The Internet of Things (IoT) isn’t a new concept – it’s been around since the late 1990s – but with IoT technology advancing weekly, many Australian businesses are quickly jumping on board with IoT-connected devices, lured by increased scalability, control, and visibility of their operations.  IoT technology is expected to generate up to $308 billion in economic value for Australia by 2030 according to a report by The Australian Computer Society – staggering figures for a relatively simple solution. 

So, what exactly is IoT? IoT-connected devices work by connecting assets, such as sensors, cameras, and machines, to the internet, allowing them to communicate and exchange data through centralised platforms. This IoT technology enables new levels of automation, efficiency, and intelligence across various sectors.

The current state of IoT technology in Australia

Large industries are already capitalising on the benefits of IoT technology, including:

• • Agriculture: monitoring soil moisture, crop health, and livestock health. 
  • Construction and mining: tracking assets, optimising operations, and enhancing safety. 
  • Equipment hire: monitoring equipment location, usage, status, and maintenance.
  • Energy and utilities: managing energy consumption, water losses, reducing emissions, and integrating renewable sources.
  • Smart cities: improving traffic flow, parking, waste management and public safety.

The benefits of implementing IoT technology are far-reaching, with most IoT-connected devices optimising asset utilisation, reducing downtime, preventing theft, and enhancing customer satisfaction. Companies can also enable remote monitoring and control of equipment, improving safety, quality, and compliance. 

Inauro’s Chief Commercial Officer, Max Girault, shares his thoughts on the topic, remarking that “the difference between classic telemetry and IoT-connected devices is the integration of systems that enable the automation required to provide the outcomes. Devices communicate directly with mobile fleets, maintenance systems, customer portals, and business operations to give immediate responses that could save lives, build businesses, and strengthen industry reputations.”

IoT-connected devices connect assets, such as sensors, to the internet, allowing them to communicate data to centralised platforms.

How IoT technology is transforming industries in Australia

Inauro has helped many businesses scale and grow with IoT technology. Max says, “We’ve undergone this transformation ourselves with one of the least digitally mature industries in construction and earthmoving and have seen first-hand the impact real-time data can have on our client’s operation, efficiency, and balance sheet.

“Equipment hire is also a complex and competitive industry,” he adds, “requiring efficient management of assets, inventory, and customers. IoT-connected devices can help address these challenges and improve the performance of these sectors.”

As for the transformation, Max confirms he’s seeing big changes filter through as a result of IoT-connected devices. “A key driver is environmental, social, and governance (ESG), which is a requirement for the future but also enabled by IoT. The same goes with logistics and cold chain – where we can now trace the temperature of a piece of meat from production to plate or the quality of concrete from plant to pour. This visibility provided by IoT-connected devices changes the way people operate – they can no longer ignore the data.”

While IoT technology is starting to gain ground in Australia, there’s still a long way to go. 

“Deployments are still fairly siloed”, Max adds, “which means the data is not utilised to its full potential and scale is not achieved. We’ve seen this time and time again – this is where our Perspio™ platform thrives. We’re not focusing on generating the data; we focus on using it the right way so the outcome is reached.”

IoT connected devices can help address challenges like management of assets, inventory, and customers.

The future of IoT technology in Australia

IoT technology is not only transforming industries in Australia, but it’s also shaping the future of our country. New connected solutions are released almost weekly, and artificial intelligence (AI) is playing a big part in fast-tracking new developments, bringing significant social, economic, and environmental impacts.

Some predictions and expected trends in IoT technology for the future are:

• • IoT adoption will increase: According to Statistica, the Australian IoT market is expected to generate a projected revenue of $17.81 billion by 2024, with the market volume expected to reach $27.13 billion by 2028. 
  • IoT security will be a priority: As IoT devices become more ubiquitous and connected, they will also become more vulnerable to cyberattacks and breaches. There will be increased reliance on cybersecurity and secure data fusion platforms like Perspio™.
  • IoT will enable sustainability: As IoT-connected devices become more intelligent and efficient, they will also become more capable of reducing the environmental footprint and enhancing the social well-being of Australia. For example, IoT devices can help monitor and manage water quality, air quality, and waste management. They can also help promote renewable energy, smart agriculture, and smart mobility.
  • The 3G shutdown will impact old devices: Any devices over 6 years old will need to be assessed for their compatibility with 4G and 5G and/or replaced amid the 3G shutdown in June 2024.  

Inauro plays a key role in facilitating the advancement of IoT technology in Australia. A leading provider of IoT solutions for construction, equipment rental, agriculture, logistics, and cold chain operations, Inauro offers end-to-end IoT advice and support, helping clients achieve digital transformation and innovation, as well as sustainability and social responsibility.

Using IoT technology to transform your business 

Embracing IoT technology is no longer a choice but a necessity for many Australian businesses looking to grow and scale. The transformative impact of IoT on construction, rental hire, logistics, and various other sectors is undeniable. As companies like Inauro lead the way, the integration of IoT-connected devices is set to redefine how these industries operate.

Contact the Inauro team to learn more about how IoT-connected devices can improve your operations.