The year 2020, has caused an unprecedented slowdown for various industries. Various sectors had to take a backseat and incurred heavy financial losses due to the current pandemic situation. Flourishing sectors came to a screeching halt taking the entire business world by a swirling wind. On the other hand, it has changed the business world from a conventional model to a digital model.
Various industry experts across sectors are predicting that this pandemic will change the face of the business world like never seen before. Industries are adopting digitalization, IoT, AI, and more virtual setups, and interactions, digitalization will become more viable towards in the coming years.
This pandemic has changed the office setup, bringing in remote working to the forefront and companies encouraging their employees to work from home. As per the International Trade Union Confederation survey, 65% of countries across the globe, are encouraging the work from a home model, and almost 80% of the companies worldwide are adopting it for their employees. To manage this working model, companies are looking for solutions to monitor the work-force and run businesses efficiently.
This change will increase the demand for IoT, and it will only grow in the coming years.
IoT offers solutions in terms of real-time tracking, work transparency, employee management, improve work safety while meeting government, and company compliances.
As per industry experts, IoT was used only as an automation tool but the change of situation and a global shift of business functioning will spur the use of IoT, putting the technology to its optimum use. Sectors like Transportation, Healthcare, and software solutions will thrive on it.
Apart from these sectors, the hospitality industry might also want to look into the use of IoT for food quality purposes allowing food analyzers to generate instant reports on food quality. Smart meters could be another useful device useful to civic service bodies for automatic disinfectants and air quality checks in various public places. It is also expected that the COVID-19 will pave the path to elevated digitalization in the industrial sector. It will become pivotal to accommodate production as per short term demand fluctuation and adaptive manufacturing.
Here we list some of the industries where IoT will have its optimal use.
There has been a huge decline in air travel in this COVID-19 times, and around 60-70% of reduction in day-time flights. The need of the hour is in finding alternative, and safe solutions to safeguard passenger safety. The use of IoT will become an integral part, and important to track vehicles in real-time and passenger feeds. This, in turn, will help in monitoring, and going through passenger history, travel cycle, and help in taking effective measures.
The healthcare industry is said to see the highest increase, investment, growth, and increase in IoT in 2020. IoT has been used to its full use in the healthcare sector and has been the highest embracers of this Internet Of Things (IoT) technology offering remarkable benefits. The healthcare segment is already making use of IoMT (Internet Of Medial Things) like heart monitors, pacemakers using this technology to send patient’s health statistics over numerous networks to analyze, monitor, and remote configuration.
It has already made its place in this sector with telemedicine, connected ambulance, inpatient monitoring, and many more. Applications such as remote patient monitoring, inpatient monitoring, and inpatient monitoring are said to gain momentum.
Some of the factors driving investors to look into indulging in IoT is the cloud-based infrastructure, cost-effective smart devices, and precise results.
IoT sees its use in smart city infrastructure projects, smart factories, vehicle telemetric solutions, and other uses. One of the most used is to transfer data securely without human intervention.
Customer expectation, device security and update, connectivity issues, and government regulation are some of the challenges in dealing with IoT. Finding solutions to these challenges will make IoT one of the most trusted solutions for now and future times.