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The Internet of Things (IoT) concept promises to improve our lives by embedding billions of cheap purpose-built sensors into devices, objects and structures that surround us (appliances, homes, clothing, wearables, vehicles, buildings, healthcare tech, industrial equipment, manufacturing, etc.).

IoT Market Map -- Goldman Sachs

What this means is that billions of sensors, machines and smart devices will simultaneously collect volumes of big data, while processing real-time fast data from almost everything and... almost everyone!!!

IoT vision is not net reality

Simply stated, the Internet of Things is all about the power of connections.

Consumers, for the moment anyway, seem satisfied to have access to gadgets, trendy devices and apps which they believe will make them more efficient (efficient doesn't necessarily mean productive), improve their lives and promote general well-being.

Corporations on the other hand, have a grand vision that convergence of cloud computing, mobility, low-cost sensors, smart devices, ubiquitous networks and fast-data will help them achieve competitive advantages, market dominance, unyielding brand power and shareholder riches.

Global Enterprises (and big venture capital firms) will spend billions on the race for IoT supremacy. These titans of business are chomping at the bit to develop IoT platforms, machine learning algorithms, AI software applications & advanced predictive analytics. The end-game of these initiatives is to deploy IoT platforms on a large scale for;

  • real-time monitoring, control & tracking (retail, autonomous vehicles, digital health, industrial & manufacturing systems, etc.)
  • assessment of consumers, their emotions & buying sentiment,
  • managing smart systems and operational processes,
  • reducing operating costs & increasing efficiencies,
  • predicting outcomes, and equipment failures, and
  • monetization of consumer & commercial big data, etc.

 

IoT reality is still just a vision

No technology vendor (hardware or software), service provider, consulting firm or self-proclaimed expert can fulfill the IoT vision alone.

Recent history with tech hype-cycles has proven time and again that 'industry experts' are not very accurate predicting the future... in life or in business!

Having said this, it only makes sense that fulfilling the promise of IoT demands close collaboration & communication among many stake-holders.

A tech ecosystem is born

IoT & Industrial IoT comprise a rapidly developing tech ecosystem. Momentum is building quickly and will drive sustainable future demand for;

  • low-cost hardware platforms (sensors, smart devices, etc.),
  • a stable base of suppliers, developers, vendors & distribution,
  • interoperability & security (standards, encryption, API's, etc.),
  • local to global telecom & wireless services,
  • edge to cloud networks & data centers,
  • professional services firms (and self-proclaimed experts),
  • global strategic partnerships,
  • education and STEM initiatives, and
  • broad vertical market development.

I'll close with one final thought; "True IoT leaders and visionaries will first ask why, not how..!"

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