6 Industries with High Potential in the Internet of Things

Jun 10 - 2022

6IndustrieswithHighPotentialintheInternetofThings

The World Economic Forum indicates that IoT spending is predicted to exceed $120 million in the next four years, but not all assets are being used effectively.

Process manufacturing is a larger customer of IoT, with more than $189 billion invested in 2018 alone. While three-quarters of new IoT projects have failed at this stage, IoT investment continues to grow at the transportation, utilities embedded module and cross-industry use levels.

Jeff Merritt, responsible for IoT and interconnected machines and devices at the World Economic Forum, said, "The IoT has the potential to unlock new economic development opportunities and dramatically improve the quality of life for billions of people, but without a more strategic core and route map, everyone may consume trillions of dollars in investment over the next two years. "

In the first half of 2018, the World Economic Forum's Center for the Fourth Industrial Revolution and a team of leading experts, dissected 200 several examples of technical IoT applications and relative sets of solutions detected and deployed in countries around the world.

Six thematic style clusters of IoT solutions were rated as the smoothest.

1, Early warning information and disaster prevention

2、Worker safety, well-being and efficiency

3, health monitoring and patient care

4、Delivery of goods and technicians

5, food crops and livestock management methods

6, ecological resources management methods (electricity and energy, water)

Authoritative experts have also found that not all industrial production IoT applications have visibility or scalability. The technicality of improving the well-being of workers is better than that of those who are only concerned with profitability.

The World Economic Forum reported six important industries to focus on, especially for China and more generally in Asia, where the pressure to work with health care and urbanization systems software is driving the growing use of IoT solutions. Not surprisingly, Asia is now a global leader in IoT spending.

By:Fiona