The future of the world economy lies with the Internet of Things (IoT) and it has the potential to offer business value that goes beyond operational cost savings.
At its most basic, the Internet of Things is a network of physical objects, devices and systems connected to the internet that contain embedded technology and sensors to communicate and share data. Consumers, governments and businesses alike will benefit from the IoT ecosystem and every industry will be affected.
The rapid rise of the Internet of Things ecosystem has been driven by several factors, including the widespread penetration of broadband internet, faster mobile connections, and the use of advanced computing capability, which allows for the development of smaller and cheaper devices.
In recent years, a key element driving growth has been the ability to install inexpensive sensors in machines and devices. This has been made possible by advances in sensor technology that have dramatically reduced costs, while also capitalizing on geo-location or other technology advancements.
Once these devices are connected to a network, consumers and businesses have the ability to collect and analyze significant amounts of machine-generated data in real-time, allowing people to make decisions that maximize efficiencies in time and cost.
A smart community is a geographic area in which government, residents and companies leverage ICT to fundamentally transform their region.
A smart building is a facility with advanced automation and integration to monitor and optimize facility operations and maintenance.
Intelligent transportation holds the promise for greater energy efficiency as connected and autonomous vehicles travel optimal routes, employ fuel-efficient tactics and rely on renewable energy fuel such as electricity.
The Industrial Internet of Things has become its own subset of the IoT conversation, focused on connections that happen across such sectors as manufacturing, energy, mining and transportation.