We are back with our monthly updates about Internet of Things insights that hit the market recently. Today, we offer you to dig into what IoT offers in telematics, industrial systems, healthcare as well as commercial fleet management. Ready? Let us begin.
Auto and Telematics
Everyone is concerned with safety on the road. This is the reason insurance companies make so much money: they capitalize on chances selling policies that cover a number of risks. Now, clients of the latter might get their policy rates depending on how careful they are while behind the wheel. Harnessing the power of predictive analytics, top tier insurance players define the risk levels with the help of IoT, according to the findings of global advisor Willis Towers Watson. UBI or User-based insurance will expose connected cars to more monitoring; thus, it promises better and more accurate underwriting of future services offered by insurance companies. UBI carriers will need to embrace some challenges such as picking the right data from a vast pool of resources integrating existing data with newly mined info.
This niche of technology is promising: experts forecast the numbers reaching more than 900BUSD in less than 10 years. Today, top industries contributing to its growth are manufacturing, energy, and oil and gasoline sectors. California-based IoTium took the burden off industrial players by offering secure management of infrastructure with its NaaS that allows industrial environments to connect their legacy control and automation systems to private and hybrid clouds, newly created apps in public or data centers without lowering security levels which are of vital importance for them. IoTium’s Network as a Service solution is to do the I’s of persisting connectivity issue of existing application environments adding the networking shaped by the software through Industry 4.0.
As per IDC’s findings, healthcare centres keep embracing IoT and related innovations to showcase greater ROIs, the transformation of digital strategies, level up care delivery as well as reimbursement models to become closer to customer-centric environments. However, it’s not as easy as it seems at first sight. Health care players are to overcome several hardships on their way to more efficient healthcare systems e.g. security and privacy, budget constraints, IT professionals to implement and support IoT projects etc. Despite all the difficulties, healthcare IoT is to steadily grow till 2020 with GAGR of 38.1% continuing to bear fruit for health centers and hospitals with virtual visits costs contributing to overall cost reduction.
According to American legislation, all the trucks are supposed to lower on CO2 emission by ¼ by 2025. According to Willis’ recent insights, when infused in a fleet, IoT can measure fuel use. Thus, through connectivity, businesses can monitor tyre pressure and leaks of oil to cut down on fuel waste. IoT fleet sector is expected to add more than 20% each year increasing opportunities for monitoring in real time, operational efficiency, recognizing the needs for scheduled maintenance as well as analytics. IoT for fleet has a lot to offer indeed. For example, MIMO Coach antenna is to boost public safety through fleet connectivity using Wi-Fi; thus, promising better video streaming capabilities that are typical of fleet management systems nowadays.
IoT has a strong track record helping business address the challenges of the interconnected world and becoming an asset for hundreds and thousands of enterprises around the globe allowing corporations to aim for greater business success through digital transformation.