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How IoT App Development Services are Transforming Industries?

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338 Views | 7 min | Published On: September 29, 2023 Last Updated: May 31, 2024

Suppose you’re at work and unsure if you have turned off your thermostat. Generally, what would you do? – Go back and check its status. Most of us would do the same!

However, what if you can simply use your smartphone and know its status and monitor its control? Fascinating, isn’t it? 

Absolutely! All this can be achieved via IoT. It is revolutionizing the world around us be it our homes, cities, industries, and even our health. 

Let’s talk numbers: The global IoT in manufacturing market size was valued at $50.0 billion in 2021 and is poised to generate a revenue of around $87.9 billion by the end of 2026, presenting a CAGR of 11.9% from 2021 to 2026.

IoT in manufacturing Market Stat

Whether you’re a tech enthusiast or entrepreneur, this article will be your gateway towards success where IoT redefines the industries. So buckle up and dive into today’s topic – IoT app development services transforming industries. 

Let’s start with the basics!

What are Internet of Things (IoT) Services?

Internet of Things (IoT) is a system of interrelated devices connected to the Internet to transfer and receive data from one to another. It facilitates communication between devices themselves. 

Here the term “things” refers to any object (artificial or natural) that can be accessed with Internet Protocol (IP). It allows them to transfer data over a network. 

Smarthome is the perfect example of IoT – Smart home appliances like ACs, thermostats, security alarms, doorbells, smoke detectors, and water heaters can share data with the user over mobile IoT devices. 

On a larger scale – IoT assists various industries in staying ahead with the latest trends by ditching their traditional methods.

Let’s take a closer look at the sectors implementing IoT and taking their business to the next level. 

Top Industries that Can Benefit from IoT Development

IoT has impacted major industries with certain factors. These factors include predictive maintenance, quality control, supply chain management, asset tracking, and conditioning monitoring. 

So, what does it signify for your organization? If you’ve not implemented the IoT in your business – this is the time to invest in it. And it will all be Worth it!

Let’s take a look at the top industries that can benefit from the IoT app development services:

Industries that benefits from IoT development services

1. Healthcare

The IoT has transformed the healthcare sector and weaved its way to offer seamless healthcare services on both ends. It is a win-win situation for both patients and doctors professionals. Connected devices in healthcare—often referred to as the Internet of Medical Things (IoMT)—represent one of the fastest-growing sectors of the IoT market, and is predicted to reach $176 billion by 2026.

Let’s dive detailed segment related to healthcare:

  • IoT for Doctors:

Remote patient monitoring devices or other wearable devices allow physicians to keep an eye on the patient’s medical health. They can track a patient’s adherence to their medical treatment plans. Doctors can proactively stay updated with patients’ metrics such as blood pressure, heart rate, and so on. 

For example, if a patient’s blood pressure drops too low, the IoT sensor immediately detects it and alerts the health professional. 

  • IoT for Patients:

With the help of IoT, patients can get access to virtual visits, reminders to take medications, guided instruction to use inhalers, remote monitoring, seasonal triggers alerts, and so on. Also, wearable devices (like fitness bands) and fitness app development help them track their health metrics and get personalized attention. 

IoT has made their life easier especially for elderly people and also if they’re living alone. Even the slightest change in health metrics or disturbance in routine will notify their family members to reach out for medical assistance. 

  • IoT for Health Insurance Companies:

IoT devices improve communication between insurance companies and their customers by increasing transparency in the underwriting, pricing, claims handling, and risk assessment processes. 

The underwriting and claims divisions of insurance firms may use data from health monitoring devices. This data will enable them to identify prospects for underwriting and identify fraud claims. 

In light of IoT-captured data-driven decisions in all operational operations, customers will have enough visibility into the underlying justification for every decision made and the outcomes of the process.

2. Manufacturing

Mark Benioff, the Chairman and CEO of Salesforce, says, “It’s more than an IoT Revolution, it is a Customer Revolution. Behind every one of these things is Customer.”

Technological advancement and IoT have an impact on every sector, and the manufacturing industry is no exception. IoT in manufacturing can obtain valuable information and insights with the help of IoT. From monitoring the production process, optimizing the safety of workers, and identifying potential problems, to identifying weak parts – IoT can handle it all. 

IoT solutions also help in improving production quality, improving efficiency, waste reduction, and enhancing worker productivity and skills. The best part is, that you can do it all without even entering the industrial premises. 

3. Finance

The top priority of financial businesses is safety and security. Banks and customers are accustomed to sharing financial transaction information. With the help of IoT, financial institutions can now provide an improved range of services to customers.

For the past few years, banks have started using data analytics and sensors. These further help to collect a vast amount of data about customers and offer personalized services. IoT in the financial sector helps in the following points:

  • Automated business processes for banks
  • Interactive credit card for customers
  • Improve the overall experience of financial institutions
  • Connected devices enable users to develop and improve their financial habits

4. Transportation and Logistics

According to Allied Market Research IoT in Transportation Market is to Reach $495.57 Bn, Globally, by 2030 at 19.9% CAGR

Since the emergence of IoT, transportation and logistics have been using connected devices. These connected devices help in the following segments:

  • Streamline storage goods
  • Inventory level management
  • Track delivery vehicles
  • Monitor deliveries
  • Supply chain management
  • Enhance operational efficiency
  • Manage regulatory compliance
  • Better customer experience
  • Reducing downtime
  • Operational performance measurement
  • Decreasing operating costs
  • Road traffic optimization

IoT has revolutionized transportation & logistics by making real-time data available, improving resource management, boosting productivity, and much more. 

5.  Retail 

Due to the seismic shift in demand for IoT in retail, its market size is expected to hit $177.90 billion by 2031.

Around 70% of retailers are confident that IoT will significantly impact how they do business in the future. Nowadays, leveraging emerging technology such as IoT, cloud, AI, RFID, and beacons for retail stores is a necessity. 

Two major applications of IoT in the retail industry are:

Process Automation:

Retail operations and procedures can be made more efficient, sustainable, and resilient by using IoT-enabled connected stores and equipment. 

Additionally, retail automation contributes to inventory management,  increased supply chain operations, order fulfillment, fully automated stores, automated checkout speed, accuracy, & efficiency, and improved customer service & experience.

Collection of Data & Sharing:

Devices with sensors help track the product and purchase lifetime. Monitoring a variety of data, including stock levels, asset performance, environmental & equipment data, and more, would be necessary. 

This data can be stored, transformed, and analyzed using algorithms to yield insightful findings for operational advancement.

Advantages of IoT Technology for Businesses

We’ve listed some important advantages of IoT technology for business. Let’s take a look at them:

1. Enhances Safety and Security

IoT can completely transform industries. Leveraging IoT helps to enhance safety and security for employees or workers. It has helped companies to improve working conditions, streamline operations, data collection, and enhance productivity. 

Integrating IoT with smart locks, sensors, high-quality video cameras, and other devices can track and monitor every aspect of office operations and premises and protect assets. 

Workers who work in high-risk workplaces like construction, manufacturing, or real estate can be tracked and notified about alerts if any danger persists. 

2. Enhanced Customer Service and Experience

IoT plays an important role in enhancing customer experience. With the help of IoT, you can develop better products, detect maintenance issues, send personalized communication, and much more. 

Various industries such as manufacturing, e-commerce, agriculture, and other industries make the best use of IoT to flourish their businesses and enhance customer satisfaction. Not just in major industries but also in our homes, we could obtain the total benefits of IoT-enabled devices. 

3. Minimizing Operational Costs

The most significant costs incurred by companies comprise energy, materials, and losses due to downtime. However, IoT helps to tackle these issues by making it possible to minimize operational costs and generate new revenue streams by: 

  • Reducing machinery downtime
  • Optimizing inventory management
  • Optimizing asset management
  • Predictive maintenance and Real-time diagnostics
  • Enabling more efficient agile operations and efficient use of energy

Ultimately, all these factors will help you to enhance productivity, boost efficiency, and asset utilization, which will help you save expenses. 

4. Higher Productivity 

IoT improves productivity and efficiency both at home and at work, including in industries. Businesses can use the highly detailed data produced by an IoT device platform network, for instance, to enhance internal operations and customer support. 

You can manage your projects, collaborate with your team, and maintain contact with your clients using IoT-enabled tools and applications. This can increase your productivity, freedom, and enjoyment while lowering your travel and operating expenses.

5. Improved Quality of Life

There are certain ways where the Internet of Things (IoT) and Big Data help to improve the quality of life. For example, smart home appliances make our lives easier. Lighting, switches, smart heating, lighting, switches, security, and entertainment systems have the advantages of convenience, security, and energy savings. 

IoT helps to save many lives. Patients can track their health metrics, have virtual consultations with doctors, medicine pill reminders, and much more. Smart devices in vehicles that help to stay safe with safety tracking and monitoring, providing real-time data to drivers regarding roads and traffic, and more. The IoT serves the entire community, not just a small portion of it. In the end, it contributes to raising the standard of living. 

How Apptunix Will Help Your Business with IoT App Development Services?

At Apptunix, we’re not just skilled developers but also dream builders. We have your back whether you want to launch a company or revolutionize your business with IoT-driven efficiency to simplify your processes.

IoT app development services offered by Apptunix are tailored to the requirements of your company. From the original concept to deployment, we’re committed to guiding you through the IoT environment and making sure your project is in line with your goals and achieving unbridled success. 

Wrapping Up

Undoubtedly, the world around us is getting smarter in this technological era. The world is evolving and IoT is acting as a catalyst for various industries and businesses. With the help of IoT app development services, innovation becomes limitless expanding its range to every corner of the world. 

All in all, the future of IoT is bright with the latest technologies emerging every other day. From smart home appliances, and smart farming to smart cities, IoT has paved the way towards digital transformation. And there’s much more to come! 

 

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