Unless you've been living under a rock for the last couple of years, you've likely heard the term Internet of Things, or IoT, at some point. But what does it mean?
In short, the IoT is a network of objects connected to the Internet that can collect and exchange data.
That brand new car loaded with apps? Internet of Things. The smart home devices that let you control the thermostat and lights with one voice command? Internet of Things. That fitness tracker that lets you share your exercise progress with friends? You get the idea.
The IoT is set to transform the way we live, work, and interact with one another in the coming years. It might seem complicated at first, but the Internet of Things works through a relatively simple ecosystem.
A person uses a remote (such as a smartphone or tablet) to give a command or request information through a network to an IoT device, which performs the action and then sends it back through the network. The command or information is then displayed on the remote. This data can be stored in the cloud, on a local database, on the remote, on the IoT device itself.
The potential for the IoT is enormous, and Business Insider Intelligence estimates that there will be 24 billion IoT devices installed globally by 2020, with $6 trillion invested in IoT solutions over the next five years. This is due to several factors, including expanded Internet connectivity around the world, increasing mobile adoption, low-cost sensors, and larger IoT investments.
This IoT explosion is imminent, but the revolution is already starting to affect everyday life with the arrival of smart cars and homes. This IoT Revolution is picking up speed and when it does, it will change how we live, work, travel, entertain, and more…
From connected homes and connected cars to smart buildings and transportation, every aspect of our lives will be affected by the increasing ability of consumers, businesses, and governments to connect to and control everything around them.
Imagine “smart mirrors” that allow you to digitally try on clothes. Assembly line sensors that can detect even the smallest decrease in efficiency and determine when crucial equipment needs to be repaired or replaced. GPS-guided agricultural equipment that can plant, fertilize, and harvest crops. Fitness trackers that allow users to transmit data to their doctors.
It’s not science fiction. This “next Industrial Revolution” is happening as we speak. It’s so big that it could mean new revenue streams for your company and new opportunities for you. The only question is: Are you fully up to speed on the IoT?
After months of researching and reporting this exploding trend, John Greenough and Jonathan Camhi of Business Insider Intelligence have put together an essential briefing that explains the exciting present and the fascinating future of the Internet of Things. It covers how the IoT is being implemented today, where the new sources of opportunity will be tomorrow and how 16 separate sectors of the economy will be transformed over the next 20 years.
The report gives a thorough outlook on the future of the Internet of Things, including the following big picture insights:
- IoT devices connected to the Internet will more than triple by 2020, from 10 billion to 34 billion. IoT devices will account for 24 billion, while traditional computing devices (e.g. smartphones, tablets, smartwatches, etc.) will comprise 10 billion.
- Nearly $6 trillion will be spent on IoT solutions over the next five years.
- Businesses will be the top adopter of IoT solutions because they will use IoT to 1) lower operating costs; 2) increase productivity; and 3) expand to new markets or develop new product offerings.
- Governments will be the second-largest adopters, while consumers will be the group least transformed by the IoT.
And when you dig deep into the report, you’ll get the whole story in a clear, no-nonsense presentation:
- The complex infrastructure of the Internet of Things distilled into a single ecosystem
- The most comprehensive breakdown of the benefits and drawbacks of mesh (e.g. ZigBee, Z-Wave, etc.), cellular (e.g. 3G/4G, Sigfox, etc.), and internet (e.g. Wi-Fi, Ethernet, etc.) networks
- The important role analytics systems, including edge analytics, cloud analytics, will play in making the most of IoT investments
- The sizable security challenges presented by the IoT and how they can be overcome
- The four powerful forces driving IoT innovation, plus the four difficult market barriers to IoT adoption
- Complete analysis of the likely future investment in the critical IoT infrastructure: connectivity, security, data storage, system integration, device hardware, and application development
- In-depth analysis of how the IoT ecosystem will change and disrupt 16 different industries
To get your copy of this invaluable guide to the IoT universe, choose one of these options:
- Purchase an ALL-ACCESS Membership that entitles you to immediate access to not only this report, but also dozens of other research reports, subscriptions to all 5 of the BI Intelligence daily newsletters, and much more. >> START A MEMBERSHIP
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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of the IoT.