IoT Application Development Trends to Watch Out in 2021
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This document discusses trends in IoT application development to watch out for in 2021. It identifies four key IoT use cases that are being leveraged across many industries: predictive maintenance, smart metering, asset tracking, and IoT in healthcare. Predictive maintenance uses sensors and analytics to address equipment performance issues more quickly. Smart metering allows utilities to monitor customer usage and adjust pricing. Asset tracking provides real-time location of goods for logistics companies. And IoT devices are enabling remote patient monitoring and personalized healthcare. The market for IoT solutions is expected to reach $1.6 trillion by 2025 as more businesses implement industry-specific use cases.
IoT Application Development Trends to Watch Out in 2021
- 1. IoT Application Development Trends to Watch Out in 2021
- 2. IoT, a term that not many businesses were aware of a decade ago, has now become a vital technology for improving monitoring, enhancing security and enabling proactive decision making in diverse industries. From Banking and Finance to Manufacturing and E-Commerce, businesses have successfully established industry-specific IoT use cases to make steep progress. With its market size poised to reach the 1.6 trillion mark by 2025, new and emerging businesses have also started to find opportunities to scale up with IoT solution implementation. It is important to note that IoT use cases will continue to expand in the years to come, however, in this article we have compiled the list of four IoT use cases/trends that are being leveraged in by a broad-range of industries.
- 3. List of Four IoT Use Cases • Predictive Maintenance • Smart Metering • Asset Tracking • IoT in Healthcare
- 4. Predictive Maintenance It is important to keep business assets – power plants, solar panels, quality control machines, etc. up and running. However, in cases when the specific assets are non- operational or perform low, it increases the operational expenditure and affects the quality/performance of machines. By leveraging predictive maintenance engines developed by IoT solution providers, businesses address the performance issues much quicker.
- 5. Smart Metering Smart meters are internet-enabled devices that measure energy, water or power consumption in a home or a building. Such IoT Services are incorporated by power companies to monitor consumer usage and to adjust prices based on the power consumption. The data received is used for reducing energy theft, enhancing power monitoring, improving forecasting, and to manage operations remotely. The use of smart meters are proving to be a game-changer for power companies as they monitor energy utilization levels of organizations/individuals.
- 6. Asset Tracking Asset tracking IoT services are indispensable for most shipping businesses and manufacturing firms. Efficiently tracking the location of goods and fleet in real- time, these asset tracking applications are the new normal for shipping businesses. By including an asset tracking application in business setup, logistics and supply chain operations are streamlined as delivery is done on time while the inventory levels are also maintained with ease. Some shipment companies leverage internet-enabled asset tracking software that uses sensors to give real-time temperature information of containers. Thus with regulated temperature, perishable goods are kept fresh for longer durations. However, only a small proportion – around 15% of those businesses actually have a proper asset tracking software in place, though the percentage is surely going to rise with more IoT solution providers raising the levels of their IoT services.
- 7. IoT in Healthcare Before IoT came into picture, patient’s interaction with doctors was limited to physical visits, tele and text-based communications. There was no way to monitor a patient’s health for continuous periods and give proactive recommendations. IoT enabled devices have made remote monitoring possible which is used by physicians to deliver superlative care to patients. The data collected through IoT devices like fitness bands, glucometer and others allows physicians to decide the best treatment process for an individual.
- 8. In a Nutshell Incorporating an IoT solution in the business setup enables real-time data access and performance monitoring for enterprises. Moreover, with the use of other transforming technologies including AI and Blockchain with IoT enabled solutions, organizations experience more accurate and secure data access in an IoT network. However, the world of IoT enabled devices continues to expand as businesses come up with new industry-specific use cases.