Internet of Things- Industry perspective
Internet of Things has the potential to change the way we work, how we relate to each other, grow food, manage and care for our elderly, repair the planet. Leaders in the Industry claim that we are going to move from currently 50bn connected devices to 500bn in 2020 to 1tn in 2025. Thatās an exponential growth and thatās more devices than people in the world, all connected.
Today we are experiencing the unlimited power of billions of people connected by mobile devices with unprecedented processing power, storage capacity and access to knowledge and as the industrial leaders are suggesting- The Fourth Industrial revolution has arrived and Internet of Things is the next big thing. We never thought humans can ever be connected the way they are today, now we are moving towards a complicated landscape where humans will continue to remain connected the way they are but also will be connected to things around.
Recently we have heard of IOT in Insurance Industry where Automobile Insurance companies are planning to install devices in the cars of their prospect customers that will capture their driving habits over a period of time and this will be used later to customize the insurance packages for them. Also weāre now talking about IOT in Healthcare where hospitals are providing customers with home carrying devices that will keep diagnosing their body 24*7 and will provide real-time data on their health to their hospital, this data will be regularly monitored and if any attention would be required theyāll be called upon by the team for consultation and check up.
We have gone thru the phase where every company every country knows that technology has to enable your business strategy, now it is that technology will fundamentally define differentiated business models and differentiated business strategies of the future.
