The rise of IoT and its Implication on Businesses and Industries
Calling IoT a new wave of technological advancement is not justified; it is, in fact, a technological tsunami in the making that is bound to change the business landscape as we know it. It’s implication on the business world will be different for everyone. It may build many new sectors and niches while wiping a few off the map.
We have witnessed the IoT mature from an idea to concept and from concept to the future of the world.
It is predicted that there will be more than 50 billion IoT enabled devices by 2020. In order to understand how that will impact the future of industries and enterprises, we need to trace back the roots of IoT and how it developed into its current stage.
The Advent of the IoT
In the initial years, which want so long ago, we saw IoT invading our homes by introducing a whole new level of automation. Today, we see it spreading its root across all forms of industries including manufacturing, logistics, engineering, healthcare, security, and even retail to name a few. Since it offers better connectivity, it can considerably reduce the amount of time and resources required for a certain process. The need for human operator is much reduced, and it possible for one person to manage and control various processes and systems at the same time from on central control point.
The Implications — Current & Future
The biggest implication we see as of now is the high-tech industry. Most of the tech giants, including Intel announced that they are now embracing the IoT. One reason why these industries are the first one to do so is because they are not just the consumers but also the producers of this technology. This means the cost of making the move for them is much less than it is for any other enterprise. Most of them, however, are quite certain of the prospective profits and benefits they will get from it.