The Internet of Things has been pinned as the next Industrial Revolution by the industry experts – we agree 100% ! From a hairpin to an aeroplane, everything is on its way to becoming the next smartest thing up for grab!
The Internet of things is redefining our present and future. The 2016’s essential IOT checklist was explicitly discussed previously. This time however, we will discuss the future trends and potential of this thoroughgoing concept.
How do we define IOT?
Not everyone has agreed to a common consensus on the definition of IOT. Some call it the internet of things, while others the Internet of everything. For me, IOT is that umbrella under which all internet enabled devices capable of sending and receiving messages interact with each other intelligently. The IOT contains 6 essential elements :
Connectivity – With the internet, of course.
Devices– All internet enabled smart devices to interact with the ecosystem ( your smart phones, iPads, sensors in your refrigerator and that cool IOT chip in your garage door)
Data– This is the most crucial part of the system as the usability and the functionality of an IOT model depends on the type of information that is exchanged.
Your data has a purpose. You need to discover and translate it into action. Not all data points are easy to find and equal in stature. You need to isolate, aggregate and analyze them based on the specific use cases. And then you can do wonders.
Remember : If solving hard data problems is your thing or if squeezing the last bit out of your code to improve 1% query performance gives you a kick , then we invite you to fight the battle at the CeBIT IoT Labs Hackathon. And oh yes, and you need to have some serious sense of humor too. Be there on 9th and 10th December for an inexplicably awesome hackathon. All you need to do is REGISTER!
Intelligence – Because you need to comprehend the information exchanged and act on it. You must have surely heard the DIKW model ( Data to information to knowledge to wisdom). What comes after the implementation of the model is the analysis and action part which collectively completes the run.
Automation– The automation is a key aspect in IOT. Whether it may be the auto update of software or business process automation. After all, you need things to run on their own, don’t you?
So, these 6 essential elements of IOT together create an IOT Ecosystem which can be defined according to the industry it needs to thrive in. For other definitions of IOT by the industry leaders, you can refer to the Internet of things definitions.
In the coming years, IOT will be bringing us life changing experience by the virtue of it’s every big and small ecosystem that is going to be the part of our daily lives. Here are few of the key forecasts for the IOT market:
- Largest device market in the world: A projected 34 billion devices will be connected to the internet by 2020
- The money spent on development and deployment of IOT ecosystems might be as huge as $5-6 trillion in the next 5 years
- It will add to over $2 trillion to the global economy by 2020
- The global IOT market will reach $14.4 trillion by 2022
- Manufacturing , retail trade , information services , and finance and insurance are the four industries that comprise more than half the total value of the projected 2022 market.
An insane game of numbers is what you will see in the coming years. It’s going to be a gala time with Machine to Machine (M2M)/IOT models and hyper-enhanced consumer experiences. No wonder, the whole world is hugely investing man, machine and money in it.
They are building tomorrow, today. Are you a part of this revolution?