The Internet of Things (IoT) will enable the Next Industrial and Business Revolution
Rich Tehrani, Group Editor-in-Chief for IoT Evolution and TMC today announced his projections for IoT in 2016. IoT is not a single technology but the latest convergence of tiny computing devices like sensors with wireless networks leveraging the tremendous processing power of the cloud. It’s changing how businesses operate, how wars are fought, how crops are watered and how goods and services are transported. Few industries are able to claim responsibility for ushering in the next industrial revolution, but IoT, with its loosely connected sensing products and smart software, can.
“The IoT industry is experiencing massive growth and some estimates say we will see as many as 50 billion connected devices by 2020,” said Tehrani. “Roughly everything you purchase will be connected, smart and potentially able to shift behavior. IoT will usher in the third Industrial Revolution and has the ability to change many markets—all at once.”
IoT is supporting better healthcare, allowing people to live longer and healthier lives. The dollar volumes in manufacturing and wellness are guaranteed growth by the arbitrage related to the savings and improved results. The Technology also enables smart farming where the precise amount of water can be delivered. IoT also allows a thief to be safely tracked by air with a drone or by ground with tracking systems embedded in an item of value. Thanks again to arbitrage, water and insurance company savings will fund these solutions.
An IoT connection to the cloud brings new options and revenues. Airlines don’t purchase engines any longer, they lease thrust. This means the engine is managed and maintained by the companies that build them. Insurance companies no longer have to charge all drivers the same rates because they are becoming usage-based.
Customer service will change for the better when devices are smart enough to predict replacement times. Manufacturers like GE tap the IoT to see how their products are actually used and this information helps make new products more useful. Self-cleaning ovens will become self-cooking ovens and refrigerators will order more food.
All of this and, with the addition of speech recognition, interfaces with future devices will be human-like conversation.
Companies are evolving into software businesses quite out of necessity. Airbnb and Uber are doing to hotels and taxis what Amazon did to retail. Software now enables companies to compete, even against entrenched monopolies, like never before.
Armed with access to myriad devices that are monitoring and reacting instantly, algorithms and big data will be the tools all companies use to win market share.
IoT is at the heart of the third industrial revolution, but more importantly it will continue to disrupt the way organizations work. The next business revolution is upon us and how companies understand and deploy the tools and technologies at their disposal will determine their success.
For more information visit IoT Evolution World, follow us on twitter @IoTEvolution or attend IoT Evolution Expo on January 25-28, 2016 at the Greater Ft. Lauderdale/Broward County Convention Center in Fort Lauderdale, Florida.
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