- August 27, 2018
- Posted by: admin
- Category: Uncategorized
Everything from watches to refrigerators has been revolutionized through the interconnectivity provided by the internet. Pretty much anything with a computer chip is now sending and receiving data, creating a massive informational network known as the internet of things (IoT). This has led to the rise of many new niche industries, filling gaps for business opportunities that no one knew existed. IoT is blurring industry borders. For example, today’s technology giant may be tomorrow’s high-quality health care service provider.
I run a digital marketing firm that specializes in providing digital corporate strategy, and I like to anticipate the opportunities brought about by IoT. Although IoT has applications in almost everything, there are some areas where it’s proving to be truly revolutionary.
What is the future of the IoT market?
A 2018 GSMA intelligence report estimates that the consolidated revenue of worldwide IoT will be around $1.1 trillion by 2025. Apart from connectivity, a major portion of this market value will come from platforms, programs and services. Furthermore, the growth in the industrial IoT market will give way to around 25 billion connected devices by 2025. GSMA also predicts that, in terms of both proceeds and connections, the Asia Pacific will become the biggest IoT region.
The bad news is that a limited number of actualization makes it difficult to understand the matter. IoT is still a nascent industry, so many cannot see the opportunity in it. However, the good news is that ideas are worth far more than slogans. CXOs in all industries will have to define new ways to explore and exploit the benefits of IoT. Below, I explore the benefits I am seeing in just three industries: health, homes and factories.
IoT is transforming the health industry. Let’s take remote health monitoring, for example. The drive behind this technology is specialized wearables and biosensor devices such as the Hexoskin® biometric shirt and the Jawbone UP3™ fitness tracker. Health care stakeholders can leverage the data coming from remote health monitoring to gain insights and find patterns for monitoring human health. Patients also benefit from the technology as it provides an effective and economical substitute for on-site clinical nursing.
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Article Credit: Forbes
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