If you have seen the latest iPhone 5s parenthood ad by Apple, you simply cannot miss the focus on the Internet of Things (IoT). This next-gen revolutionary technology seems to be the way ahead for the largest technology and consumer companies. Google raised quite a few eyebrows when it acquired thermostat company Nest Labs this year, but experts see it as the tech giant’s foray into the IoT space. Both Apple and Google know well, that connected devices can be game changers when embedded with their dominant mobile ecosystems. Other big companies like GE, Cisco, SAP, Intel and the likes have taken large strides in the IoT market as well.
For the uninitiated, IoT is a technology that enables your everyday objects to communicate with one another. So, it means that your mobile phone can talk to the coffee machine when you wake up so that a steaming cup of brewed coffee is ready for you when you need it. Your fridge could communicate to your smartphone that the stock of milk is getting over. Your car could communicate to your heater so that your house is warm even before you arrive. Sounds crazy but this is only the start of the big things to come!
And there’s pretty solid reason why the tech industry is going gaga over IoT. It’s projected that this technology will generate $8 trillion in revenues by 2020. Along with that, it’s going to fundamentally transform businesses across the globe. Imagine the impact of the data generated through IoT on sectors such as manufacturing, healthcare, automotive, agriculture among scores of others!
So, while we fantasise about the day when all our devices find a voice, we will discover new use cases that will offer a lot more value than what is being currently envisaged. What is certain is that IoT is the next big thing and there are big takeaways to be had for companies willing to get on the bandwagon early. They key to their success will be skilled developers who have the real power to make IoT a big, profitable market.
