The Internet of Things (IoT) is no longer just a concept of the future as the adoption of this highly promising technology is already growing exponentially. IoT is a technology that allows for the use of the internet and network integration with computing devices, digital machines and sensors. IoT extends the use and power of the internet beyond simple connectivity, transforming processes and environments to make living more convenient and sustainable.
According to Industry Research, the IoT market in manufacturing alone is predicted to read US$487.30 billion by 2024. The report further stated that manufacturers have started the production of next-gen systems that feature automatic and real-time interactions among devices and systems.
IoT in the Manufacturing Industry
Applications in supply chain and logistics management are also spurring growth in the market. Specifically, the use of Radio-frequency Identification (RFIDs) and global Positioning Systems (GPS) to collect manufacturing information, track inventory and assets, and accelerate deliveries. Industry Research’s report added that around 34 percent of manufacturers surveyed believe that IoT adoption is necessary to run and improved businesses.
IoT in Buildings and Management Systems
Smart and connected buildings are already here. From shopping malls, hotels, stadiums, condominiums and offices to hospitals, buildings adopting IoT are on the rise. Seen as the next big thing, smart and connected buildings use smart building management systems (BMSs) that provide wide-ranging benefits such as energy efficiency, better user experience and enhanced security. In commercial buildings, BMSs are used to control heating, air conditioning, ventilation, lighting, security and building access systems, and elevators through programming. These prove not just to be economical but also sustainable.
IoT and the B2B Buyers
The profitability of IoT is one of the things that B2B buyers can look forward to in the coming years. According to EBM Software, there will be 75 billion devices connected to IoT by 2025, which means IoT will become more central not just to processes and systems in various industries, but also in people’s daily lives.