Industries are preparing for the smart future, with IoT creating excellent connectivity ever across all electronic objects, devices, and humans.
The global IoT market was valued at $193.6 billion last year, and this value is estimated to rise to $657.31 billion by the year 2025.
Below are the top three industries and areas which have experienced the maximum adoption of IoT technology to future-proof themselves:
- The Healthcare Industry
Globally having access to adequate and safe healthcare is a fundamental human right. Forbes has noted how approximately 161 million devices will be used in clinics, hospitals, and medical offices by 2020, creating more efficient methods of treatment and diagnosis. With the growing digitization of medical records and health-related data, the potential risks of cybersecurity threats have also increased. Because this data contains highly sensitive information, hackers target the healthcare industry and commit identity theft crimes and frauds.
Despite this, the healthcare industry is using IoT to deal with staff shortages, particularly in nursing, as administrators are turning to IoT devices to free up staff from repetitive manual tasks. This allows the team to focus on maintaining security and privacy.
- The Banking Industry
Banking is now digitalized to meet the dynamic needs of an increasingly younger market. Though they are moving to digitalization, they are still maintaining traditional services for older customers – such as phone banking. Truly, banking as an industry has evolved to match up to the pace of digital transformation, retaining its traditional essence intact.
- Manufacturing and Designing Industries
Every industry struggles with the lack of communication and collaboration among the production and the designing team. Now cloud-based applications allow team members to share their designs in real-time seamlessly. Designers can now easily access their designs on their tablets and smartphones, simplifying the editing and revision processes. IoT has helped in streamlining internal communications, leading to greater efficiency in the designing and manufacturing industries.
IoT has limitless potential to create widespread impacts on every industry, and the world can’t wait to unleash its power to build a better and greener future.