How IoT Drive Benefits to Several Economic Sectors In Nigeria
What impact will IoT have in bringing economic benefits?
IoT’s Contribution to Economic Growth
IoT significantly increases productivity: by as much as 0.2% of GDP already, and growing. Over half of these benefits are enjoyed by manufacturing businesses, making it the sector currently with the largest opportunity from using IoT.
You are aware of the Internet of Things, but don’t know how it drives benefits to the economic sectors? This blog is for you! By the end of this you will get to know about how IoT can Drive Benefits for Several Economic Sectors!
In present times, IoT devices include environmental sensors, smart watches, smart cameras, smart refrigerators, etc. All these devices belong to the sensor group. There is another type of device in IoT called actuators (or controllers) that convert the incoming signal (often electrical) into physical action, like changing the temperature if it is too low, making you a cup of coffee after you wake up, or vibrating when you sit for more than an hour!
Do you know, IoT keeps bringing new smart products in different categories. And always helps to make a better vision of it. This way, it is helping the economy by giving it a boost! How? Let’s check it in detail.
How IoT Impacts the Economy??
The number of connected devices exceeded $10 billion in 2019 and is expected to reach 30 billion by 2025!
IoT significantly increases productivity by as much as 0.2% of GDP and is growing over time. Over half of these benefits are enjoyed by manufacturing sectors. Also, if you will give a closer look, you will see how IoT in healthcare is making it increasingly the largest opportunity for using IoT.
The potential gains for businesses in developing countries are substantive. IoT saves a lot of time for many enterprises by making their work easier and faster! Therefore the growth rate of successful companies is about to touch the sky.There are several sectors which benefit from the existence of IoT. Let’s discuss them.
Economic Sectors That Get Benefited by IoT Development
As we can see, IoT is working like a helping hand in every sector like the Finance sector, Healthcare, Transportation, Retail business, Banking and many more.
Let’s see in depth.
IoT helps finance companies save time and money by gathering and transferring data efficiently!
IoT in finance is an interconnected network with IoT devices that help all banks automate the business process.
Here are several benefits of IoT in the finance sector:
- Payments From Anywhere
- Pay from anywhere-wherever you are!
IoT in the finance industry lets you create a smooth system for optimizing and accelerating all the payment processes. You can easily make payments from anywhere worldwide by operating that fintech app on any device.
Streamlines F&A(Finance and Accounting) Operations
Finance and Outsourced Accounting operations collaborate with different departments to collect information efficiently. Instead of manually collaborating with all the companies, the process can be automated. The announcement also can be ordered and updated to the cloud in real-time.
Improved Customer Support
Excellent customer support can be a great reason behind the growth of your business. If you want to maintain or grow your business, you should be careful about the relationships with your customers. IoT devices gather vast volumes of data that can be used to deliver better results.
Fraud Detection With Improved Security
To make all the online money transfer processes more secure, IoT has improved the level of security measures. IoT in financial services uses software integrated with AI(Artificial Intelligence). It can collect more data about financial transactions made by their customers that will help improve the security level and make financial transactions as well the whole process easier.
IoT promotes informed decision-making to offer a seamless experience for customers, which was a bit complicated otherwise.
Transportation and Logistics
You know the transportation market got valued at $135 billion in 2016, and it is expected to reach $328 billion by 2023.
Fleet Management System
Fleet management service shares the data between vehicles and fleet managers to maintain a particular task in an organized way. It helps managers keep track of productivity, visibility and maintenance improvement.
IoT-enabled ﬂeet management telematics shares data between vehicles and fleet managers to improve productivity, visibility, and maintenance.
Public Transit Management
Not everyone owns a car, and some may travel by public transport. And to do so, they should be aware of the timetable of the particular transportation service, right?! Here, big thanks to IoT for providing an accurate time tracking service(GPS). By this, an individual can keep an eye on any transportation service he wants to take at the time.
Smart Inventory Management
Smart inventory management provides real-time visibility across the production in the warehouse and distribution of that product.
RFID(Radio frequency ID) chip tags are used in IoT devices to keep track of physical inventory. They can be the key to inventory management.
Typically Geo-fencing is a location-based service that uses GPS or radio frequency identification to set up a virtual boundary around a location.
Geo-fencing and GPS tracking systems can boost any workforce’s efficiency and success ratio. Geo-fencing helps increase work productivity and the worker’s work efficiency.
IoT in healthcare is the most affected sector out of all sectors. IoT sensors and systems became professional health assistants that measure biometric data and send it to the doctor.
Human organs can be transported between two hospitals by drones in case of emergency surgery. The information from sensors is essential to understanding the health of the patient. Thanks to the Internet of Things and Big Data synergy, doctors can make better diagnoses because they have real-time information about a patient’s biometric data.
Healthcare services are being advanced due to IoT. If we look at the recovery rate ratio, it is not only increased but nearly doubled! As well as the death rate is falling down. If we take an example, breast cancer disease was used to be a common disease among American women.
But the scientists and the doctors used IoT in finding a proper solution for the same. And they did it! Now, the iTBra helps the doctors to do analysis for the cancer and do suitable treatment to any patient.
Because, many people are going for high-cost surgeries, and post surgical treatments which are very expensive! Surely we can take this as an advantage in terms of advancement.
The advancement of technology boosted the production and manufacturing part of the industry. “The manufacturing sectors lead the way.”
Just for your Information: Do you know that 50% of the global productivity impact is from the manufacturing sector? The manufacturing sector itself shares a large share of total global economic output.
Manufacturing sectors, including consumer electronics and automotive, have a higher adoption rate than others.
As a result of machine downtime reduction, automatization, and less energy consumption, real-time data businesses experience growth in their efficiency and productivity.
In addition, IoT can provide accurate data about the production process at different manufacturing stages, hence allowing to identify bottlenecks in the process and increasing the throughput capacity of the production. Together all these benefits increase profits significantly.
As we have seen above, IoT in healthcare sectors, IoT in manufacturing sectors, IoT in transportation and IoT in finance sectors…
These are not the only ones. There are many more sectors which are affected by IoT like retail, energy, communication, etc.
As IoT has excellent potential in the Fintech area, its future seems promising. But as you know, a coin has two sides– you have to elaborate this process wisely to get the best results without any bugs and failures. If you want to kick start your journey by developing any smart solution you can consult any top IoT development company like iFour!
For more and more growth, all the Governments can encourage economic growth, and the proper rules and regularities or policies can stimulate IoT adoption by any businesses. Doing this can sharpen their country’s business sector’s growth and raise tax revenues.
How do different organizations benefit from IoT?
One of the major benefits organizations get from using IoT in their business model is efficient tracking and monitoring of their assets. In addition, you can use these sensors in transportation vehicles or at remote locations to keep track of changing events.
What impact will the IoT have on various sectors?
IoT is one of the driving forces behind the Industry 4.0 movement, as it will enable enhanced automation, data collection, and analytics, in addition to optimizing workflows and processes. With the intelligence enabled by IoT, devices can be programmed to work in unison to produce outputs on an assembly line.