Everyday intelligent systems are made possible by IoT connection, which is backed by the incorporation of resource-constrained devices like sensors and actuators, to gather information from the physical world, process it, and maybe take action on the physical world as a result. IoT and smart surroundings are made feasible by technological advancements in a variety of fields, including numerous IoT device communication options. Then, using lessons learned from certain vertical domains, we elicit best practises that may be applied to different families of smart environments. One of the key themes driving the digital transformation of business and the economy is the Internet of Things (IoT), which is the fusion of the digital and physical worlds. The Internet of Things: Mapping the Value beyond the Hype, 2 a study of the economic potential that the IoT could unleash by taking into account hundreds of potential use cases in the physical environments in which they could be deployed, was published by the McKinsey Global Institute in 2015. We have updated some key points six years later to see how much of that value has been gathered and how the IoT’s potential worth might change over the next 10 years.
Sustainable Environment and IoT
It’s no accident that practically all high-tech companies are placing an increasing emphasis on sustainability, along with many other organisations. New use cases for the intelligent, connected gadgets that make up IoT are being made possible by cutting-edge technologies like 5G, blockchain, and AI. High-tech corporations are launching sustainability initiatives in response and creating products with environmental, social, and governance (ESG) objectives in mind. For instance, during CES 2023, the electronics and appliance manufacturer LG announced a number of sustainability targets it hopes to meet by 2030, such as a 50% reduction in greenhouse gas emissions from product manufacturing and a 20% reduction in emissions from the usage of seven crucial goods per unit sold. Additionally, it has vowed to use up to 600,000 tonnes of recovered plastic in its production process and to recover up to 8 million tonnes of electronic waste by 2030. In the meantime, Samsung unveiled improved AI Energy Mode functionality for its SmartThings Energy home energy monitoring service, which is intended to significantly cut energy use by connected appliances. A panel discussion on sustainability featuring executives from 3M, Infineon, LG, and Qualcomm was also featured at the CES event for the first time.
Ways to implement sustainability into IoT
Businesses should think about how to leverage IoT technologies to assist greener manufacturing and improve product sustainability. The term “green cloud” has become popular as a result of the rapid expansion of cloud computing. It’s a technique that emphasises streamlining the usage of resources and energy in the cloud. Companies should create a baseline of current data centre energy use, compute needs, and sustainability goals before migrating systems to the cloud. Energy consumption can be decreased in smart buildings, which can also save money and make money. High-tech businesses can create smart building goods and services for sale while also testing and utilising them to meet their own sustainability objectives. Automated procedures can assist in managing building functions, including lighting, security, and climate management. This makes it possible for businesses to cut back on energy use, maximise space, and lessen the impact of their facilities on the environment. One business that makes use of IoT and edge computing to monitor environmental controls and 5G and AI to reduce building pollution and enhance supply chain management is Johnson Controls. With the acquisition of FogHorn Systems in 2022, it will have additional chances to construct intelligent and self-sufficient buildings. FogHorn Systems is a developer of edge AI software for industrial and commercial IoT usage. Nowadays, the design and production of semiconductors are the foundation of almost every product. Semiconductor makers now have tools to monitor and analyse data to execute preventive maintenance as IoT, AI, and machine learning advance program.
Market Sustainability
At a predicted CAGR of 26.1%, the worldwide Internet of Things (IoT) market is expected to increase from $662.21 billion in 2023 to $3,352.97 billion by 2030. The developed world’s share of the worldwide IoT value potential in 2030 will be 55 percent, down from 61 percent in 2020. China is gaining power in the IoT space as a technology supplier, industrial powerhouse, and final consumer of value. By 2030, China could contribute around 26% of the total global value from the IoT, surpassing its current share of the world economy of about 20% and matching the potential of all emerging markets combined. We anticipate a rise in the emerging world’s percentage of the overall potential value from 16 to 19 percent throughout the same time frame. Future IoT technology vendors will need to improve their capabilities in terms of installation, interoperability, and cybersecurity. This holds true for both huge corporations and the market for consumers as well as small and medium-sized organisations. Despite spending more time at home in the last year, consumers still use a variety of channels to make purchases. Players will require a strong channel strategy to help raise product awareness and product installation in order to take advantage of the consumer opportunity. Managers must also figure out how to scale a go-to-market strategy for small and medium-sized firms. Finally, policymakers should think about creating legislative frameworks that permit IoT use while taking privacy and cybersecurity concerns into consideration, support the development of the technical talent that is the foundation of the IoT, and promote interoperability
Conclusion
The environment, smart technologies in our homes and cars, office buildings, and personal devices are all incorporating sustainability benefits. Now is the time to take action and leverage sustainable services as a strategic advantage. Businesses are embracing the circular economy approach, where sustainability begins with the design process rather than with recycling. High-tech manufacturers can save money, even generate new sources of income, and lessen their carbon footprints by designing for refurbishment and durability. As a variety of solutions have been created that aim to separate waste for its eventual recycling, the advantages given by IoT devices can also extend to reuse and recycling.
