Every metric that relates to the net is amazing. By 2020, “Things” connected to the internet will reach 18 billion to 50 million. World economic contribution by 2025: $2.7 trillion – $6.2 trillion These linked devices generate data annually According to IDC report “Analytics – Unlocking Value From IoT Data” June 2017, 162 zettabytes will be available by 2025
Although there are many variations, even these low numbers tell you that even conservative sector watchers believe the internetofthings (IoT) will have a significant impact on the sector.
There are only so many smartwatches, Nest thermostats, and Amazon Alexas that you can buy, so where are all the IoT devices? What will they do?
Once you understand that the applications to IoT go beyond consumer devices, you can start to grasp the scope of IoT. The vast majority of IoT devices will operate in markets and businesses other than consumers. By 2020, IoT technology will be used by all three sectors: manufacturing, transport, logistics and utilities.
IoT devices can also provide data for process automation, robotics, predictive maintenance and condition monitoring, product test and safety efforts as well as handling and analysis materials.
However, IoT is not a future technology. It is delivering real value to companies right now. Many industrial companies use internet-enabled devices to manage their stock and workforce, to tailor activities across multiple locations or to connect previously unconnected business processes.
Beyond the factory floor, networks continue to be established across global supply chains as well as to support fleet management and logistics management.
IoT technology allows companies to see beyond their enterprise. This can lead to powerful new observation capabilities for some companies. A utility, for example, can gather data from an electric telescope or transformer out in the field and process it in real-time to analyze and respond faster to an emergency or growing problem.
Because of the time required for gear turnover, realizing the full industrial potential of IoT technology could take many decades. Companies must have the right infrastructure and analytics in order to take advantage of the data that is coming in as soon as it starts to pour in. If current market growth is anything to go by, manufacturers, utilities and transportation companies are all ready to face these challenges.
They expect IoT investments big returns.