When you imagine the potential of the Internet of Things (IoT) to change your daily life, you might think about having a smart refrigerator that tells you if your milk is going bad or if you’ve left the oven on. However, home automation is only the tip of the iceberg when it comes to the emergence of IoT. Almost every industry is set to grow from the explosion of connected devices, networks and appliances.
Healthcare, tech and manufacturing are three areas where we see huge potential for IoT to make a big impact.
Fitness trackers and sensors are currently the most popular type of IoT devices among consumers. As smart devices become more advanced, they will start to become more integrated into the healthcare industry. In the future it’s likely that patients will have the option of giving their doctors access to their fitness tracker data to help their doctors provide treatment recommendations. In addition, medical equipment will be more frequently equipped with sensors to provide doctors with critical information about people’s health. Connected devices could even help cut down on the number of invasive medical procedures by making people more aware of their health.
Connected devices will be able to compile more data about our population than we could possibly fathom. As a result, there will be a growing need to find practical uses for this influx of data, meaning that big data will be more prevalent than ever. We expect to see more big data companies specialize in providing insights about IoT data to consumers, manufacturers, healthcare providers and even insurance companies. The explosion of IoT will also create a bigger market for websites, social media platforms and apps that can help people manage their IoT devices.
The huge demand for IoT devices has been a boon for the manufacturing industry. More and more companies are developing smart devices, including small startups that are taking advantage of venture capital and crowdfunding to compete with bigger players in the market. In addition, although many smart devices are now targeted to consumers, we expect to see more devices in the future that are targeted to commercial applications to streamline business processes.