Internet of Things technology is great for businesses of all sizes, as it allows companies to cut costs and gain valuable business intelligence. It also relies on infrastructure that requires reliable power, which presents an excellent opportunity for electrical contractors. Continue reading to learn more about IoT and its effects on electrical contractors.
The Growing IoT Market
The IoT market is continuously growing, and will only continue to get bigger over time. Statistics show that by 2020, the installed base of the IoT devices will grow to almost 31 billion, and by 2025 it will be over 75 billion devices worldwide. PricewaterhouseCoopers, a multinational professional services network, states that an astounding $6 trillion will be spent on IoT solutions in just five years (between 2015 and 2020.) Also, the global IoT market is projected to grow from almost $3 trillion in 2014 to nearly $9 trillion in 2020.
The trillions of dollars spent on IoT solutions is spent on improving quality management, enabling predictive maintenance programs, and delivering secure and reliable integration solutions. The setup of IoT applications only works if every component is working as it should, as stable and clean electrical power is to crucial to their reliable function. Reliable infrastructure is vital with all IoT applications, which is where the role of electrical contractors comes in.
Electrical contractors should be made aware of what equipment each company uses on site. If the company is using some form of IoT equipment, contractors can explain how important reliable power is to the proper functioning of that equipment. Also, they can show how an uninterruptible power supply offers protection during a utility outage to provide stable power.
IoT Applications In Every Industry
IoT applications are prevalent in almost every commercial or industrial environment. Primarily because IoT applications range from smart lighting and temperature monitoring systems to electronic security systems and more. For example, retail stores may use inventory monitoring and tracking systems that rely on IoT technology, while manufacturing facilities use IoT systems to ensure their machines are working correctly. Healthcare facilities use IoT technology in many aspects, including monitoring MRI scan machines and systems that are used to communicate with patients. Since it is used in most industries and depends on reliable infrastructure, IoT technology presents significant opportunities for electrical contractors around the world.
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