WELCOME TO The THE INTERNET OF THINGS REPORT
How to Effectively Monitor Utility Usage With IoT for Maximum ROI
LEVEREGE | March 3, 2020
SoCtronics is a customer-focused VLSI design services company with offices in Hyderabad-India and Santa Clara-California...
Article | April 13, 2021
For businesses, the transformative power of IoT is increasingly significant with the promise of improving operational efficiency and visibility, while reducing costs.
However, IoT does not come without risks and challenges. While concerns over security and data privacy continue to rise, the lack of IoT standards remains one of the biggest hurdles. The increasing number of legacy, single-vendor, and proprietary solutions cause problems with disparate systems, data silos and security gaps. As IoT successes become more dependent on seamless interoperability and data-sharing among different systems, we want to avoid the scenario of a fragmented market with numerous solutions that simply don’t work with each other.
The Internet of Things has been a breakthrough, and adoption rates keep exploding. There are possibly over 20 billion IoT devices in the world, and by 2025, there may have been 75 billion. Even though there has been a rise in smart home devices, most IoT devices are found in businesses, industries, and healthcare. The benefits are overwhelming: from enabling automation of repetitive tasks (both simple and complex), to real-time data insights and analytics, IoT devices make workers more productive, improve customer experience, and reduce operating costs. However, with the many benefits of IoT devices come serious disadvantages, chief of which is security. Here are some reasons why IoT devices have such serious security risks:
Water is one of our most precious resources. Yet every year, we lose more than 126 million cubic meters globally to leaks, poor metering and theft. Beyond that is the energy wasted moving water that never gets used. It adds up to staggering economic – and environmental – costs. It also presents one of the most compelling opportunities to use industrial IoT solutions. Water utilities can use IoT to address two fundamental aspects of water management: maintaining the physical infrastructure and addressing water safety and sustainability. With IoT sensors throughout a water utility’s infrastructure, it becomes possible to. In many ways, these uses mirror what’s possible in manufacturing. But while factory floors are condensed environments – with all assets located in a confined area – water utilities operate highly distributed environments. Reservoirs, pipes, pumps and other assets are spread across a massive physical footprint. Such environments introduce some unique challenges. One of the most pressing is cost. Capturing data across a massive infrastructure – and moving it to the enterprise and/or cloud – is a heavy lift. That’s especially true when considering the criticality of timely transmission and analysis of water data. Any delay can contribute to continued losses.
The survey data I’m referring to comes from a study conducted by the Eclipse Foundation about the adoption of commercial Internet of Things (IoT) technology. The aim of the study was to get a better understanding of the IoT industry landscape by identifying the requirements, priorities, and challenges faced by organizations deploying and using commercial IoT technologies. More than 350 respondents from multiple industries responded, with about a quarter of respondents coming from industrial production businesses. While this survey was not solely focused on the manufacturing and processing industries, its results reflect the general business community’s IoT adoption at the end of 2019. As such, it is a pre-COVID-19 snapshot of IoT adoption.
Keep me plugged in with the best
Join thousands of your peers and receive our weekly newsletter with the latest news, industry events, customer insights, and market intelligence.
Put your news, events, company, and promotional content in front of thousands of your peers and potential customers.
Not a member yet? Not a problem, Sign Up
Sign up to contribute and publish your news, events, brand, and content with the community for FREE