You may have heard or seen some of the latest technology with Internet capabilities such as IP cameras, Refrigerators and even Air conditioners. In the future we may see Internet connected vehicles, streetlights, home appliances, etc. These are examples of Internet of Things (IoT). Organizations can use the Internet of Things evolution for the benefit of their business.
“Internet of Things” has become such a mainstream topic, especially in the last few years. Gartner advises organizations to seriously investigate and start pilot projects in order to utilize the upcoming business opportunities.
“Internet of Things” is a term used to describe technology that is being used to connect smart machines/devices, Such as consumer products, automobiles, city infrastructure, enterprise machines and products. The Internet enables these connected devices to have the ability to be controlled and/or send/receive data to computer servers and from one device to another. This in turn can be used to create useful data, which could potentially help a consumer or business environment
When these devices connect to the Internet, they will start to act as an extension of an enterprise’s mobile environment. Better experiences, optimized operations and efficient business models can be created, which can significantly improve an enterprise’s profit and workforce capabilities.
The impact of the “Internet of Things” is huge. It can enhance all aspects of technological, business and end user/customer experience. The IoT has been emerging for many years, starting with factory automation, machine to machine (M2M) communication and embedded systems. The impact of this technology will be even greater when the cost of communication technologies begins to decline.
In 2009, there had been about 2.5 billion Internet connected devices with unique IP addresses available to the market. Majority of these devices were products such as mobile phones and Computers/ Laptops. By 2020, it has been calculated that the number of Internet connected devices will jump to 30 billion. Most of those devices will be Consumer Products and Business Machines, which will have capabilities to stream data directly to servers. This type of technology has the potential to guide us to a better, more sustainable economic status across the globe. Garner predicts that the total economic value added by Internet of Things could be US $1.9 trillion in the year 2020 benefiting industries such as retail, health care, utilities and transportation.
Within the next three years, Gartner predicts that more useful and technologically advanced consumer products will continue to emerge into the market, which could potentially improve a consumer’s life experience as well as business economy. Everyone should take the initiative to understand and grasp the opportunities at hand thanks to Internet of Things era.