Exploring the Expanding Role of IoT Across Multiple Industries and Applications

IoT as a Key Enabler For Emerging Use Cases

IoT is everywhere. In fact, it has become an integral part of our lives. Most of us are already using Alexa or Siri in one way or another, maybe for turning lights on or off or doing a hands-free internet search. However, there is a lot more to IoT than one might think. AI and IoT are changing the way people and machines interact or, in other words, facilitating the communication between devices and the cloud, as well as between the devices themselves.

The rising need to remain connected at every time is driving the demand for remote monitoring technologies across all the end-user sectors. The developments in wired and wireless technologies, rising investment in communication network infrastructure, smart cities and smart factories, and highly advanced and low-power consumption semiconductor devices have accelerated the ecosystem of IoT devices.

The shift toward a connected ecosystem opens up ample business opportunities and innovative ways to simplify people's lives and make industries more efficient. The figure below depicts the key revenue shifts happening across the end-user side, leading to the emergence of new use cases enabled by the developments in the IoT ecosystem.

Some key use cases of IoT include smart healthcare, smart cities, smart factories, smart retail, smart transportation, smart logistics, and so on. Some of the high-growth use cases of IoT across key end-user segments have been provided below:

IoT in Healthcare:

IoT offers numerous opportunities for healthcare professionals to monitor patients. Healthcare professionals use IoT-connected devices such as wearables, ingestible sensors, robotics, and connected inhalers. The data generated by IoT-connected devices helps healthcare professionals detect anomalies, which can be used for further investigation.

5G IoT modules are witnessing significant demand in the healthcare sector as they enable patients to connect virtually with doctors and other healthcare providers via real-time video or live chat. Telehealth allows chronically ill patients to obtain critical healthcare when they might have difficulty leaving their homes to travel to their doctors to receive care. As 5G has brought ultra-fast speed with low latency, telehealth applications have improved dramatically.

Our research suggests that the IoT in Healthcare Market is highly attractive, with a forecasted growth rate of ~20-25% p.a. for the next 5 years. We're also seeing increasing interest from your competitors, such as Huawei, Samsung, Xilinx etc., in this space. While IoT and connected devices are clearly the healthcare industry's future, IoT technology in Healthcare is rapidly evolving with innovations in Vision Processing Technology, Wireless Connectivity Technologies, Deep Learning Algorithms, and Edge Computing Technology.

IoT in Transportation:

IoT connectivity plays a vital role in the automotive & transportation sector; major use cases include shared mobility, autonomous vehicle, connected vehicle, telematics, smart public transportation, and C-V2sx vehicles. The developments in smart infrastructures, such as smart cities and intelligent transportation systems, will accelerate the implementation of IoT technology in the automotive & transportation vertical. Investments in cellular vehicle-to-everything (C-V2X) innovation will enable vehicles to communicate more sophisticatedly with buildings, pedestrians, and roads. It is expected that by 2026 almost 90% of the cars manufactured will be connected.

Mobility-as-a-Service (MaaS) will present high growth opportunities for cellular IoT connectivity during the forecast period. According to MarketsandMarkets' analysis, by 2030, the MaaS market is expected to be worth USD 70.4 billion. Cellular IoT connectivity plays a vital role in shared mobility. For instance, shared mobility service providers must continuously track their vehicles, battery status, and mechanical problems. Therefore, the companies are actively collaborating with IoT modules and platform providers. For instance, Kumpan Electric, a German-based manufacturer of electric scooters and shared mobility service provider, partnered with Telit, an IoT connectivity solution provider, to supply IoT modules and IoT platforms for device management.

IoT in Transportation Market is highly attractive, with a forecasted growth rate of ~18-23% p.a. for the next 5 years. Trends like Smart Ticketing, Electronic Toll Collection, Electronic Number Plate Recognition, Smart Mobility etc., are disrupting the ecosystem. We believe this is a high-growth market that could allow the market players in IoT in the transportation market space to get incremental revenues of $1.8 Bn-2 Bn in the next 5 years.

IoT in Industrial:

IoT in the industrial sector is proving to be a game changer for facility operators. For instance, IoT sensors collect data regarding the health of the equipment. Sensors integrated into inventory items help in managing inventory efficiently. The penetration of AI and IoT technologies in the manufacturing sector has been increasing rapidly. AI and IoT integrated systems allow the optimization of manufacturing processes, send early alerts, contribute to quality control, and forecast equipment failure in machinery. IoT-enabled asset management helps manufacturing businesses track, organize, and locate every piece of equipment. Some primary assets where the adoption of IoT-based asset tracking and monitoring find application are stationary cost-intensive manufacturing equipment for theft protection, AGVs and lift trucks, warehouse material handling equipment and palletizers, portable/ handheld tools, generators, boilers & coolers, and conveyors.

IoT in the Industrial sector is highly attractive, with a forecasted growth rate of ~16% p.a. for the next 5 years. IoT in the Industrial sector is mainly used for quality assurance and inspection, inventory management, predictive analysis, and asset management applications. Trends like AR/VR, AI, 5G, Robotics, Edge Computing, etc., disrupt the ecosystem. We believe this high-growth market could help you get incremental revenues of $3-3.5 Bn in the next 5 years. Smart Factory, Connected Robots, and Digital Twin are key technology segments offering an additional potential revenue opportunity that the market players can tap into.

Related research projects/Topics:

5G Fixed Wireless Access Market: https://www.marketsandmarkets.com/Market-Reports/5g-fixed-wireless-access-market-41266711.html

5G Infrastructure Market: https://www.marketsandmarkets.com/Market-Reports/5g-technology-market-202955795.html

5G Chipset Market: https://www.marketsandmarkets.com/Market-Reports/5g-chipset-market-150390562.html

Cellular IoT Market: https://www.marketsandmarkets.com/Market-Reports/cellular-iot-market-232497754.html

Industrial IoT Market: https://www.marketsandmarkets.com/Market-Reports/industrial-internet-of-things-market-129733727.html

Contact:
Mr. Aashish Mehra
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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This release was published on openPR.