November 10, 2014
Internet of Things (IoT): The convergence of connecting people, things, data and processes is transforming our life, business and everything. Since the mid-1990s, the Internet has had a revolutionary impact on culture and commerce. Life today has dramatically changed and looks different than it did in the mid-1990s. It’s been glorious 25 years of the human journey with the Internet.
The World Wide Web has transformed into an Internet of Things (IoT) world where everything, yes everything is or will be connected to the Internet. Furthermore, see how IoT is going to shape or change our life, business and everything around us through ubiquitous networking.
Augmented Reality, Homekit, Google Glasses, NFC Payment, Beacons, and Wearables are going to change, shape and transform everything around us.
IoT Shaping Our Life
Internet of Things (IoT) shaping human life with greater connectivity and ultimate functionality, and all this is happening through ubiquitous networking to the Internet. There is seemingly no limit what can be connected to the Internet. For example, Toilets at London’s Heathrow Airport report on their usage, Deutsche Telekom and French IT firm Medria created a collar for cows to wear; which is connected to the internet wirelessly, the pupils at Writhlington School in Somerset have used the internet of things to watch how orchids grow are a few practices around the world people are experimenting and executing in day to day life.
In short, we can summarize that Internet of Things (IoT) will be more personal and predictive. This will make life easy, comfortable and more efficient with the help of mobility and cloud. The Internet of Things (IoT) will merge the physical world and the virtual world to create a highly personalized and often predictive connected experience.
IoT Transforming Our Business
“A large portion of marketing dollars are wasted when the wrong offers are made to the wrong people at the wrong place and time… The IoT will generate an enormous, truly unprecedented amount of precise information about buyers and their needs. It’s a marketer’s dream come true.”
— Jon Gettinger, Sr. Vice President of Marketing,
IoT is shaping modern business- manufacturing to marketing. A lot has been already changed since the inception of the Internet and many more will get changed with the greater Internet connectivity and reach. The global network connecting people, data and machines are transforming the modern business is also called Industrial Internet. The so called Industrial Internet had potential of $10 to $15 trillion to global GDP in next two decades as per Cisco report.
GE plans to invest $1 billion in the development of industrial internet technology and applications development to make customers more productive. IoT will surely contribute to the rise of economic opportunity. As per Cisco research estimation, IoT is a $19 trillion global opportunity over the next decade.
More organizations and governments deploy Internet-enabled technology across various industries in coming days will make this opportunity really BIG. Internet of Things (IoT) start-ups and projects are getting government and private cash to build architecture to enable IoT based services around the world.
Following are some figures that will fix things in your mind how Internet of Things is going to shape the business world:
- GE estimates that “Industrial Internet” could add $10-$15 trillion to global GDP by 2035.
- Cisco says “Internet of Everything” could add $19 trillion in economic value by 2020.
Tech Trigger: Future Expectations
The above mention statistics gives futuristic insight how businesses are going to transform in the near future- There is opportunity for businesses to envision the valuable new offerings that become possible when the physical world is merged with the virtual world. In this way, every physical object potentially can be both intelligent and networked. And, starting now, enterprises must create the organizations and web-based business models that can turn these ideas into reality.
In conclusion, enterprises should look for a technology partner to develop such IoT models to deploy innovative and technology driven business solution or they will left behind in the tech rival environment.
IoT Changing Everything
Consumer adoption rate
- Cisco – 25 billion connected devices by 2015, rising to 50 billion by 2020.
- Gartner – 26 billion IoT devices in use worldwide by 2020.
- Acquity Group – Over two-thirds of consumers plan on buying connected technology for their homes by 2019. For wearables the rate is 50% and for smart thermostats it’s 43%.
- Navigant Research – 1.1 billion smart meters could be in use worldwide by 2022.
- On World – Over 100 million net connected wireless light bulbs worldwide by 2020.
By 2015, according to our projection, 75 percent of the world’s population will have access to the internet connecting 6 billion devices together. Clearly, when things are networked, that has an impact on how actual value is produced.
Internet of Things (IoT) is changing and transforming everything from business to life. Imaginations are boundless and opportunities are infinite. Everything is being wired up or connected wirelessly- architecture, energy efficient sensing, secure networks, quality of service, new protocols, participatory sensing, data mining, GIS based visualization, cloud computing, and international activities. It simply means that powerful information will be at our fingertips.
Conclusion: In conclusion, we can say that rich new information sources will run at your fingertip. The evolution of the next generation mobile system will depend on the creativity of the users in designing new applications. However, security and privacy will be the top considerations for the development companies involved in apps development.
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