By Nick Russo
In today’s ever-evolving and Internet-connected world, we are entering a revolution of sorts. With huge advancements in the Internet of Things (IoT) arena, the ways we interact with the physical world and our capabilities have become boundless. IoT can make everyday objects “smart,” as we can add sensors, computing and network connectivity to them.
Through the digitization of machines and other devices like refrigerators, washing machines and cars, we can now track tons of data including temperature, when repairs are needed, speed, and location. Who wouldn’t want their fridge to tell them when they are out of milk? Smart devices can also be implanted in people and animals to help improve health, wellness and medical research. For example, by leveraging IoT advances, farmers can look at their computer and quickly see if their cows are sick, as well as improve their milk production. The possibilities are truly endless.
Gathering more and more data and being able to analyze it, leverage it, manage it and distribute it makes us more proactive and spurs further innovation across all industries, including education, manufacturing, telecommunications, business, science and government. IoT advancements can help the world become more solution-oriented, increase efficiency and productivity, lower costs and, well…just make life more informed and convenient all around.
- It is estimated that by 2020, IoT will consist of 50 billion things.
- IoT suppliers and service providers are estimated to generate incremental revenue exceeding $300 billion.
- Over the next five years, nearly $6 trillion will be spent on IoT solutions.
- IoT can be traced as far back to 1999 with a RFID project started at MIT.
In order to capitalize and realize the true value of IoT, we need to keep investing and expanding our technologies, big data analytics, network communications, talent/skill sets and business models. IT security, privacy laws, and standards will have to be reconsidered and hardened. We don’t know for sure what the IoT future will hold, but we can bet that it will greatly impact how we do business and how we will all interact across the globe.