Internet of Things Trends and Uses
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Future of IoT To Enable Businesses: Trends & Use Cases

19 Oct 2022

The Internet of Things (IoT) has emerged as the most sought-after technology ecosystem that promotes digital transformation. It has proved to be beneficial both for regular users and businesses. There are a lot of routine processes that can be automated with sensors, scanners & cameras & other devices with the right software for all walks of life. And, in recent years, IoT adoption has skyrocketed in almost all industries. The businesses adopting & offering IoT experience drive considerable improvement in operations while solving operational challenges.

In this blog, we will explore the future trends of IoT with practical applications, by industry so you can make the most of software development.

What is the Internet of Things (IoT)?

It refers to a network of physical objects that are embedded with sensors, devices, and software to connect and exchange data with other systems over the net. It is a system of interconnected computing devices, machines, and human beings. It talks about the multitude of physical devices around the globe that are connected through the internet. And, the devices that are utilized for connection and exchange of information could be routine household things or sophisticated industrial instruments. It emphasizes the power of the Internet to move beyond simply providing connectivity to phones and computers. It now includes offering services to processes, humans, things, and environments.

The Growth of the IoT Market at a Glance

  • The number of active IoT devices will surpass 4 billion in 2030
  • IoT solutions and services market is projected to grow from USD 243 billion in 2022 to USD 575 billion by 2027
  • The single biggest use case is Consumer Internet & Media devices, accounting for 29% of all devices in 2030. The next largest is the Smart Grid, including smart meters, representing 12% of connections.
  • Industrial Internet of Things (IIoT) Market Projected to Hit USD 859.42 Billion at a 20.11% CAGR by 2030

The above statistics surely indicate that IoT is bound to become an integral component of the modern business world. Listed below are some of the IoT trending technologies that are making this happen based on our experience;

  • RFID (Radio Frequency Identification) tags: Are low-power chips that can communicate wirelessly. They are usually small and can be added to larger, more expensive pieces of machinery to make them accessible.
  • Wireless & cellular networks: The increased access to wireless and cellular networks allows devices to stay connected on the go. And, the ongoing advancements in 5G networking and Wi-Fi 6 will ensure the high bandwidth required to support the low latency rates across IoT networks.
  • IPv6: The world recently moved from IPv4 to IPv6. This created enough IP addresses for every device across the world to handle the varied scenarios of the foreseeable future.
  • Low-cost, low-energy sensors: The semiconductor industry has usually grown in leaps and bounds. And, low-cost sensors don’t consume significant power. With enough computing power, they enable running artificial intelligence (AI) services even on the smallest of devices.
  • Cloud computing: Cloud technology makes it easier for data to be transferred between IoT devices and the AI platforms that analyze them.

With the growth of technology, newer ways and means are being implemented all over, connecting devices, sensors, networks, and human interfaces seamlessly through IoT. The future of IoT is bright and happening!

IoT Examples in Business

With data becoming the new oil – IoT technology utilizes every data point to achieve business goals and optimize processes. IoT technologies enable devices to communicate at speed and scale with less friction while delivering critical data that businesses need to be more productive and profitable.

Here are some of the ways IoT can benefit your business across industries. Further, we’re listing some IoT business applications and their benefits:

IoT in Retail

IoT in Retail

This industry is among the early adopters of IoT devices and apps. From smart tags to innovative inventory management to proximity-based promotions; we’ve witnessed the entire purchase and customer profiling process with self-service capabilities.

Amazon Dash Replacement is a service that leverages AI-driven devices with IoT to notify vendors for sending shipments and processing orders automatically. It speeds up the delivery process while keeping track of inventory in real-time.

Benefits of IoT in Retail

  • Personalized communications based on IoT-collected data
  • Product usage optimization
  • Monitoring & predicting in-store wait times
  • Timely update on product delivery status

IoT in Healthcare

IoT in Healthcare

With IoT, the healthcare industry has advanced dramatically in recent years. Healthcare services can track their patient’s care and needs. Today’s IoT technologies have a wide range of applications in healthcare, but there’s an urgent need to maintain a high level of security.

IoT-powered beds use video monitors and sensors to track the vitals of patients, monitor their medication intake & help them with chronic health conditions. As per Mckinsey, nearly 84% of physicians are offering telehealth services to patients and this sudden shift has created a completely new set of opportunities for leveraging IoT. By 2027, The Internet of Medical Things (IoMT) industry is anticipated to be worth more than $350 billion! The market is wide-ranging and includes everything from the remote patient monitoring system to medical device sensors to bed management systems.

IoT Benefits in Healthcare

  • Improve patient care and doctor response time
  • Early diagnosis & disease prevention
  • Improved efficiency of clinical procedures
  • Support for remote monitoring of chronic diseases with connected devices
  • Staff monitoring & compliance
  • Efficient medication management
  • Improved patient care & treatment outcomes

IoT in Manufacturing

IoT in Manufacturing

With IoT software, manufacturers can enable process improvement, monitor equipment & maintenance initiatives. The primary focus is on increasing operational efficiency. Referred to as IIoT ( Industrial Internet of Things), it enables the use of smart sensors & actuators to enhance manufacturing and industrial processes. Further, it leverages the power of smart machines and real-time analytics to take advantage of the data.

IoT mobile app for beverage brewery helps monitor and validate beer-line cleaning, optimize work schedules, and improve cleaning solutions. It further reduces the total cost of ownership for draught beer operations.

IoT application for Industrial Fluid Management uses a combination of IoT & advanced data analytics. It helped reduce 75% of the effort spent on routine operations & resources along with 30% cost savings with timely detection of issues.

Siemens AG plant is one good example of  IIoT in the factory setup. It helps build automated machines (for BMW) for an industrial process that is 75 percent automated. The entire process is monitored & managed by their 1000+ employees by utilizing IoT-led devices & computers.

IoT Benefits in Manufacturing

  • Increasing production quality
  • Better resource allocation while improving worker’s skillfulness
  • Reduces errors
  • Predictive maintenance
  • Improves safety
  • Effective cost optimization

IoT in Municipal Corporation

IoT in Municipal Corporations

The IoT solutions are helping city planners and municipal bodies to improve the quality of life for residents. From municipal corporations ensuring to keep the city clean with applications to track & penalize violators to building managers searching for software applications to improve building quality, IoT is gaining traction. Smart lighting has emerged as the mechanism to save money and energy by switching to LED bulbs – that can be controlled by IoT applications. Further, smart grids are considered the greatest realization of smart infrastructure that enables resource conservation.

IoT-enabled Android app for littering offense ticketing system enables government officials for city cleaning & hygiene supplies to enforce litter prevention. The application helps manage & document the issued tickets to offenders with on-demand reporting.

Benefits of IoT for Municipal Corporations

  • Efficient waste management
  • Improving & facilitating civic participation
  • Better traffic management
  • Effective monitoring & management of critical assets

IoT in Transporation & Logistics

IoT in Transportation and Logistics

IoT for fleet management helps companies manage their daily operations more efficiently with extensive data on every movement, right from drivers & operators to vehicle maintenance and delivery. It has greatly simplified complex and interdependent global supply chains with real-time tracking & route optimization of every shipment. And as mistakes are identified and fixed as soon as they happen, 70% of retailers are aiming to make their logistics IoT-compliant. IoT makes transportation corporations smarter and more successful while ensuring cost-effectiveness, reduction in emissions, more efficient travel, improved vehicles, greater on-road safety, and more with strategic traffic management.

DHL is already on its way to enabling its entire fleet of trucks with IoT by 2028 to cut its delivery times by half.  Did you know – United Parcel Service (UPS) in the US saves millions of dollars every year with their On-Road Integrated Optimization and Navigation (ORION) system? It identifies the most fuel-efficient and shortest routes, which allows for saving an estimated 1.5 million gallons of fuel over 10.000 courses.

Benefits of IoT-powered Apps & Devices in Logistics

  • Remote tracking of fleet & cargo condition
  • Improved last-mile deliveries
  • Real-time monitoring of driver activity
  • Accurate tracking of vehicle location
  • Reduced equipment downtime
  • Modern routing capabilities
  • Reduced operational expenses

IoT in Automotive Industry

IoT in Automotive Industry

The market for Edge Computing in the Automotive industry is anticipated to grow at a CAGR of 27.5% by 2026. It has the capabilities to make autonomous cars ever more practical and secure by enabling life-saving decisions in real time. Volkswagen has developed a We Connect app that allows car owners to monitor and control their car’s usage.

Benefits of IoT in the Automotive Sector:

  • 360-degree view of the manufacturing floor
  • Safer in-vehicle experience
  • Remote access to vehicle information
  • Timely care maintenance
  • Improved navigation with 3D maps
  • Prevention of traffic jams
  • Proper energy management

How Rishabh Can Help You with IoT App Development Services & Solutions

We cover the entire lifecycle of the Internet of Things (IoT) initiatives from requirement engineering to architecture design and platform & app creation to testing & support. We partner with organizations, from startups to mid-size & large corporations to offer custom IoT app development services and solutions.

Here’s an overview of our technology strength while assisting companies with developing native, hybrid, web, or PWAs on preferred OS across multiple tools and technologies listed below:

Connectivity: 5G, 4G LTE, WI-FI, Bluetooth, NFC

Hardware: Arduino, Beacons, NodeMCU

Protocols & Standards: MQTT, Modbus, HTTP, HTTPS, ZigBee, iBeacon, TCP & UDP, Cellular (2G, 3G, 4G, 5G), BLE

IoT Frameworks, Programming & Cloud: Node.JS, Python, React JS, C/C++, Next JS, OpenTSDB, Node-RED, Xamarin, Flutter, Android, iOS, AWS IoT, Azure IoT Hub

API & Web Services: JSON, REST, Graph QL, SOAP, XML

Big Data, Data Analytics & ML: Python, Grafana, Spark ML, TensorFlow, Tableau, Power BI, Apache Hadoop, Apache Kafka, Apache Spark, Apache Storm, Casandra, MongoDB, OpenTSDB, AWS IoT Analytics, AWS IoT SiteWise, Apache iota

Final Thoughts

IoT technology has limitless potential when synergized with AI, analytics, process automation, and the cloud. It enables businesses to stay current and create an edge against competitors. All you need to get started is a vision to digitally transform your business for IoT app development. It’s also important to realize that the Internet of Things is not a technology that functions alone in many cases.

We at Rishabh Software believe in making your vision a reality. Being an IoT development company, we’re here to help you with every aspect of your IoT application development across various industries.

Want to Implement Smart Solutions?

We have the required experience and a skilled team to modernize your business while developing scalable and reliable IoT apps.