The E-Space system will enable connected sensors almost anywhere to fit a wide variety of industry use cases
Internet of Things (IoT) devices have in a short time gone from familiar conveniences like connected cameras, watches and doorbells to an indispensable tool for businesses across a wide range of industries. When it comes to asset tracking, it’s hard to overestimate the value a connected device or sensor can provide when delivering real-time operational information. As the number of devices continue to grow, there’s a parallel realization that their value may be limited by the cost of deployment and lack of connectivity.
The research firm McKinsey estimates that by 2030, the economic value of IoT could top $12 trillion globally, with a significant part of that associated with factory, outside and worksite settings. But factors like high deployment costs, challenging installations and low or no connectivity are headwinds that can limit deployment and the overall usefulness of IoT services. If an IoT device is too expensive or difficult to install — or isn’t able to be connected at all times — only certain businesses in certain locations can benefit. Or if the deployment of sensors is limited in number, the enormous potential value is only partially realized.
E-Space’s low Earth orbit satellite constellation will enable ‘use anywhere’ connectivity to IoT devices. With small, inexpensive terminals and minimal ground infrastructure compared to traditional satellite networks, the E-Space solution is highly scalable at a lower cost.
For an asset like a cargo container on a ship in the middle of the ocean or a piece of farm or mining machinery far off the grid, terrestrial solutions are inadequate. Existing satellite options are prohibitively expensive, require too much infrastructure on the ground among other complications.
The E-Space solution adds Artificial Intelligence (AI) capabilities to process IoT data, allowing an event-based system instead of a time-based system, providing more meaningful “cognitive” responses and actions. That creates a Smart-IoT system that learns, perceives and makes real-time decisions providing actionable insights and automation.
Asset tracking use cases
Cargo tracking: Opportunities exist to maximize efficiency and security with low-cost, connected sensors that can track and report:
- Empty/full status
- Door locked/unlocked
Agricultural vehicles: Enormous capital expenses are associated with these vehicles, which can be greatly optimized by Smart-IoT monitoring to track and analyze data on:
- Condition/maintenance issues
- Use status
Yellow iron: Many construction and mining companies today do not have a comprehensive system to track their yellow iron equipment, leaving them vulnerable to theft, misuse and unplanned downtime. By leveraging IoT-enabled equipment tracking solutions, businesses can enhance efficiency, optimize equipment utilization and increase security. With insights into location, fuel consumption and maintenance needs, yellow iron equipment can be closely monitored and managed, reducing the risk of equipment damage or failure.
Trailers: Many of the trailers being hauled by over-the-road trucks today are not equipped with advanced tracking systems to help prevent theft, damage and loss. With IoT-enabled trailer tracking solutions, businesses can enhance efficiency, optimize fleet management and increase security. Fleet managers empowered with information about location, temperature and even tire pressure have much greater visibility into these assets, and AI-powered data analytics can translate into enormous gains in network efficiency and cost savings.
The E-Space network will enable greater adoption of Smart-IoT asset tracking for enterprises to small-to-medium businesses as well as enable developing nations and communities to gain access to space-based IoT.
We also believe the number of use cases will grow exponentially as businesses in all types of industries see the advantages and affordability. A great information vacuum that exists today, where untracked assets display more questions than answers, will be filled with actionable data leading to game-changing improvements in business operations globally.