We’ve all had our Newsfeed inundated with videos of vacuums cleaning independently while their owners have a cup of coffee or make a Boomerang for Instagram. So, in a nutshell, here’s the thing about IoT as of late: it is GROWING. And by growing, we actually mean it is on a rampage that spears through the sky. Here are the latest numbers:
By 2023, the total industrial robotic system installed base will approach 6 million worldwide, while annual spending on manufacturing IoT solutions will reach about $450 billion.
There is no denying that we are entering a time of disruption cause by the surge in popularity that smart devices are currently enjoying. And with that wave of change we are also experiencing the takeover of traditional insurance. IoT products have led to the next logical step: decentralized insurance. So, what are the sectors that are facing imminent change, you wonder? Here’s our breakdown:
- Healthcare system
Hospital management is going to be revolutionized in the next few years. What IoT does is it lends a helping hand to the processes that can oftentimes take too much time or are in the detriment of the patient. No more hassle with patient records, at-home monitoring and so on. IoT contributes not only to the efficiency and complexity of such services but also to the cost of maintaining and affording such services.
2. Transport
The other domain that is surely on its way to a revolution is the transportation system. Either be it carrying cargo or people, IoT will simplify these processes greatly.
Transportation businesses are focused on maximising supply chain potential to ensure profitability and efficiency. IoT has already started to change this industry through systems that are able to sense and respond to vehicle usage and changes in real-time. What it already does is: real-time tracking and re-routing when necessary. What it will do? The future is announcing driverless trucks and ships.
This is further proof that soon enough IoT insurance will be a worry on everyone’s minds. Case in point: the recent rise in popularity that Blockchain insurance has been enjoying, with a focus on smart devices owners. Why don’t you get a head-start with Xsure? We’re anticipating the start of a revolution and we’re giving you the chance to gain from it, not be overwhelmed by it.
