The Internet of Things (IoT) is transforming the way businesses operate and will have a massive impact on industries in the next few years, if not much sooner. The amount of data organizations will have access to because of connected devices will create invaluable opportunities. And while the promises of IoT are big, how will new connections impact businesses’ infrastructures?
Digital Twin Technology may sound like something out of a post-apocalyptical Black Mirror episode - but I assure you, it is less frightening and incredibly exciting. Within three to five years, billions of things will be represented by digital twins says Gartner.
IoT blurs the boundaries between virtual and physical objects, and enable seamless connectivity between devices, machines, and humans. Among Big Data, Artificial Intelligence, Machine Learning, Enterprise Architects should have IoT on their radar. While the world finds space in their homes for smart accessories, enterprises should look into enabling new services, business models, and reducing cost through IoT.
IoT brings innumerable opportunities to the business world. Multiple statistics show the grave economic impact that IoT will bring, but not many organizations are thinking of truly creative ways to capitalize off of the incoming surge in invaluable data. Businesses can now track the usage of their products, and sell services to go along with them. The IoT opens far more opportunities than most organizations are pursuing today. For instance, organizations that sell products can attach sensors to them to track the usage of the end-user. This usage can turn into another stream of revenue.
IoT technologies are currently taking the world by storm. More and more objects have some sort of network connection, and the trend isn’t slowing down. According to a study by General Electric, IoT will be adding $10-15 trillion USD to the global GDP. As the FDA approves the first digital pill that tracks when you have taken it, connected devices have firmly become a fixture in our lives.
It has been widely predicted that Internet of Things (IoT) technologies will be the next wave of consumer interest. In a few years, almost every device in our homes, offices, and cars will have connectivity integrated into them. American research firm Gartner reports that there will be more than 20 billion connected things by year 2020. As the world focuses on the benefits of pairing inanimate objects with a live gateway to the internet, enterprises have to pay attention to the likely security risk that IoT devices will bring.
IoT is spreading at an unprecedented pace. Just two short years ago in 2015, there were around 15.4 billion connected devices. Intel predicts that there will be 200 billion connected devices by 2020. IoT devices will also bring a great deal of revenue to the market. Business Insider predicts that total business spending on IoT solutions will reach $6 trillion by 2021.
There’s no mistake, IoT will have a grave impact on our world. IoT also has issues to work out. If security is not properly addressed in the early stages of implementing IoT, hackers can target weak points and exploit the data of your entire infrastructure.
As the sensor, device, and infrastructure technologies that underpin the Internet of Things (IoT) mature, enterprises are increasingly incorporating IoT strategies into their digital transformation roadmaps.
By 2020, every single product and service will have artificial intelligence components. New types of networks are being developed in order to meet the changing demands brought forth by digital transformation. For example, The 5G network -expected to be fully operational by 2020 - was designed with IoT and the increase velocity of data sharing in mind.