How IoT sensors are driving cross-industry growth and innovation

0
300

The market for Internet of Things (IoT) sensors is predicted to experience a remarkable rate of growth in the 2020s. MarketWatch reports the field will grow to $68 billion by 2024 at a compound annual growth rate of 40 percent. The reason being, IoT sensors allow for the optimization of current consumer, industrial, and civic processes and the development of groundbreaking new products. Indeed, firms like Microchip Technology will showcase innovative new applications of the technology at CES 2020.

New IoT Tech at CES 2020

On January 7-10, CES 2020 will introduce the public to a host of pioneering new products. Along with 5G and 8K video, IoT-enhanced electronics are set to be a central focus of the event.

Microchip Technology, which introduced some amazing IoT diagnostic equipment at CES 2017, is bringing compelling new tech to the conference this year. The firm will present a smart wearable echocardiogram, a connected auto syringe injector, and a cloud-authenticated pulse oximeter. The company’s innovative products have the potential to improve the lives of millions of patients worldwide.

Advertisement
Manage your supply chain from home with Sourcengine

Cybersecurity company Firedome is coming to the show as a 2020 Innovation Awards Honoree because of its latest software platform. The artificial intelligence-powered network provides endpoint protection designed explicitly for IoT devices. Firedome’s platform proactively detects and responds to threats from malicious operators.

Furthermore, chipmaker NXP Semiconductors will showcase a host of intriguing IoT products at CES 2020. The company will highlight how its components can bolster ecological sustainability and economic growth in major cities. Also, the firm will demonstrate how its processors will make tomorrow’s cars safer, more functional, and more convenient.

How IoT Sensors Are Reshaping Cities and Grocery Stores

The most visible impact of the widespread deployment of IoT sensors will be the reshaping of urban environments. For instance, in Barcelona, city leaders established a sensor network that guides drivers to available parking spots. As a result, the municipality experienced a reduction in street congestion and carbon emissions.

Similarly, officials in Boston worked with Verizon to establish an IoT sensor network in the busiest sections of the city. The system is providing urban planners with data that will allow them to redesign Beantown’s intersections to make them safer for pedestrians, cyclists, and drivers.

The mainstreaming of IoT sensors is also leading to a significant disruption in the grocery sector. Earlier this year, retail giant Walmart opened its first smart grocery store. The 50,000 square foot shop features a slew of online-enabled cameras, an artificial intelligence system, and IoT sensors. As a result, the next-generation of supermarkets will use machine intelligence to check out customers and restock their shelves.

Besides, Amazon is working to establish a host of IoT-powered convenience stores called Amazon Go across the nation. Currently, the conglomerate has opened 15 corner stores and plans to spend $474 million in 2020 to launch more shops.  Moreover, the company is also seeking to bring its cashless checkout technology to Regal Cinemas and various sports stadiums.

In the next decade, IoT sensors will empower corporations and municipalities to make the flow of traffic and commerce easier, faster, and safer than ever before. Previously, the advent of technologies like steam power, automation, and personal computing brought about industrial revolutions.

In the 21st century, IoT sensors will be the innovation that reshapes civilization.

Learn more about the world-changing innovations IoT is bringing about by clicking here.