Despite its rising importance in the tech market, the full potential of the Internet of Things has yet to be unleashed. In the next few years, we will see an explosion of IoT products and applications, not only for the retail market but also in the manufacturing, health, transport and security sectors.
Here are five infographics that give us a preview of what the burgeoning IoT market has in store for companies and their customers.
Leading to more efficient processes
The IoT’s expansion will give companies unheard-of opportunities to develop products for all markets. According to this Microsoft infographic featuring technologist Kevin Ashton, one of the biggest benefits of the IoT is improving processes.
“IoT will allow information systems to capture their own information by themselves, for themselves, in a wide array of connected sensors that will turn the world into data,” explains the infographic. Paired with advancements in machine learning, all the data from the IoT can help companies automate processes and tasks for people.
The world is turning into data—and learning to harvest, sort and analyze this data through the IoT will lead to faster and better decisions in business and everyday life.
Giving major industries the data they need
In the next three years, more and more products will come with IoT functionality. In 2015, there were an estimated 15 billion objects connected to the internet; in 2020, there will be 200 billion. That’s 26 objects per person on Earth.
According to Intel, the explosion of IoT products will give every major industry access to more data so they can make better decisions, whether it’s for marketing, human resources or industrial processes.
Uncovering new economic potential
The IoT is transforming traditional industries. Banking, health care, infrastructure and insurance are already seeing signs of a revolution, but the real sea change is yet to come as the price of sensors drop.
An infographic from the insurance company AIG estimates that the IoT’s economic impact will reach $14.4 trillion by 2020, ushering in a “new economic age.”
Reducing costs and waste
In the manufacturing sector, the value of the IoT will reach $3.88 trillion over the next 10 years. As this Industrial IP infographic tells us, most of the value from the IoT comes from improvements in efficiency and reduction in waste.
The manufacturing sector will need IoT solutions developed for its particular needs in the next five years. This is a potentially lucrative market for developers of IoT products and applications.
Boosting productivity and efficiency
The IoT is a big business, so it shouldn’t be a surprise that 70 percent of companies are currently considering integrating the IoT in their systems. This infographic by GE Digital breaks down the specific ways in which the IoT improves productivity and efficiency. The ability to have direct control and isolate issues, as well as boosting productivity and reducing costs, are notable benefits of IoT integration in industry.
Credit: Visual Capitalist
Preparation is essential
Before diving into the world of IoT product development and implementation, learning about the Internet of Things, its opportunities, and its challenges, is the first thing any company should do. Whether you plan on using the IoT to improve your organization, or you want to develop IoT-enhanced products, a good plan for the future begins with the right information.
To learn how the IoT ecosystem will impact customers and your business, join our webinar with technologist Kevin Ashton. He saw the rise of this technology long before anyone else did, and his insight will change your perspective on what’s ahead.