Last year saw the most technologically advanced Olympic Games to date, largely thanks to advancements in the Internet of Things (IoT), and the world watched in awe. Smart city technology allowed the organisers to manage traffic and crowd density, biometric tools ensured better security, smart cameras and AI helped detect faults such as out-of-bounds balls, and real-time stats like jump height were shared instantaneously with viewers. Some athletes even trained using digital twins, athlete stats down to the millisecond captured through body sensors, to hone their performance ahead of the Games – potentially changing the future of professional athletics training.
But it’s not only on the sports field where IoT ensures a competitive advantage. The IoT integration market is rapidly growing, fuelled by the increasing use of IoT devices in industries such as logistics, retail, healthcare, automotive, security and fintech. Global cellular IoT connections reached 3.9 billion in the first half of 2024, representing 20% year-on-year growth and 181% over the last five years.
On local soil, the IoT market is expanding at an impressive CAGR of more than 13%. Ross Hickey, CEO and Founder of Trinity, a leading local IoT specialist, says companies are rethinking their connectivity strategies to take advantage of the real-time data, automation, and security advantages on offer – and those who aren’t, could face getting left behind.
Advantages of IoT
From prolific devices such as smart cameras and appliances to specialised sector-specific equipment such as sensors for irrigation optimisation in agriculture, there are so many ways in which IoT can improve efficiencies and controls – and, importantly, profitability.
- Retail: Smart inventory management systems use IoT sensors to track stock levels accurately, reducing overstocking and understocking to minimise storage costs and losses from unsold goods.
- Logistics: Telematics in fleets can monitor movement patterns to provide real-time data, not only to orchestrate complicated operations but even prevent transport accidents.
- Security: Integrating smart cameras and sensors, with bird’s eye-monitoring, improves the safety of people and property.
- Healthcare: Sensors can send instant data to healthcare providers on vital signs like heart rate, respiration, and blood sugar, while tracking available equipment in real time shortens emergency response times.
- Manufacturing: Monitoring equipment not only optimises performance but can forecast maintenance needs to prevent any unexpected breakdowns.
- Finance: Mobile payment terminals, real-time payment processing updates, and other services that depend on connected devices can help finance service providers enhance customer experience and prevent fraud.
Looking ahead
Most companies today are already employing some form of IoT, whether it’s as simple as remote asset tracking of a company car or as complicated as real-time data analytics in a multi-national corporation.
While the devices on offer are incredibly exciting, the expansion of the IoT market will demand more than just connectivity in the future, says Hickey. “While many businesses today have some form of IoT hardware in place, few have the control, visibility or scalability to support real transformation in the future. As IoT technology advances, smart device usage grows, and 5G-connectivity expands, there’s an increasing need for automation and real-time data, with a centralised management solution.”
Forward-thinking companies are now including connectivity as an integral part of core business strategy, building IoT into their future planning and investing in centralised management solutions to truly take advantage of all the benefits IoT can offer.
Trinity, for example, offers a start-to-end centralised IoT management solution that ensures companies get the most out of existing IoT technology and can plan for bespoke future solutions. Clients have the choice of using proprietary Trinity hardware optimised for IoT or their own existing devices with Trinity’s software agent embedded. Connectivity is secured through specialised SIMs and private networks, and the system is constantly monitored to ensure that IoT systems keep functioning optimally over the long haul.
Whether you choose to contract in such expert help or manage IoT in-house, Hickey says it’s important to consider these factors:
- Security: You should have peace of mind that all connections are secure, ensuring constant, uninterrupted data flows safeguarded against external threats.
- Cost control: You should have a clear view of associated costs to manage your data expenditure without sacrificing quality or performance.
- Scalability and customisation: A centralised system should be tailored to your unique operational structure. It should also be able to scale as your needs change.
- Seamless integration: Existing systems, including software and hardware, should be able to integrate seamlessly with your business ecosystem, elevating operational efficiency.
Says Hickey: “Remember that, as with any technology, it’s not about simply having it, but about managing it well. However you choose to manage IoT, make sure you can take full advantage of its capabilities.”
