Business spending on the internet of things (IoT) has been robust over the past few years and 2020 was no exception. The trend continues upward.
Despite the disruptions caused by the coronavirus pandemic, executives, remain positive about the outlook for investment in IoT, reports Raconteur, a data-focused supplement to Times of London.
Among the most active areas for IoT – Automobile, Healthcare and Agriculture – only the Automobiles industry has more applications filed than have already been granted (see infographic above).
The infographic below explores past investment, future plans and how different industries are implementing IoT across their organisations.
- 82% of business executives surveyed say their IoT investment has grown over the past three years.
- 47% plan to increase investments in IoT despite the impact of COVID-19.
A WIPO report, ‘Internet of Things: Patent Landscape Analysis,’ cites a McKinsey study that estimates the potential economic impact of Internet of Things to be $2.7 trillion to $6.2 trillion per year by 2025 with applications in Healthcare, Manufacturing, Power, Urban Infra-Structure, Security, Vehicles and Agriculture.
Top ten IoT technologies by number of patents filed.
The impact in Healthcare is expected to be between $1.1 trillion to $2.5 trillion per year by 2025 and the greatest benefit could come from improved efficiency in treating patients with chronic conditions through efficient use of sensors, like glucose sensors, for remote monitoring.
The top three reasons for companies investing in IoT are Operations Optimization (56%), Employee Productivity (47%) and Safety and Security (44%).
Of the five industries surveyed – Manufacturing, Retail/wholesale. Transportation, Government and Healthcare – 64% of Retail/wholesale decision makers cited Supply Chain Optimization as the top use-case and 66% of Healthcare executives indicated Tracking Patient, Staff and Inventory.
To download the ‘Invest and Implement’ infographic, go here.
Image source: raconteur.net; wipo.org; dexpatent.com