It’s no secret that the adoption and development of IoT has significantly transformed the way industries and consumers interact with each other and their environments. Fueled by connectivity, IoT has enabled product development that was once labeled science fiction and resulted in widespread efficiency across a diverse range of segments. Several weeks into 2019, it’s important for OEMs to appreciate the growth of IoT across industries and recognize the opportunity that lays in the increased demand for capable devices and consumer products.
Since its inception years ago, IoT has significantly transformed manufacturing processes. Where virtually every step of production is automated, increased connectivity has been driving what experts are calling the fourth industrial revolution, or Industry 4.0. With IoT-enabled sensors, remote asset condition monitoring has greatly enhanced predictive maintenance platforms, resulting in increased efficiency, maximized productivity, and less frequent, costly downtime. With over 27% of manufacturers planning to utilize remote monitoring in their processes over the coming years, the number of wireless, connected devices in this industry is expected to double by 2020.
In healthcare, advancements in IoT capabilities has enabled professionals to make more accurate diagnoses and elevate the way they manage patient care. Where costly tests and delayed results once drove healthcare decision making, wearable technology and other wireless health monitoring tools now provide clinicians and medical staff with real-time, accurate data to enable better care and more efficient treatment plan design. According to a survey conducted by network solutions provider Aruba, it’s estimated that in 2019, 87% of healthcare organizations will be employing IoT solutions in their processes. To better illustrate this industry-wide adoption, experts project the global worth of IoT in healthcare to be $534.3 billion by 2025.
In 2019, virtually every device a consumer touches will be “smart” as a result of IoT. From smart speakers and thermostats, to smart home security and major appliances, the popularity of smart home technology will continue its upward trajectory in 2019 and beyond. Wearable technology will also continue to grow, with an estimated 240.1 million projected to ship in 2021. Smartphones, despite suspected market saturation, are also expected to experience increased growth in 2019 as a result of advanced IoT and 5G commercialization.
As more industries and consumers adopt and increase their reliance on IoT-enabled devices to transform their processes and interactions, OEMs must recognize the opportunity and be prepared to manage the increased demand to remain competitive in 2019.