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The Internet of Things (IoT) is one of the greatest and rapidly evolving technology which is creating a new, quantifiable and measureable world in today’s era. IoT has been changing the people and businesses in a more profound way than the internet as they can manage their assets in a better informed ways, make better and informed decisions in a timely manner about what they want to or need to do.
It is believed that in upcoming years, IoT will provide highest numbers of business results in various business sectors like Manufacturing, Transportation, Banking and Finance, Logistics, Retail, Oil and Gas, Healthcare, and Education just to name a few.
The applications of IoT in real world is found almost everywhere.
1. Smart home
Smart Home, ranking as highest Internet of Things application on all measured channels. More companies are active in smart home than any other application in the field of IoT. The total amount of funding for Smart Home startups currently exceeds $2.5bn. This list includes prominent startup names such as Nest or AlertMe as well as a number of multinational corporations like Philips, Haier, or Belkin.
From all the IoT startups, wearables is probably the one with the biggest funding to date. It stands at more than half a billion dollars, changing the face of business.
3. Smart City
Smart city spans a wide variety of use cases, from traffic management to water distribution, to waste management, urban security and environmental monitoring. Its popularity is fueled by the fact that many Smart City solutions promise to alleviate real pains of people living in cities these days. IoT solutions in the area of Smart City solve traffic congestion problems, reduce noise and pollution and help make cities safer.
4. Smart grids
A future smart grid promises to use information about the behaviors of electricity suppliers and consumers in an automated fashion to improve the efficiency, reliability, and economics of electricity.
5. Connected Health (Digital health/Telehealth/Telemedicine)
Connected health remains the sleeping giant of the Internet of Things applications. The concept of a connected health care system and smart medical devices bears enormous potential not just for companies also for the well-being of people in general. Yet, Connected Health has not reached the masses yet. Prominent use cases and large-scale startup successes are still to be seen. Might 2015 bring the breakthrough?
6. Smart supply chain
Supply chains have been getting smarter for some years already. Solutions for tracking goods while they are on the road, or getting suppliers to exchange inventory information have been on the market for years. So while it is perfectly logic that the topic will get a new push with the Internet of Things, it seems that so far its popularity remains limited.
7. Smart farming
Smart farming is an often overlooked business-case for the internet of Things because it does not really fit into the well-known categories such as health, mobility, or industrial. Smart farming will become the important application field in the predominantly agricultural-product exporting countries.
These industries and many more are adopting IoT technology, and to great success, with 94% already claiming to see returns on their investments. It’s also estimated that IoT technology could contribute to as much as $19 trillion in cost-savings and profits in the future.