The IoT market is vibrant and booming. It has topped $170.57 billion this year, and it’s expected to reach $561.04 billion by 2022, according to Research and Markets.
Although media attention has mostly focused on consumer markets, much of the exciting IoT innovations have occurred within the enterprise sector.
With a combination of sensor data and sophisticated analytical algorithms, companies are now able to streamline business processes, increase productivity, and develop leading-edge products.
“If you think that the internet has changed your life, think again. The Internet of Things is about to change it all over again!”
There are over two billion smartphone owners and one billion tablet users, and wearable devices, such as the Apple Watch, have become mainstream.
Increasingly cost-efficient sensors and beacons are now integrated into every aspect of consumer and enterprise markets, from retail to healthcare.
This plus other smart devices, like smart TVs, smart cars, and AI voice assistants like Google Home and Amazon Echo, represent a powerful network of objects that can exchange data and communicate with each other.
The main objective of IoT is to enable these objects to communicate, sense or exchange data with each other.
These interactions can happen on human-human, human-things (objects), and things-things levels. Experts estimate that by 2020 there will be over 30 billion connected objects worldwide.
“Internet will disappear. There will be so many IP addresses, so many devices, sensors, things that you are wearing, things that you are interacting with, that you won’t even sense it. It will be part of your presence all the time. Imagine you walk into a room, and the room is dynamic. And with your permission and all of that, you are interacting with the things going on in the room.”
Combined with big data technologies, IoT can be a major driver of digital transformation, enabling new business models based on connected devices and new data streams.
There are opportunities to boost the efficiency of products and services, create new revenue streams and reduce operational costs by connecting all manner of objects to the Internet and analyzing the data they generate.
As all the interconnected smart devices in an IoT system constantly gather data in real time, enterprises get access to timely and relevant insights, creating a competitive edge.
Therefore, understanding how IoT can change your business is paramount.