How IoT will Demonstrate Industry Transformations in 2017-20

Innovative business models would benefit consumers and will be the significant driver for the success of technologies like Internet of Things (IoT). The global spending on IoT is expected to rise with a compound annual growth rate (CAGR) of approximately 16% till 2020 when the market would attain $1.29 trillion.

Digitized healthcare, manufacturing, transportation, travel, smart homes, retail innovations, connected machines and cyber security are some of the IoT industry trends that will be going forward aggressively in 2017-20. Almost 50% of IoT spending will be determined by industries like manufacturing, transportation and utilities by 2020.

Internet of Things: complete potential to offer significant benefits

IoT has the complete potential to provide noteworthy benefits to both businesses and consumers, and some form of it is already accessible around us in the form of connected devices. IoT is breaking fresh grounds in consumer electronics, connected devices, smart homes, smart buildings, smart cities and industrial automation by introducing completely new layers to the conventional concepts of their usage. These upgrades are in the form of smart technologies which have come as revolutionary ways to steer and stay in touch with the entire world.

Exceptional growth in cloud services and internet connected devices

According to IDC, the exceptional growth in cloud services as well as internet connected devices is expected to transform the IoT market globally to approximately $3.04 trillion in 2020. The IoT market in India has registered significant growth in recent times, backed by the enhancement in connected devices joined with internet. With increasing internet access and initiation of Indian government projects like Digital India Campaign as well as Smart City Projects, exponential growth of IoT is expected in the upcoming years.

How different industries are adopting IoT

Industries like manufacturing, transportation, healthcare, cyber security, retail and travel are having ample of opportunities to adopt IoT for tremendous business and technology advancements.

IoT in Manufacturing

IoT’s manufacturing origins keep on persisting, with the largest global investments in this industry technologies. These investments fall into those concerned with optimizing systems, saving overall costs and enhancements in customer usage.

Manufacturers have gained confidence in using Internet of Things to optimize their technology processes, monitor complex equipments and do predictive maintenance on these equipments. According to IDC, manufacturing operations saw the biggest IoT investment of $102.5 billion in year 2016 across all the industries.

Manufacturers utilize IoT devices to examine how their products are used by their different customers and maintain a networked link to these products, by extracting the sample usage data and by tracking sensor measurements. This way, manufacturers can analyze results and track broader patterns in terms of how their products are being utilized, which can put in next generation picture of the different products, or assist in making diagnosis of future problems early.

IoT in Transportation

The transportation industry is also investing a great deal in IoT. According to IDC, freight monitoring steer much of the IoT spending in this domain, at $55.9 billion in 2016 and is expecting a considerable rise by 2020.
Public transportation vehicles are equipped with sensors that assist in scheduling maintenance, optimization of fuel consumption and in offering smarter guidance to train drivers and process controllers. These vehicles can track and monitor driving behaviour even for insurance industry functions.
Some of the vehicles have digital data recorders that are well programmed to capture video samples from different angles under situations of heavy acceleration that might be an indicative of a severe accident. These videos can help to control such situations or could then be used in an examination as well as to improve different accidental scenarios.

IoT in Healthcare

Healthcare industry is undergoing a vast transformation to move towards better accessibility, reasonable pricing and high quality care. To build a competitive advantage, healthcare organizations will have to explore the potentials of IoT and take on IoT driven systems.
As most medical processes depend on patient participation and succeeding data analysis by microcontrollers and microprocessors set to transform the way health services are delivered. The customer spending on healthcare devices has a slow growth mainly due to the costs.
So, healthcare businesses are still skeptical on leveraging the benefits of IoT and the commercial assessment that it would bring. People are weighing the price of devices with the probable savings and often deciding not to go further. But companies like LUMIUM are taking great initiatives to understand the value proposition that IoT brings and deliver cost effective solutions. And it thinks that if it is not prioritized now the technology and business opportunities will be diluted.

LUMIUM’s Initiatives for IoT

LUMIUM has been involved in discussing new use cases and designing next generation products. Whether it is energy, smart cities, transportation, travel, semiconductors, smart homes, retail innovations, manufacturing or industrial automation; LUMIUM’s integrated team of experts in technology, design and engineering are proficient and updated with the latest trends and product needs for IoT deliverables.
We at LUMIUM, provide end to end services for these segments which cover design, development and maintenance. Apart from this LUMIUM has an expertise across different services like industrial design, research, strategy, branding, graphic design, product design, UI/UX design and product engineering which will continue to be a key area for the company.

LUMIUM Design Engineering
While companies and startups have got brilliant research team and technical experts, there is equal amount of support they require to derive cost effective and optimized product solutions within different industrial technology domains. LUMIUM’s experience of over 10+ years and 350+ products across various technological spheres and now even being developed expertise in IoT applications for a while has become vital for such industry needs.
Anil Bhatia, LUMIUM Design Engineering

CONTACT US:
ANIL BHATIA
Marketing Consultant
Website: http://lumium.com
Email: anilb@lumiumdesign.com
Ph: +1 650 690 2173 (US)
Ph: +91 79 4020 5555 (India)

This release was published on openPR.