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The Internet of Things will Transform these 7 Industries

by Shaan RayOctober 2nd, 2019

Too Long; Didn't Read

The Internet of Things (IoT) is a network of physical objects, including vehicles, medical devices and home appliances, that use sensors and APIs to connect to one another and exchange data over the internet. Smart homes are the first major consumer application of IoT. Smart cities use IoT sensors to measure and optimize water use, energy use, waste management, traffic, air quality and other important city processes. The global smart home market is already valued at over $80 billion and this figure is expected to rise to $150 billion by 2024.

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What ‘Things’?
Cheap processors, sensors and wireless networks have made it possible to turn anything from a pill to a plane into an internet-connected ‘thing’ that is more useful to its customer. For example, the Orenda
can monitor when you wake up and heat coffee accordingly can control cameras, doorbells and thermostats around the house. AlertMe, Haier, Philips and Belkin are also market leaders in this space. The global smart home market is already at over $80 billion and this figure is expected to rise to $150 billion by 2024.

2 Smart Agriculture
IoT-enabled smart agriculture seeks to use sensors to track light, humidity, temperature, soil moisture and other relevant characteristics to better manage agricultural systems remotely. Such smart farming is significantly more efficient than conventional farming, since it optimizes agricultural inputs (including through irrigation) and outputs (including through targeted harvesting).

68% of the world’s population to live in urban areas by 2050. Smart cities will help mitigate the resulting strain on infrastructure and resources.

in California sells only IoT devices. In Minneapolis, McKinsey is opening a retail as a ‘stage’ for technology solutions. Interestingly, the rise of IoT is creating a new emphasis on physical ‘things’ and blurring the line between products and services.

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