“The internet will disappear. It will be part of your presence all the time. Imagine you walk into a room, and the room is dynamic.”Eric Schmidt
We’re not all that far off from the day when our refrigerators and our smartwatches will be able to have conversations of their own. The Internet of Things (IoT) concept of super-connectivity among commercial, consumer, and industrial devices promises to bring with it improved process efficiency for businesses and more value to consumers.
While the first IoT wave has been largely consumer-driven in the form of networked computer electronics, the second (and current) wave is bringing in networked industries. The third and final wave of IoT will end with the fruition of the “networked society” — you know, when your car can work directly with your car manufacturer for performance issues and take you out of the equation altogether.
Currently at the cusp of becoming mainstream is the connected home, with sales of IoT-enabled connected home devices projected to grow at a CAGR of over 50% in the coming years. Companies across a wide range of industries are gearing up for this era, with investments in IoT research and technology solutions exploding.
Over 40% of the 25 billion connected devices by the year 2019 will be accounted for by the enterprise sector, and in manufacturing, $145 billion will be invested in IoT technologies over the next couple of years — guided by the promise of enhanced visibility and control over production processes as well as operational efficiencies, reduced safety hazards in the workplace, proactive equipment maintenance and all of the benefits of a connected supply chain. With transformative IT tech comes monetization, and IoT monetization opportunities are picking up across ecosystems ripe for IoT integration (e.g. automotive, healthcare, retail, transportation and hospitality).
We’re right in the middle of the IoT wave — and the time is right to come along for the ride.