2016 so far has seen growing maturity of the IoT. Gartner Says the Internet of Things Installed Base will Grow to 26 Billion Units by 2020. Thus representing an almost 30-fold increase from 0.9 billion in 2009, according to Gartner, Inc. Gartner said that IoT product and service suppliers will generate incremental revenue exceeding $300 billion, mostly in services, in 2020. It will result in $1.9 trillion in global economic value-add through sales into diverse end markets.
There’s been so much growth in the connected things leading to improved measure of safety, security or prevention/lowering the risk of loss in the insurance companies. The growth of connected sensors like the In-car sensors, or telematics, have become business as usual for major auto insurance carriers.
The novelty of the Internet-of-Things (IoT) is not in any new disruptive technology, but in the persuasive deployment of smart objects.
Productivity gain due to Internet-of-Things: The IoT will change how manufacturers and service companies interact with customers as well. Today if any product has been sold to the customer, customers are expected to get in touch with the business for any issues in the product. This puts us in a high dependency on the call centres/customer care centres but this reverses with IoT. Product are directly connected to a service assessing their condition before taking relevant action.
Few example we could see where IoT has changed the way we deal with most of our day-to-day’s dealings.
Getting the most of our time: think of the mobile payments, or the dedicated geo-location systems that gives quick access info about places while moving from one place to another.
Smartphones giving you access to all the best food-joints and allowing you to quickly make payment on the order confirmation. You just pick and walk away. Wow !!! this is what is happening today, now.
Adaptation to Change: With time, IoT technologies will make lives easier for professionals but, the change is inevitable. Industries, business sectors will be disrupted and workers will be forced to adapt to new working environments and business standards and this change will be worth the effort.
More and even more data: Every transaction is an instance of data. So we can see the Internet-of-Things (IoT) as a data machine. Not only business decision makers should learn to adapt to new form of data intelligence, but the type of data produced by the IoT will also introduce new and expanded roles for data analysts, strategists and even customer service.
With all the good things come the expectation that as a human individual we will need to work harder. The advent of the new technology is expected to bring about a host of new products, new businesses and even new ways of thinking about objects – all guiding us towards new levels of productivity and a brighter future.