The Economist IoT Report claims the IoT is farther along than we think. (via ARM)
The Internet of Things by definition is objects, people and animals with their own unique identifiers and virtual representations in an online-like environment. Some examples of the devices already on the market and connected include sensors monitor a newborn’s health (Mimo), medication intake (GlowCaps) and physical activity levels (Alohar’s MAAP app). There are devices that turn homes into smart houses, devices for business optimization and productivity as well as environmental interaction devices for monitoring animal migration and pollution levels (among a host of others). According to a report from Cisco, there will be an estimated 25-billion devices connected to the internet by 2015 and 50-billion five years after that. Even with those numbers, it is widely thought that the IoT is still in its infancy, however a newly released report commissioned by ARM from the Economist’s Intelligence Unit may change that perception.
In the report, “The Internet of Things business index: A quiet revolution gathers pace,” the Intelligence Unit surveyed 779 business leaders from 19 different industries from all over the globe regarding the adoption and implementation of the IoT in their respective businesses and the numbers are interesting to say the least. According to the results, 23% of those surveyed believe the IoT will change their business models and strategies, meaning they will have to adjust their company characteristics or logistics to suit demand. 30% believe that the IoT will enhance already existing products and services, thereby increasing their annual revenue after the transition. An astounding 95% of business leaders feel their businesses will be implementing some form of the IoT in the next three years, which would mean it is as fundamental as smartphone or PC use for everyday business tasks. 63% believe that those who do not adopt some form of IoT will lag behind those that have in respect to the same industries. This is where it starts to get really interesting, as 68% of business leaders have already begun to make investments into the IoT in terms of product/system deployments, pilot projects or simply just research. Regardless, that figure alone is testament to the impact the IoT is already having on companies and the trend seems to be growing. On the other hand, only 6% of those surveyed think the IoT is simply a passing fad and will have no merit or influence business what so ever.
The report also hits on what countries have readily adopted the use of IoT with North America lagging behind Europe and Asia by 10% for businesses internal operations and processes, with Asia leading the way in optimism that the IoT will a positive impact to businesses worldwide. It’s easy to see why ARM and other microchip manufacturers are delighted by the survey results, as their customer base would seem set to explode in the next few years, as more products will feature ‘smart’ technology in one form or another. However, numbers have been known to be wrong before, so only time will tell if those projections are correct. One thing is for sure, the IoT is here and will continue to grow over time as businesses continue to adopt it.
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