The Impact of IoT on business in 2020 Quantified

IoT has seen a great evolution over the past decade from a theoretical concept to a fully demonstrated prime piece of technology which enables tremendous business propositions.

Image Source: Freepik | Internet of Things

IoT has seen a great evolution over the past decade from a theoretical concept to a fully demonstrated prime piece of technology which enables tremendous business propositions. IoT, in tandem with several other emerging technologies, such as Artificial Intelligence (AI), Machine Learning (ML), Edge Computing and 5G, has rendered value and delivers a competitive edge to organizations in a diverse set of industries ranging from manufacturing to fleet management to energy and asset management to even smart cities.
The IoT market in India is predicted to touch around USD15 billion by 2020, and account for nearly 5% of the total global market. This is also reflected in the fact that IoT devices in India are likely to increase on a massive scale, from roughly 200 million units in 2016 to 2.7 billion units by 2020. With these devices generating data, it will fuel innovation in not only solutions targeted at end consumers, but also in manufacturing processes, service delivery mechanisms and in creating new business models.

By 2025, it is said that IoT will generate around 90 zettabytes of data. What will be the result of this on various industries?

  • Manufacturing processes becoming interconnected through industrial IoT

With the conversion of the data insights into AI, and predictive analytical capabilities, the sensors and other intelligent devices will be able to combine linear manufacturing processes, systems, machinery and assembly lines using data in dynamic interconnected, digital systems. It is not long before factories around the world will manufacture and deliver products differently, that is, through a man-machine interaction at the pivot, making labour more productive and operations more effective.

For instance, IIoT can easily predict the details of a machine shutting down and eventually schedule repair. This leads to a decrease in machine downtime.

The systems and processes are inevitable becoming data-driven than labour intensive the manufacturing arms are also benefitting from proactive operations and automation with applications such as ERP and CRM for supply chain, resource and demand planning and more, keeping all systems and processes constantly connected to each other.

  • Fleet Management is becoming more efficiently enabled
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AI and ML can help transportation systems identify threats much faster than an average human eye along with the usual predictive maintenance capabilities.  For instance, video-based safety systems that were previously brought the fleets, can now be enhanced using ML to detect anomalies and risks including lane detection, driver fatigue, fuel theft, etc. 

The adoption of IoT and other tech males it simple to create integrated mobility, smart fleet management solutions which will help in vehicle tracking/monitoring, analytics, remote diagnostics, and also connect the data from enterprise applications such as the supply chain systems and ERP.

  • Easy optimization of energy and asset management

With the prevalence of a better asset management and finding solutions which are sustainable for energy consumption, IoT enables mass scale digital automation and transformation for enterprises which are asset intensive for smart asset management. Only when the system embraces IoT, all the devices and assets will connect to the cloud network and be analysed using AI and ML. Enterprises will hence be able to access all asset-related information from a single dashboard and also manage it seamlessly.

Similarly, with continuously increasing energy consumption, smart grid services will collect and analyse consumption data to improve the economy of power usage.

  • Edge as a form of computing

Connected devices and networks require n always on connectivity option to manage their tasks efficiently. The cloud computing power if edge will enable devices to proceed with data analytics anywhere and anytime within a secure environment. 202 will take edge computing will become a critical for enterprises since their main objective is to achieve faster operations and better management in a seamless manner.

  • Smart cities being powered

How is the dream of a smart city conclusive to AI and ML? The answer is quite simple. Integration in AI, ML and IoT, the cities can operate better healthcare, safer and faster traffic handling, waste collection and disposal can be optimized, monitoring of different elements of the day to day life of citizens to anticipate and predict any risks and anomalies, and a lot more. The harmonious collaboration between the stakeholders of a smart city such as the government agencies, solution providers and technology companies will build effective smart city solutions from 2020.

  • Connectivity
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With the onset of 5G networks, a better latency and reliability are stated as the key benefits, which when incorporated into the mainstream solutions will make the connected devices and networks to send and receive data at a fast pace and shoot data analytics and insights to a much more expedited level. Lower Power Wide Area Networks such as NB – IoT and LTE M are already providing solutions for a better-connected range of IoT devices and critical applications.

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