The Internet of Things varies from a personal plant assistant to innovations in the restaurant industry, and everything in between. Your phone links to your thermostat, your refrigerator, and your car. We are embarking on a wild ride into an increasingly collaborative world. So, what is coming next? What do people think about the Internet of Things?
- A majority of people can't define the Internet of Things(IoT). In August 2013, the Internet of Things spiked as a search term through Google. Since then, it has become a very actively searched definition, but the definition remains nebulous at best. For the sake of ease, the Internet of Things can be (loosely) defined as the network of interconnected devices used in daily life via the internet.
- The IoT is snowballing, fast. Fortune 500 companies such as Johnson & Johnson, Microsoft, GE, IBM, and more are investing into this new arena. It is experiencing immense growth. There are startups for every conceivable household appliance. Investors are funding startups as a way to diversify their risk and capture the opportunities emerging with this new technology. .
- Development for IoT is research driven: We live in a generation of data-driven professionals. Marketers have the golden egg of Google analytics and social media. Sales reps have access to infinite opportunities to network. Any question can be answered through a quick Google search. Is it any wonder that these emerging startups are driven by data and analytics? The Internet of Things will evolve rapidly as a result.
- Cloud based apps and tools will replace current software. Instead of downloading software onto your computer, the platforms for managing various IoT devices will be available directly off the web, as cloud-based applications. Facebook, Hubspot, and the Google suite are notable examples.
- Logistics make the IoT deceptively complicated. Any seasoned IT professional can tell you that in practice implementing new technology is not difficult. However, dig a little deeper and there will be compatibility issues. The explosion of IoT devices means that current technologies will race to keep up and remain relevant. The IoT is expanding, but logistical hurdles will always be present.
The Internet of Things will emerge as a key driver for change in the business world over the coming decade. Looking back at technology advancements over the past 10 years, it is astounding to see how far we have come, and how quickly.