Happy 2018! After some time off for family, we are back it to kick-off 2018.
We provide perspective on a number of major trends for the Internet of Things on 2018. Even those these trends look seriously solid, one has to question whether any predictions or projections are more hype than reality. Personally, although I sense some hype, the IoT is truly driving digital transformation across industries. I came across an article from Fool.com that made a great statement,
It’s easy to be skeptical about new technology trends. There’s always something new that tech companies are peddling, and their devices sometimes fall short of expectations. But when it comes to the Internet of Things (IoT) — where formerly unconnected things are connected to the internet to track and analyze data — there are plenty of reasons why investors should fight the urge to be skeptical.
Many companies who saw early opportunities for the IoT are still struggling through POC initiatives. But not all – especially those who followed a clear plan of attack that set reasonable success metrics and smaller scopes. These POCs are proven that IoT is transforming industries, creating new revenue models and altering the way we live at home and in business.
As the Fool.com article highlighted, “While consumer IoT devices grab all of the headlines, the industrial sector is expected to be a big part of the IoT as well, with a market size of $195 billion by 2022. Many companies are already building equipment for the Industrial Internet of Things (IIOT), and there will be 100 billion industrial IoT devices by 2021, according to research by PWC.”
These are huge numbers by all measures and when you look across industries from mining, forestry. agriculture, transportation and manufacturing, you are witnessing stodgy models being transformed through the IoT. There’s no doubt that the Internet of Things is uninformative. I think the only thing limiting its potential is the imagination and innovation of business leaders.
Also published on Medium.