IoT Transforming Industries and Driving Growth
IoT, or the Internet of Things, digitally interconnects everyday objects with the Internet, enabling devices to communicate without human intervention. This automation improves efficiency across various sectors. Over the next five years, IoT is set for exponential growth.
Key Data about IoT
According to Euromonitor International, the number of connected IoT devices has reached 10 billion by 2020 and will reach 22 billion by 2025. IoT Analytics projects that the IoT market will grow from $151 million in 2018 to $1.567 billion in 2025. McKinsey Digital reveals that the financial impact of IoT increases with each new use case, having a significant multiplier effect.
Mexico is no exception to this trend. In 2019, IoT Analytics estimated a compound annual growth rate (CAGR) of 28.3% in IoT investment in the country, making it one of the markets with the greatest potential in Latin America.
How Will IoT Help Your Business?
Let’s take a transport or fleet company as an example. Adopting IoT allows superior control of vehicles and drivers, reduced fuel consumption, improved safety through driving habit monitoring, and optimized vehicle maintenance. All this translates into greater operational efficiency and increased profitability.
By connecting a fleet with IoT, routes can be optimized, alerts generated for sudden driving, speed, and location monitored in real-time, and detailed maintenance control maintained. The benefits in terms of fuel savings and increased safety are direct and tangible.
Applications of IoT in Various Industries
IoT applications span virtually all industries and company sizes. From connecting medical coolers for transporting organs and vaccines to smart textiles that detect temperature changes and pallets that inform about load and location. The savings generated and the profits derived from new business models can be substantial.
In Mexico, IoT is present in growth and sustainability plans and strategies. It allows for process automation, improved effectiveness, and more intelligent use of non-renewable resources.
IoT Initiatives in Mexico
IoT is already being applied in various areas in Mexico:
• Automation and Sensors: Sensor systems that enable decision-making and automatic task execution, as seen in SensorGO’s seismic systems.
• Robotization and Tracking: Robots and tracking sensors that increase productivity and safety in various fields.
• Industry 4.0: Increased productivity and improvements in quality and workplace safety.
• Smart Cities: Automated lighting and clean energy solutions, water purification systems, and traffic control.
• Asset Protection and Accident Prevention: Monitoring and tracking vehicles and assets to reduce risks and improve safety.
The Future of IoT in Mexico
The future of IoT in Mexico looks promising. With multiple companies and visionaries working on new initiatives, it is expected that by 2025 the number of connected devices will reach 22 billion, generating average revenues of $16 billion. This growth will be driven by innovation and collaboration spaces, such as Supply Chain projects at DHL and AT&T.
Conclusion
IoT is not only transforming industries but also improving the quality of life and promoting smarter resource use. Connectivity solutions for IoT and M2M help Mexican companies adopt this technology and benefit from its many advantages. IoT adoption is not just a trend; it is a revolution that is here to stay.