According to a recent report by Mckinsey and Co, the Internet of Things (IoT) devices will reach a total of 43 billion by 2023. The number is expected to triple in a 5-year period during 2018-2023. This is unsurprising considering various products like Ring, Google Nest, smart refrigerators, and a host of others making their way into the market. However, there is a bigger picture underneath these consumer products too.
Regional authorities in Taiwan recently adopted an IOV or Internet of Vehicle system on their highways. The system tracked vehicles, and provided drivers with information on-the-go. This has helped the authorities reduce the number of fatalities on the road. Moreover, the industry is also connecting new devices like machines, smart devices, and analytics.
According to International Data Corporation reports, the total spending on IOT devices will surpass $1 trillion in revenue in 2022. According to its report, the spending will rise from a meagre $726 billion last year. The transportation industry, discrete manufacturing, and process manufacturing are expected to emerge as major end-players in the adoption of these devices. It is not surprising to see why.
New Avenues for Growth with IoTs
IoT technology is making big waves in the manufacturing sector as makes it way for better managed, and controlled operations. Moreover, it can also reduce costs and make way for higher quality end-products with inclusion of processes like 3D printing. Similarly, the transportation logistics industry will likely benefit from better monitoring and independent evaluation systems.
For perishable food products, and various manufactured goods, maintaining a delicate balance between performance and safety of products is essential. However, doing so with the help of an error-prone human nature can be difficult. Hence, IoT technology represents a major gateway for companies in the transportation and logistics business to promote growth.
According to Ha Nguyen, the vice president of McRock Capital, the fourth industrial revolution is here to stay. He echoes the view of several watchful eyes among venture capitalists who believe that IoT will likely drive the next revolution for productivity, and higher efficiency.