Over the next four years, devices connected to the Internet of Things (IoT) will grow substantially from 15 billion to 50 billion. The global IoT market is also predicted to grow from $665.9 billion to $1.8 trillion in 2020, as per a report by Cisco. Most of this growth will take place in the US, UK and India.
Internet of Things –the business of connecting all things
Everything will eventually be connected to the Internet, thereby providing valuable insights into building a more efficient and sustainable lifestyle. Engerati believes that the impact will be huge and has designed a page specifically for all things IoT-related. [Impact and Opportunities of the internet of things]
Rapidly developing IoT technology is opening up multiple new business opportunities for operators and enterprises, spanning many industries - public safety, healthcare, connected mobility, smart parking, connected home, water leakage management, smart cities and more.
This certainly rings true for the energy industry which finds itself in a highly competitive sector. If utilities are to prosper, they need efficient access to quality data so that they can make business critical decisions. Not only will the digital transformation help them meet environmental goals, it will also create a more prosperous business through new revenue streams. The webinar, Internet of Things-Why bother? delves into relevant IoT case studies and advanced thinking around the impact and utilisation of the IoT with a view to discerning its role on the grid.
IoT-An industrial revolution
Research shows that in 2014, around $1.2 billion (involving 154 separate investment deals) was invested into IoT technology. The UK government is so convinced that IoT is creating an industrial revolution, it has already invested GBP75 million in the industry.
Large companies are already seeing the value in IoT. Apple, for instance, introduced CarPlay which controls the car’s infotainment system via the iPhone. Google also has its Open Automotive Alliance which does the same thing for Android and Microsoft. This has been around since the1990s.
Smart washing machines and fridges are becoming increasingly popular as consumers see the value these offer. For instance, the Berg Cloudwash machine sends text message alerts before it starts a cycle and it even sends reminders when detergents could be running low. While the majority of smart devices react to and send text messages to tablets and smartphones, it is predicted that voice control will play a huge role in the future.
While the opportunities in IoT are big, industries must keep in mind that privacy and security issues are still a major concern for many customers. Companies need to ensure that the relevant security measures are taken onboard and also explained to customers.
Preparing industries for IoT
Simplifying the management of millions of IoT device connections and developing customized IoT applications will help industries tap into new revenue streams.
Nokia has recognised this need and has come up with a comprehensive portfolio. IoT by Nokia comprises network components, services, analytics and partner solutions which can help operators and enterprises get their networks and businesses ready for IoT success.
Another example is the growth of edge intelligence, which has been developed to provide IoT connectivity to the grid,enabling connectivity of all sorts of sensors and data transfer from these sensors in a standard way to the cloud or a data centre where it can be analyzed. [Energy Sector Leads Internet of Things].Publicly announced deployments of this type of technology include AES Eletropaulo and Eletrobras in Brazil, Salzburg AG in Austria and Tonga Power Ltd on Tonga's main island of Tongatapu..