The adoption of connected devices has exploded recently. Gartner estimates that 25 billion “things” will be connected to the internet by 2020. The next advancement in this technology is Enterprise IoT that enables physical 'things' with embedded computing devices to participate in business processes for reducing manual work and increasing overall business efficiency. A July 2018 study from Market Research Future predicts 26 percent annual growth in the Enterprise IoT market, hitting $58 billion in 2023.
The biggest opportunity for Enterprise IoT lies in helping businesses become more productive, streamline their operations, and gain incremental revenues by connecting their devices and products to IoT devices sensors. These solutions excel at orchestrating analytics, Artificial Intelligence (AI), and real-time monitoring to deliver exceptional customer experiences.
Various sectors have adopted Enterprise IoT in a big way. In the healthcare industry, many hospitals are being outfitted with sensors that allow better monitoring of temperature, humidity and differential pressure, which both aids to the general comfort of patients, while fostering conditions that do not promote bacteria in the rooms. Clinical grade biometric sensors are being developed by IoT start-ups such as VitalConnect, Senseonics, Sotera, EarlySense etc for use at hospitals for real-time patient monitoring.
On the industrial side, large enterprises and manufacturing units have started using the technology for predictive maintenance, supply chain management and near real-time insights. Drayson Technologies provides an IoT platform that combines wireless charging tech and ML to create smart sensor networks that deliver greater energy and cost efficiencies for the enterprise.
Similarly, Element Analytics works in the fields of chemicals & refining, manufacturing, metals & mining helping them to use industrial time-series data to improve production efficiency and product quality. Whereas, GEM in providing IoT, analytics, and ML solutions with specific focus on Overall Equipment Effectiveness (OEE) and predictive maintenance.
Enterprise IoT tech is also providing Smart City solutions for efficient water supply, energy efficient buildings, improved public safety etc. In India, a start-up called SenseGiz develops IOT-based enterprise products for smart offices, security, and smart city applications, by employing a combination of connected hardware, cloud analytics, and apps. Bengaluru based Altiux Innovations works towards making smart cities cleaner, safer, and efficient.
The other benefits of enterprise IoT will include enhanced enterprise efficiency, facilitating new business models, and aligning physical operations with digital assets on a real-time basis. With the advancements in Big Data processing and analysis, the insights derived from the IoT data sets will become invaluable for the enterprise decision makers.
Credits : Akhil Handa,Aparna Anand