The ‘Internet of Things’ currently impacts a wide variety of markets across all aspects of life including home automation, security, health, quality of life, recycling, and many more. Some examples of this impact are detailed below.
Recycling/Green Movements
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- “Pay As You Throw (PAYT)” programs
- – PAYT programs in Cincinatti, OH utilized IoT technology to monitor the waste from members of the program, leading to residential waste volume drops of 17% of recycling volume growth of 49% [1].
- – By providing incentives for those who waste less, the residents of these communities will inherently want to cut down on costs by more carefully monitoring their waste output.
Medical/Health Industry
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- Medication monitoring
- – Dutch pharmaceutical company, AntTail, has designed an IoT application using a development platform called Mendix. This application is used to collect temperature sensor data from medical shipments & also push notifications to patients to remind them to take their medicine [2].
- – Prescription adherence is one of the most difficult aspects of the medical profession. Using IoT to monitor prescription adherence leads to more useful data for health specialists and makes treating conditions much more efficient due to increased consistency with doses.
Insurance Industry
Companies are employing IoT technology to assess demographics of their customers more accurately, offering benefits to their customers such as cheaper coverage rates.
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- Auto Insurance
- – The world’s largest auto insurers are now using IoT to provide usage-based polices for their customers, basing premiums on diagnostic data collected straight from the vehicle that is insured.