With any enterprise comes an abundance of critical assets: vehicles, production materials, products, machines, tools, appliances, and people—all of which need to be managed properly to avoid costly delays and malfunctions, meet compliance standards, and achieve financial goals. It comes as no surprise that the Global Asset Management market is growing. According to a market outlook published by Stratistics MRC, the Global Enterprise Asset Management is expected to reach $6.83 billion by 2022, growing at a CAGR of 11.1%. It also comes as no surprise that IoT and cloud services are a driving force behind enterprise asset management (EAM) market growth.
As outlined in our 2016 blog, GPS: The Grandfather of IoT, GPS is a radio navigation satellite service (RNSS). Unlike IoT applications, GPS doesn’t require the user to transmit data and operates independently of any telephonic or internet reception, providing a powerful tool for companies around the world to locate and track assets wherever they are.
Almost 20 years ago, the introduction of computer-driven automation brought fundamental change to the manufacturing industry. Today, with the advent of the Internet of Things (IoT), manufacturing is changing again. The traditional factory floor already accustomed to interconnected production means along a predefined hierarchy, with every asset working together to achieve efficient production at optimal costs. With SIM-enabled IoT, new “smart factories” are envisioning a hyper-connectivity that maintains constant data flows along every link of the value and supply chain to close information and inventory gaps, increase operational efficiency, and lower overall manufacturing costs. This new level of connectivity, backed by IoT and SIM technology, has led some to declare SIM IoT manufacturing as the fourth industrial revolution, or Industry 4.0.
As the world works toward a greener future, new tools are needed to study the impact humans have on the environment. For most urban areas, the annual carbon footprint of a single city can range from “40 to 80 metric tons of carbon dioxide” according to Business Insider. Fortunately, environmental sensor technologies have greatly improved in recent years, and we now are able to study our carbon footprint and impact in ways we could only dream of a decade ago. Leveraging the Internet of Things to connect sensors across a city or geographic region to a single network could mean even more information for scientists, meteorologists, and ecologists everywhere.
Businesses across dozens of industries are turning IoT-collected data into practical action to improve operational efficiency and provide better service. From retail supply chain management to smart home solar energy to healthcare patient monitoring to tracking fleet locations and service conditions, the number of applications for data collected by IoT will continue to grow as wireless technology advances.
Solar energy usage is on the rise nationwide as the technology becomes more efficient and cost effective. According to the International Energy Agency (IEA), renewable energy sources accounted for almost two-thirds of net new power capacity around the world in 2016, with solar energy expanding faster than any other fuel source to surpass the net growth in coal for the first time in history.
According to World Population Clock (and UN projections), the global population will exceed 8.6 billion people by 2035. At that rate, farmers and agriculturalists worldwide will need to double their efforts in order to sustain the nutritional needs of an extra billion mouths to feed. This includes not only raising more livestock and growing more crops but also addressing challenges associated with crop regeneration, pest control, climate change, and waste.
According to The Alzheimer’s Association, more than 44 million people globally live with Alzheimer’s disease, including five million patients in the United States alone. As life expectancy increases, the number of people who suffer from Alzheimer’s and other diseases that affect memory is estimated to rise to as high as 16 million in the U.S. by 2050. While great strides are being made to understand, treat, and hopefully prevent the disease, there still is no cure.
Wildfires destroyed 10.1 million acres in 2015 according to High Country News, with costs for the destruction rising to $2.6 billion by the end of the year. These frightening natural disasters are difficult to manage under even the best of circumstances and pose a threat to homes, lives, and the land itself. Modern fire safety technology is improving, but there still is much that can be done to give wildland fire response teams the upper hand in battle. The Internet of Things is a powerful weapon in this war, and a linked network of IoT devices can connect any fire team across a wide range of land to improve communications, monitoring capabilities, and allow for more agile response. Urban and suburban fire response teams already are adopting IoT throughout the country, and the time is ripe for wildfire teams to join in.
Businesses have long become accustomed to utilizing security protocols such as firewalls and compliance engines to protect proprietary data on their computer networks. However, with the adoption of the Internet of Things (IoT), data now is regularly transferred across the internet from SIM-enabled devices to management platforms. Without protocols in place to protect IoT data transfers, sensitive operational information will be moved across the public and open internet, leaving it highly vulnerable to compromise from hacking, eavesdropping, or information leakage. To prevent these kinds of data compromise, IoT networks must employ security protocols that can extend their network across the internet to privately connect their devices. This type of security connection is called a virtual private network (VPN).