How the “Internet of Things” is Changing Steel?
The “Internet of Things” (IoT) has the potential of bringing change to many industries. One such industry that stands out is metals and mining. According to an IDC report, the US resource industry (which includes metals and mining) has the potential of gaining $40 billion in IoT revenue opportunity by 2018. This same report forecasts a 14.7% compound annual growth rate from 2013 -2018 as a result of advancements in IoT technologies. When you look more closely you can understand why this industry could benefit so much from these advancements. For one, it is a highly complex industry that must navigate remote and sometimes hazardous global operations. Additionally, it is dependent on far-flung supply chains to gain access to resources that have extreme fluctuations of price and demand