This market has historically been known as Machine-to-Machine (M2M) communications and encompasses services as diverse as smart meters in the home that feedback real-time consumption information to gas and electricity companies, to sensors on cow herds that automatically alert farmers when a cow is about to give birth. The industrial nature of many of these applications mean that the spread of the Internet of Things is less apparent to consumers, but analysts say the global market for IoT was already worth $200 Billion US Dollars last year (2017) and is set to continue to grow at a steady rate.
Established telecoms providers are likely to be the prime beneficiaries of this upward trend as the industry’s growth is mainly driven by large scale contracts from governments or larger companies. These businesses and organisations are seeking ways to use this technology to automate operations and maximise their efficiencies to generate cost savings.
Around the world we are witnessing governments investing heavily in this growth as IoT technology becomes embedded in ‘smart city’ projects. One such successful project was carried out in Santander in Spain, where more than 10,000 sensors monitor the city, from traffic flow and air quality, to noise and controlling street lamps. This technology is being used to improve public life and improve efficiencies of local authorities, for example by directing refuse collections when bins are full, rather than at a set day each week or month, to prevent unnecessary trips and expenditure.
As this technology develops and becomes more widespread, and accessible, we are seeing increasing elements being used in our everyday lives. At Zest4 we have recently used this technology to win such varying projects as smart bins and refuse collection, smart parking solutions, temperature sensors and monitoring for cold storage units, smart vending solutions, to managing the efficiency and maintenance of church clocks – this list is endless.
Smart meters throughout homes in the UK are becoming far more wide-spread. Providing true and up to date consumption data to gas and electricity providers to ensure consumers are billed accurately.
The automotive industry is also adopting connected technology for tracking, in-car entertainment and safety features, as well as providing tailored insurance packages to drivers willing to have their performance measured. Other key areas in development are healthcare, retail, security and IT networks.
This channel, in substantial and sustainable growth, is a fantastic opportunity for businesses at this time. We guarantee that most of your customers are realising the benefits of IoT, whether they know what it is yet, or not. Make sure you are the business supplying them.
If you want to find out more about how IoT could benefit your business get in touch at firstname.lastname@example.org or go to http://zest4.com/m2m to see how you can become a Zest4 IoT partner.