IoT’s Impact on Various Industries

Internet of Things technologies are widely applied in the development of software solutions for a broad range of industries. One reason for this popularity is the rich range of new opportunities they bring to users. Connecting various devices into one network helps in managing many processes remotely and significantly improves the system’s efficiency. In this article, we’ll look at the most popular types of Internet of Things solutions, including IoT fitness apps, IoT manufacturing software, and IoT pet solutions, as well as their impact on various industries

Enterprise investments in the Internet of Things are growing year over year. For example, in 2020, overall spending on this tech reached $128.9 billion, to total annual growth of 12%. IoT spending in 2021 is projected to show a growth rate of 24%. And it’s expected to increase by 26.7% annually after that.

IoT software and IoT security continue to be the segments attracting the largest investments from enterprises. Despite the impact of the COVID-19 pandemic on major industries and markets, the IoT sphere seems to be gaining momentum even more actively than before.

One of the most in-demand IoT software types is applications for the fitness industry. The market is expanding continuously and is expected to reach $30 billion by 2025.

Boosted by the new conditions created worldwide by the COVID-19 pandemic and related restrictions, the range of use cases for IoT fitness solutions is growing. For example, thanks to the capacities of the Internet of Things, sports lovers can now train virtually with others.  When gyms and sports centers are closed, apps with that type of functionality can become a great motivator for many people. 

Other types of IoT-related solutions that are popular include software for data tracking and group training, which can make your workouts significantly more effective and results-oriented.

Such apps can also prove useful for developing high-quality individual training plans and diets, and for tracking vital health indicators and activities. It’s worth noting the broad offering of various fitness wearables that can be connected into one network, from simple smart bracelets to shoes with innovative sensors that can detect footwork and speed. 

The Internet of Things is also gaining strength in the sphere of manufacturing amid the digitalization of many processes and operations. Industrial Internet of Things  (IIoT) solutions are gradually being implemented by many manufacturing enterprises all over the world, North America being the region with the best-established IoT market.

While the market is projected to reach $263.52 billion in 2021, experts believe this figure will rise to $1463.19 billion by 2027.

IoT manufacturing software that we build for enterprises helps ensure better data analysis, forecasting, inventory management, and remote monitoring, and improves the quality of production and the safety of workers. IoT enterprise solutions enriched with GPS tools can also be used for authentication and monitoring various products and their delivery.

At Cogniteq, we work closely with another category of software that often is referred to as part of the Industrial Internet of Things: IoT supply chain apps. In 2019, the size of this market was $34.5 billion, and by 2030 it may grow to $100 billion.

IoT solutions provide three key capabilities that make them a great choice for supply chain management: automation, better reporting and documentation development, and real-time visibility. Such apps are often integrated into larger-enterprise IoT systems, helping to automate and streamline a whole cycle of processes.     

IoT apps allow logistics specialists to make better decisions related to goods arrivals and make delivery forecasts more precise.  That makes it possible to mitigate risks related to inaccurate planning. Thanks to IoT, it’s also easier to develop and change optimal transportation routes based on seasonal factors, current weather conditions, and ongoing road situations.

This category of Internet of Things solutions may seem the most surprising one on our list, especially for those who do not have pets. But today this market is experiencing a period of extensive expansion. In 2020, the market size was $5.7 billion; by 2027, it is said to be ready to cross the level of $20 billion. Among typical IoT apps for pets, we can point to interactive and monitoring cameras, activity trackers, smart feeders and fences. 

In one of our previously published articles, we described the functionality of IoT pet solutions in more detail.

It is interesting to note that today’s IoT software market offers not only solutions focused on dogs and cats, but also for fish, parrots, hamsters, and other small furry (and not) friends. These apps revolutionize and facilitate the way people interact with their pets, which helps to ensure pets’ physical and mental health.

Smart home systems are hardly a new trend. However, thanks to modern tools and advanced solutions, they have become available to wider circles of users. In 2020, the smart home market was valued at $79.13 billion. According to the opinion of analysts, this segment has every chance to hit $313.95 billion by 2026. North America has the largest market share in the world. And it is forecasted that around 30 million families will install smart home systems in their apartments and houses.

With smart home solutions, property owners not only get remote control over their devices and home appliances but can also make their use significantly more cost- and energy-efficient. At the same time, motion detectors, smart door locks, and surveillance cameras help users feel more confident of the security of their homes. At Cogniteq, we can build user-friendly mobile apps for managing smart home systems that will require no special technical skills or pre-training from the perspective of end-users

Another segment of the IT market that is experiencing skyrocketing growth today is medicine software.  The volume of the global telehealth app market in 2019 was  $41.63 billion. A year later under the influence of the conditions created by the COVID-19 pandemic, this figure reached $60.9 billion. If you want to learn more about the development of this sphere we offer you to read our recently published market overview. 

Today medicine software can be enriched with a wide range of features based on such technologies and tools as videoconferencing and video streaming, Internet of Medical Things (IoMT), and Machine Learning (ML).

This software offers a completely new approach to building communication between medical experts, doctors, and patients. It helps to increase the quality and efficiency of medical services, makes these services more accessible to everyone, and supports the expansion of distant consultations and treatment in a remote format. Among other opportunities provided by this type of apps, we should mention higher accuracy for diagnoses, better medical data management, and enhanced chronic disease monitoring.

The Cogniteq team has rich expertise in working with numerous technologies, and one of the technologies we focus on is the Internet of Things. Our portfolio already includes dozens of IoT software solutions successfully built for companies working in various business domains. We are always open to new projects and ideas. If you want to boost your business growth with an advanced, feature-rich IoT-powered app, contact us via this online form and we will offer you the most efficient solution.