It is common knowledge that artists are pioneers in shaping the future. They can think and predict advancements centuries ahead of time; take Leonardo da Vinci's version of the helicopter for instance, realized some 500 years ago. Fans of Stanley Kubrick's 1968 A Space Odyssey will agree that Hal (the all-powerful, super computer, who plays chess just like IBM's Deep Blue) possessed similar characteristics of today's connected devices.
How about a more recent example, the 21 October 2015, to be exact, when Marty Mcfly went back to the Future (for the second time) to enjoy the marvels of modern "wearable' technology". Were Google Glass inspired by Marty's "video glasses"? Or perhaps Lexus saw potential in the hover board that Marty cunningly used to escape a mugging.
Whether we consider these to be serious theories or not, one thing is for sure:
Reality has surpassed fiction
We are now experiencing a completely new way of how we interact with the world and how we deal with our daily lives.
We see it and often don’t give it a second thought. In my hometown of Lyon for example, one of the underground routes has a driverless train. It wasn’t until I related this to the possibility of everyday objects being connected, that I realized this was part of the Internet of Things (IoT).
Why is it happening? Because organizations, companies and governments are injecting money into it. But why does it even matter and why is everybody making such a big deal about it? I hope this article will give you an insight into it!
Let's start with a much like "intellectual" way of defining the IoT from Verizon, for which it refers to machine-to-machine (M2M) technology enabled by secure networks and cloud infrastructure to transform data into useful information for people, businesses, and institutions.
In other words, devices that will be connected to the Internet via high-tech embedded sensors from which we will be able to control, communicate and learn from the real time performance.
Indeed, predictions by Gartner state that we are talking 21 billion devices by 2020. All that revenue generated, well most of it, would stream from companies. This is what is called the Industrial Internet or the Industrial Internet of Things (IIoT) and represents the next big wave of innovation that will fundamentally transform industrial sectors of the economy.
The envisaged benefits would be:
Creating new revenue streams through new products and services.
Reducing operational costs and optimize asset utilization.
Improving worker productivity.
Enhancing customer experience.
What about sector specific opportunities?
From an industry perspective, healthcare, manufacturing, energy and transportation are set to be the top four sectors affected from IoT between 2016 and 2020.
Healthcare - Leading technologies will gradually shift the landscape of healthcare with individuals self-monitoring their conditions from home. This will put an end to overcrowded hospitals and overworked healthcare professionals. With real-time trends and analytics, prevention will become the cure as technological advancements in the health sector will assist in identifying illnesses before putting the patient’s life at risk. Imagine receiving a notification on your phone that due to alarming data an ambulance has been requested. I do not wish that to happen of course, but still, life expectancy would increase.
Industrial manufacturing - On the one hand, intelligent automatized machines will increase productivity from workers and efficiency from supply chains, cutting on costs. Collected data and the resulting experience could create new production processes. On the other hand, workers could become multitasks with machines being controlled via facial expressions for risky or very accurate operations.
Energy & Utilities – Energy is limited. Intelligent distribution networks to-be will allow providers to tailor supply to meet demand efficiently. With real time consumption and analytics, companies will be able to provide bespoke products to the customer consequently increasing the fidelity.
Logistics & Transportation - Enhanced operational data on the location and condition of tracked assets will vastly improve the customer experience and business reputation.
What next? Find your niche!
IoT opens the door to a wide range of opportunities just waiting to be explored. Not only will entire industries be evolving, but the world as we know it today will abrruptly change to something still irrecognizable.
Find your niche and discover how you can take advantage of IoT. We look for game changers to transform industries and find new business opportunities. Complete your reading with our infographic about this big wave of innovation.
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