IoT at the core matured from a “Buzz” to a line item in corporate budgeting getting tracked and benchmarked on returns vis-à-vis spending. In the age of device proliferation world has progressed beyond discussing relevance of IoT to business new normal. In this post, I am attempting to bring together on what IoT means to business and world, the future potential of IoT and how devices & platforms elevating IoT to the reality. Firtst to start with,
What IoT means to the Businesses and World?
IoT seemingly following the path similar to Information Technology in enabling business, but in a impulsive way. What it means is IT started as inside-out of first aligning with business to create value to consumer. But IoT started with consumers and taking outside-in approach imposing business to adopt. Here are top 5 advantages of IoT,
- Enhancing the consumer experience
- Increasing the revenue from enhancing offerings o consumer
- Enable new business models (Ex: Remote monitoring enables anything-as-a-service)
- Of course take costs out improving the efficiencies in the due course
- Take advantage of device proliferation by optimizing business processes & asset utilization
What is the market potential of IoT?
If the projections become reality, IoT is steering industries to spend 2.5 to 3 Trillion USD in next 3 to 5 years. The curiosity is where this money is heading and which industries and spend categories leading this wave. If you think about it, IoT is about consumer, how different industries come closer to consumer and finally about cross industry opportunities being created. Majority of the research is leaning towards the following IoT opportunity tree in projections.
Which Devices and Platforms making IoT happen?
This leads to a question of which devices / platforms and how really these platforms are enabling adoption of IoT? The industry viewpoint makes it obvious to answering this question.
The devices are most familiar with We the Consumers:
- Data Collection Devices at Point of Sale
- RFID Devices with Real-Time Locating
- Wireless Devices
- Digital Signage
- Security Access Controls
- Medical Devices
- Leaving to Modern Consumer Usage of Umpteen Devices
The platforms that are enabling various industries are countless too. This in a way ties back to my earlier post on hyper-connected world. The truth is there is enough curiosity and investments in IoT platforms across the industries.
The sneak peek reveals the real happenings. Above are few of the platforms making IoT a reality.
In summary, IoT is fundamentally shifting the way businesses interact with consumers. Also IoT is making it possible to bring data-driven decision making to new realms of human activity—to optimize systems performance, improve processes, save time for consumers & businesses, and improve overall quality of life. From monitoring machines on the factory floor to tracking the status of goods on the round, air & sea, sensors can help companies get far more out of their physical assets—improving the performance of machines, extending their lives, and learning how they could be redesigned to do even more. With wearable devices and portable monitors, IoT has the potential to improve clinical trails & health outcomes, in the areas like treatment of chronic diseases such as diabetes which has high human and economic toll.