There has been a lot of buzz lately about the Internet of Things (IoT). Globally, the IoT market is expected to reach $1.6 trillion by 2025, according to Statista. Experts have spoken broadly on how the internet of things will change the world. However, few of these experts talk about the effect of IoT on Nigeria’s economy and Africa at large. Let’s delve into that.
But first, What is IoT? And why is it so important to our future?
IoT (Internet of Things) is the concept of connecting any device to the Internet and/or to each other. This includes everything from cars, doors, factory equipment, electrical appliances, and so on. The video below shows that IoT will improve efficiency, wellness, business and lots more.
So, how will IoT influence Nigeria’s economy?
IoT will positively enhance almost all industries in the Nigerian economy, such as oil and gas, manufacturing, agriculture, logistics, real estate, etc. According to PwC’s 2020 MSME Survey, business CEOs believe that IoT and Artificial Intelligence will have the most impact on the growth of their businesses in the next 3 years. The report noted that the pace and transformative power of technology means that Nigerian businesses cannot afford to ignore technological trends. It will create numerous opportunities in Nigeria. Let’s talk about a few of these industries.
Oil & Gas
IoT will improve infrastructure monitoring in the oil and gas industry. IoT applications in the oil and gas industry include tank level monitoring, pipeline monitoring, and temperature monitoring. IoT tank level monitoring devices will efficiently monitor storage tank levels and reduce overall engineering installation, maintenance, and operation costs.
During our Smart IoT Oil & Gas Webinar tagged Digitizing The Oil & Gas Sector with IoT, Lare Ayoola, the Executive Chairman of IoT Africa Networks Ltd, outlined how oil and gas companies can save 10% to 40% of operational expenses and increase efficiencies upwards of 25% by using real-time data to monitor assets, predict breakdowns and schedule preventive maintenance. Digital Twins for the Oil and Gas industry, in partnership with OleumTech, connects the real and virtual world by collecting real-time data from installed sensors. The data is then evaluated and simulated in a virtual representation to optimize the performance of the oil and gas assets. Check out our company profile to learn more.
Agriculture
In the agricultural sector, IoT-Connected Smart Agriculture Devices will give farmers a simpler, more cost-effective way to keep tabs and stay in control of the health and growth of their crops, livestock, and agribusiness. The benefits of IoT in agriculture cannot be overestimated as it will enable the industry to increase operational efficiency, reduce waste, and improve the quantity and quality of their yield. CLICK HERE to read about insights learnt from our recently concluded Smart IoT Agriculture Webinar in partnership with CleverFarm, ConnectedFinland, and DigitAnimal. Learn about how Nigerian agribusinesses can increase efficiency and save costs by using real-time data to monitor agricultural parameters and assets. Watch the webinar on YouTube:
Real Estate
IoT is enabling the commercial real estate sector to evolve rapidly. The industry has been faced with persistent challenges such as rising costs, rising demand for affordable housing, and the recent restriction challenge caused by the coronavirus pandemic. IoT in property management will help home/building owners, tenants, facility managers, asset managers, and real estate agents, by providing them with effective building maintenance and predictive analytics, leading to reduced operational costs, improved productivity, and tightened security.
The Internet of Things is transforming Air Quality Monitoring and Workplace Optimization. According to a study, employees who get to work in healthier environments achieve cognitive scores that are over 60% higher than their colleagues who still have to work in offices with average or low-level air quality. Air quality monitoring and workplace optimization devices help people stay healthy and improve their productivity. It also means that spaces are used more efficiently, while Covid 19 gathering restrictions are maintained.
For Building Security, IoT helps keep people and assets safe with real-time intelligent surveillance. It improves Lighting Efficiency, Power Consumption, and reduces indoor navigation bottlenecks in shops and stores through Space Management technology. Shopping malls can identify bottlenecks and rearrange floor plans to eliminate barriers, ensure a better customer experience, and increase revenue for the shop owner. IoT is also revolutionizing Heating, Ventilation, and Air Conditioning (HVAC), by helping building owners and facility managers to adjust temperatures and ventilation in rooms based on intelligent data from IoT devices.
Supply Chain & Logistics
Containers go missing all over the world and it usually takes months to find them assuming they are ever found. The combination of mobile computing, analytics, and cloud services, all of which are fueled by the Internet of Things (IoT), is changing how delivery and asset management companies are conducting their operations. Wholesalers and retailers are now able to use IoT to improve tracking of their goods while monitoring the conditions of said goods. They will be able to follow their goods in transit from production, to warehouses, and to delivery; all in real-time.
CLICK HERE to read our article about how IoT Logistics will revolutionize Supply Chain Management. During The Disrupting Asset Tracking with IoT webinar, in conjunction with Connected Finland, Lare Ayoola outlined the impact of IoT on Nigeria’s supply chain, and how IoT management will transform inventory, distribution, and other elements of logistics.
Asset tracking is the fastest-growing industrial IoT market worth $3.93 Billion by 2023. Delivery company DHL and tech giant Cisco estimated in 2015 that IoT technologies such as asset tracking solutions could have an impact of more than $1.9 trillion in the supply chain and logistics sector. Also, there will be 267 billion IoT asset tracking devices deployed in the global industry by 2027.
Manufacturing & Construction
In the manufacturing space, the internet of things is going to refine how products are made and delivered. With the efficient monitoring that IoT will bring to the manufacturing industry, companies will be assured of cost reduction, mass customization, and improved safety. It will save Nigerian manufacturing companies millions of naira. The construction industry will have access to real-time tracking and cloud-based data. This will enable construction companies to reduce theft, increase productivity and control operating costs.
In a future article, we’ll be diving deeper into IoT’s impact on the construction and manufacturing industry, as well as other industries not mentioned i.e. Insurance, security, and others. Subscribe to our Newsletter to learn from experts in the ICT & IoT Industry about IoT. Internet of Things is at the epicentre of the Digital Transformation Revolution. It is changing the shape of business, enterprise and lives of people. This transformation influences everything, from how we go about our daily lives, manage our homes, to automating processes and improving ROI across nearly all industries.
To maintain a competitive edge as a Nigerian business owner, you need to source and deploy this disruptive technology to help improve your business efficiency and revenue. You don’t have to do it alone! Reach out for expert help so you can choose the appropriate IoT technologies that suit your business needs.
IoT Africa Networks Limited is one of the leading IoT companies in Africa. You can explore our website to learn more about the Internet of Things and how it can help your business.
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