If you are someone who invests for the long haul, it might make sense to lay your bets on companies working on the Internet of Things (IoT). The various forecasts for IoT are staggering. A recent report states that by 2018, 9 billion enterprise devices will be internet-friendly. That’s more than the current population of the world!
The sheer number of IoT products will leave behind popular consumer devices such as smartphones, TVs, tablets and even wearables. People will increasingly discover more and more uses for IoT in their lives. The current crop of devices like mobiles and tablets are popular because they make the lives of the people much easier. And IoT will take it to the next level. While that happens, more and more companies will focus on this technology.
While the B2C market awaits its first blockbuster IoT product, this technology is already gathering steam in the B2B space. There are many enterprise applications being developed that will be IoT friendly. Internet connected advertising and marketing is a space to watch out for. Another research has revealed that intelligent traffic management systems have the potential to generate $100 billion in revenue. IoT will also be used to design smart waste management systems, electricity grids and water systems. All of this will generate tremendous economic value in the years to come.
A good way to gauge the future of a technology for businesses is looking at the movements of market leaders. Apple and Google, two of the biggest technology giants are already headed in that direction. Google’s acquisition of Nest Labs and Apple’s HomeKit platform are moves geared towards the IoT. Philips already has plans to work closely with Apple’s HomeKit platform. Other companies like Samsung, Honeywell, Vodafone and scores of others are also working on IoT products. In fact, such is the buzz of this technology that Samsung, Intel and Dell, along with some other companies, have founded the Open Interconnect Consortium. The consortium will lay down connectivity requirements for devices that are expected to be interconnected by 2020.
Business owners are excited with the kind of value this technology holds for their businesses. However, it is important to understand that the power of IoT will have to be leveraged on the current business ecosystems. So, if you are a business owner, it would make sense to start thinking on these lines, learn more about IoT, capture data and prime your resources to be ready for this revolution. Early adopters will stand to gain significant market and mind share.
Photo credit: wilgengebroed on flickr
