidents and ensure a smooth ride.

For example, the cameras detect and transmit data on traffic volume to central management groups that can then analyze the information to determine if, what, and when mitigation measures should be taken.

Sensors in traffic lights can detect different light levels in the sky and adjust the brightness of traffic lights, helping to ensure drivers always see them.

Connected devices can be used to detect open parking spaces and relay that information to kiosks or apps to alert drivers.

Bridge monitors collect and transmit data to analyze their structural condition, alerting authorities to maintenance needs before any type of failure or problem occurs.

3. Smart networks

Utilities are also using IoT to bring efficiency and resiliency to their power networks.

Historically, power flowed in only one direction throughout the grid: from the generation site to the customer. However, connected devices now enable two-way communication throughout the entire energy supply chain: from generation to distribution to use, thus improving the ability of utilities to move and manage it.

Utilities can take and analyze real-time data transmitted by connected devices to detect outages and reroute distribution, as well as respond to changes in energy demand and load.

Meanwhile, smart meters installed in individual homes and businesses provide information on real-time usage and historical usage patterns that customers and utilities can analyze to identify ways to improve efficiency.

4. Environmental monitoring

Connected devices can collect IoT data indicating the health and quality of air, water, and soil, as well as fisheries, forests, and other natural habitats. They can also collect weather data and other environmental data.

As such, IoT provides the ability to not only access significantly more real-time data about the environment anytime, anywhere, but also enables a variety of organizations across various industries to use that data to gain actionable insights.

Such information can help government agencies better monitor and even predict natural disasters, such as tornadoes, as well as better manage and protect land and wildlife populations. Companies can use this data to better limit their carbon footprint, more effectively document compliance with environmental regulations, and/or more efficiently plan for weather conditions that affect their business.

5. Smart buildings and smart homes

Property owners are using the power of IoT to make all kinds of buildings smarter, which means they are more energy efficient, comfortable and convenient, as well as healthier and possibly safer too.

An IoT ecosystem in a commercial building could include HVAC infrastructure monitoring that uses real-time data and automation technologies to constantly measure and adjust temperature for optimal energy efficiency and comfort. Meanwhile, cameras using AI could help in crowd management to ensure public safety at events like sold-out concerts.

In the home, consumers can install smart technologies, such as door locks, appliances, thermostats and smoke detectors, that help them with their daily needs, for example by coordinating temperature controls with landlords’ schedules.

6. Smart cities

Smart cities are consolidating IoT deployments across many facets to give them a holistic view of what’s happening in their jurisdictions.

As such, smart cities typically incorporate connected traffic management systems and their own smart buildings. They could also incorporate private smart buildings. Smart cities could also be linked to smart grids and use environmental monitoring to create an even larger IoT ecosystem that provides real-time views of the various elements that affect life in their municipalities.

Similar to smaller, more confined IoT deployments, the goal of smart cities is to collect real-time data for analysis that provides insights that city officials can use for better decision-making and/or automated controls to produce more efficient, effective and resistant. and safer communities. Case in point: Copenhagen, the capital of Denmark, is using IoT technologies to reach its goal of being a carbon-neutral city by 2025.

7. Supply chain management

Supply chain management has been modernized with low-power sensors, GPS, and other tracking technologies that identify assets as they move through the supply chain. Such information enables managers to plan more effectively and more confidently reassure stakeholders about the location of items shipped or received.

That visibility is beneficial, but it is only the beginning of the value proposition that IoT brings to this discipline. IoT technologies can also monitor and manage delivery requirements, for example by measuring and maintaining a specific temperature during transport to ensure quality and safety controls. Additionally, back-end analytics capabilities can use IoT-generated data to determine supply chain improvements, such as more efficient routes or shipping times.

8. Industrial, agricultural and commercial management

IoT has numerous applications in industrial and commercial settings, enabling everything from predictive maintenance to improving facility safety and smart farming. These wide-ranging use cases employ an equally broad list of IoT technologies.

A manufacturer could use machine-to-machine connected devices as part of an industrial IoT implementation to more accurately map workloads. A factory could track equipment wear and tear to schedule preventative maintenance at an optimal time. Companies can use employee badges or wearable devices embedded with RFID chips to manage and control physical access to their facilities. And farmers can opt for siting technologies integrated with environmental monitors and their field team to automate and maximize their seed allocations.

business benefits

While there are some industry-specific IoT use cases, many of the most common implementations involving connected technologies cut across any particular vertical and can be found in a wide range of organizations.

The benefits that come with those implementations also cross industries. Typical ROI includes the following:

  • lower operating costs;
  • higher productivity;
  • optimized output;
  • increased security;
  • enhanced security;
  • better quality control; Y
  • Greater understanding and visibility of real-world activities.

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