Internet of Things (IoT) devices have surpassed 13 billion, overtaking non-IoT devices, which has remained relatively steady at 10 billion devices in recent years with limited growth forecast. Many IoT devices have slipped into mainstream use via household heating controlled via mobile phones or eagerly tracking your parcel delivery in real time.
Businesses must recognise, as many already have, the power and benefits IoT brings to operations, from process automation, improved stakeholder collaboration and supply chain efficiencies. Currently estimated at a market size of $800 billion, with perceived unlimited opportunities, this is forecast to grow to $1.3 trillion by 2026.
Falling costs, alongside deeper understanding of the benefits to be gained, has allowed SMEs to see the advantages of utilising the technology. For example, LeakSafe, a UK SME specialising in the detection and prevention of water leaks in residential and commercial properties, helps insurance companies and landlords make huge savings, as well as de-risking extended issues for tenants.
The Companies IoT technology allows the exact location of any leak to be identified in real time and sent via the online data platform to the property owner or manager. Coupled with data analytics, this offers a compelling use case in a well identified niche.
Paired with other leading technologies in the 4th industrial revolution, such as artificial intelligence (AI), you can see why IoT possibilities seem endless. Netherlands based Sycada have developed a fleet monitoring platform, that can drive fuel efficiencies for internal combustion engine vehicles, but also help the green mobility transition. Monitoring electric vehicle battery statuses, range prediction and charge planning are assisted by the increased data points AI provides.
Network operators, such as Vodafone Business, who have the most IoT connections worldwide at 160+ million, are working with business of all sizes to help them understand the transformation IoT can provide and ensure their operations are future proofed.