Very interesting conversation by Nam Nguyen from InFyra.
It was fascinating to learn [most] organisations use only 5% of the data they collect. Now with accessibility Endpoints (smart devices, wearables, sensors, etc.) having gateways and cheaper and more available connectivity like NB1/NB-IoT, it is easier than ever to collect data, however many organisations simple don’t know how to draw insight – simply put, how to use the data.
IoT application and benefits are more clear in some areas and some sectors such as insurance, healthcare, utilities and agriculture. IoT’s global market will reach $344b by 2025 with security, primary processing and automotive industry being in top 3.
| Ranking | Vertical Market | 2025 revenue ($b) | Share |
| 1 | Security | 69.5 | 20.2% |
| 2 | Primary Processing | 55.0 | 16% |
| 3 | Automotive | 52.3 | 15.2% |
| 4 | Transport | 39.6 | 11.5% |
| 5 | Utilities | 32.9 | 9.6% |
| 6 | Healthcare | 27.2 | 7.9% |
| 7 | Industrial | 27.1 | 7.9% |
| 8 | POS/Retail | 23.1 | 6.7% |
| 9 | Home (non-security) | 15.7 | 4.6% |
| 10 | Others | 1.9 | 0.5% |
| TOTAL | 344.2 | 100.0% |
Let’s look at potential of IoT’s impact on Australian economy. According to PwC IoT report in 2018, over 8-18 years, total potential benefit of A$194 – A$308 is estimated. Looking at specific sectors, this equates to average productivity improvement of ~2%
| Industry Sector Top 5 Sectors representing 25% GDP | Potential Benefits over 8 – 18 years AUD Billion |
|---|---|
| Construction | 75 – 96 |
| Healthcare | 34 – 68 |
| Manufacturing | 50 – 88 |
| Mining | 22 – 34 |
| Agri, fishery, forestry | 14 – 22 |
If we look at agriculture, one good example of how IoT is helping is with cow tracking, Geo-fencing and precision farming.
Retail is another example where IoT can help businesses to have better understanding of their customers behaviour. Just as in eCommerce where all movements are trackable from one page to another, number of visit, dwell time, etc, this is now possible in physical store thank to Bluetooth Low Energy (BLE).
For open-minded innovative businesses that want to look at power of IoT to answer some of existing questions, possibilities are endless — but in today’s world it’s even about discovering problems they don’t know they have.