In recent years, the Internet of Things (IoT) has revolutionized industries by integrating smart devices and systems to enhance efficiency, productivity, and decision-making. According to the IoT Analytics’ 2024 IoT Use Case Adoption Report, 92% of enterprises report a positive return on investment (ROI) from their IoT implementations. Between 2021 and 2024, the number of IoT use cases adopted by enterprises increased by 53%, showcasing the growing confidence in IoT technology. Below, we explore the top 10 IoT use cases in 2024, their impact, and implementation examples.
1. Process Automation
Definition: The integration of IoT to automate routine processes, enhancing productivity and accuracy.
Adoption Trends: Process automation is the leading IoT use case, with 57.5% of organizations adopting it in 2024, up from 33% in 2021. This significant rise demonstrates the growing demand for efficiency and reduced manual intervention.
Key Benefits:
- Streamlines workflows
- Reduces errors
- Enhances safety
- Improves labor efficiency by an average of 8.2%
Implementation Example: Burnley Brewing, an Australian craft brewery, expanded its operations to meet growing demand. Partnering with Bon Industry and leveraging Rockwell Automation’s FactoryTalk Craft Brew system, they integrated IoT sensors and PLCs throughout their brewing processes. This automation reduced manual labor and optimized production quality.
2. Quality Control and Management
Definition: Leveraging IoT technologies, such as machine vision, to enhance quality processes.
Adoption Trends: In 2024, 55% of organizations have adopted IoT-based quality control, up from 30% in 2021. Its quick payoff has made it a popular choice, with 53% of companies achieving ROI within two years.
Key Benefits:
- Real-time monitoring of critical factors like temperature, humidity, and pressure
- Immediate detection of quality deviations
- Improved product quality by 4.6%
Implementation Example: Companies integrate IoT solutions into legacy equipment, enabling predictive maintenance and preventing defects. Machine learning analyzes data to address potential issues proactively.
3. Energy Monitoring
Definition: Using IoT to monitor energy consumption of individual assets.
Adoption Trends: Energy monitoring adoption has surged to 55% in 2024, compared to 20% in 2021. The rising costs of energy and sustainability goals have driven this growth, especially in Europe.
Key Benefits:
- Identifies energy inefficiencies
- Reduces costs by 8.1%
- Supports sustainability initiatives
Implementation Example: IoT sensors monitor equipment energy usage, enabling companies to optimize consumption patterns and reduce waste.
4. Real-Time Inventory Management
Definition: Utilizing IoT to track inventory levels in real-time, optimizing stock and reducing shortages or excesses.
Adoption Trends: This use case is adopted by 54% of respondents in 2024, up from 19% in 2021. Supply chain disruptions post-COVID-19 have accelerated this adoption.
Key Benefits:
- Prevents stockouts and overstocking
- Improves return on equity (ROE) by 8.1%
Implementation Example: Tyson Foods implemented AWS’s Panorama and SageMaker services to automate inventory counts. The system saved 15,000 labor hours annually and improved production efficiency.
5. Supply Chain Track and Trace
Definition: Employing IoT to monitor the location, condition, and status of products and materials throughout the supply chain.
Adoption Trends: With a 54% adoption rate, supply chain track and trace is among the fastest-growing use cases. It offers quick ROI, with 60% of respondents recovering costs within two years.
Key Benefits:
- Enhances delivery accuracy
- Reduces losses
- Improves on-time delivery by 8.5%
Implementation Example: Sensors and GPS devices provide real-time shipment visibility, optimizing routing and ensuring regulatory compliance.
6. Operations Planning and Scheduling
Definition: Leveraging IoT for real-time planning and scheduling to boost operational efficiency.
Adoption Trends: 53% of organizations are rolling out or have implemented this use case. The energy sector leads in investment growth, with a 5.5% increase expected in 2024.
Key Benefits:
- Reduces downtime
- Optimizes asset utilization
- Improves labor efficiency by 7%
Implementation Example: IoT-enabled planning systems provide up-to-date insights into production status, allowing dynamic adjustments and improved resource allocation.
7. On-Site Facility Track and Trace
Definition: Using IoT for real-time tracking and tracing of assets within a facility.
Adoption Trends: 50% of organizations have adopted this use case, with wholesale, retail, and healthcare industries leading investments.
Key Benefits:
- Enhances asset utilization
- Supports timely shipments
- Improves on-time delivery by 7.8%
Implementation Example: Retailers use IoT to mitigate risks, such as product recalls, by quickly identifying affected items.
8. Asset Performance Optimization
Definition: Enhancing the efficiency and effectiveness of assets using IoT technologies.
Adoption Trends: Adopted by 48% of organizations, with Asia-Pacific leading investment growth.
Key Benefits:
- Improves reliability and availability of assets
- Boosts overall equipment effectiveness (OEE) by 9.5%
Implementation Example: Longroad Energy optimized wind turbine performance using WindESCo’s Swarm System, increasing annual energy production by 2.5% and revenue by $430,000.
9. Remote Asset Monitoring
Definition: Using IoT to monitor assets remotely for performance tracking.
Adoption Trends: 48% of organizations have adopted this use case, up from 34% in 2021. It’s one of the simplest and most cost-effective IoT solutions.
Key Benefits:
- Enables 24/7 monitoring
- Reduces costs by 6.6%
Implementation Example: Shell plc’s AI models analyze data from millions of sensors to alert engineers of anomalies, improving equipment reliability.
10. Location Tracking
Definition: Using IoT to track the real-time location of products, assets, or devices.
Adoption Trends: Adopted by 45% of companies, it’s the leading connected products use case.
Key Benefits:
- Optimizes routing
- Enhances safety
- Improves revenue by 1.6%
Implementation Example: IoT-enabled location tracking systems help companies find lost items, mitigate theft, and analyze usage patterns.
Conclusion
The top IoT use cases of 2024 demonstrate how IoT is transforming industries by addressing challenges and unlocking new opportunities. From process automation and quality control to energy monitoring and real-time inventory management, IoT is driving operational efficiency, cost savings, and improved decision-making. As adoption continues to grow, organizations and IoT vendors must collaborate to innovate and overcome barriers, ensuring that IoT technologies deliver maximum value.
