The Internet of Things (IoT) is the inter-networking of physical devices, vehicles, buildings, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data.
The Internet of Things (IoT) is the inter-networking of physical devices, vehicles, buildings, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data. The IoT allows smart, connected objects to be sensed or controlled remotely across existing network infrastructure, creating opportunities for more direct integration of the physical world into computer-based systems, and resulting in improved efficiency, accuracy and economic benefit in addition to reduced human intervention.
The economic impact and benefits of the IoT will be huge. Gartner predicts that the aggregated value and economic benefit of the IoT will exceed $1.9 trillion in the year 2020 alone. The analysts at McKinsey & Company (who predicted for us in 2012 the current, and worsening, shortage of data scientists to manage and work with big data) have looked at the IoT also and have identified 6 major benefits (at least) that the IoT will bring:
personal Wi-Fi on your mobile phone and on every other device. Everyone (and everything) wants and needs to be connected.
we want all of our devices, phones, televisions, music players, vehicles, etc. to keep track of what we are doing, viewing, reading, and listening to as we move through our day, from place to place – the handoffs from device to device are already happening.
on everything. It is already here – the Internet of Everything and the wearables revolution.
Jim Gray, the visionary database guru from Microsoft, envisioned smart sensors acting as a mini-database with embedded machine learning algorithms. Here is how he said it (10 years ago): “Intelligence is moving to the periphery of the network. Each disk and each sensor will be a competent database machine.”
the API and App economies are already vast and growing – this enables any “thing” to “do something interesting” as long as it can connect to an API or invoke an App that performs a network-based service. The “thing” is a data generator and/or collector that also learns from, makes predictions, and maybe even takes data-driven actions in response to the data that are collected (through the versatility and convenience of an App or API call).
mobile customer engagement, geolocation, Apple’s iBeacon, etc. are all creating a network of knowledge about customers’ locations, intentions, preferences, and buying patterns. Of course, this degree of location-based knowledge needs to strike the right balance between user privacy and the timely delivery of useful products and services to that user.
delivering just-in-time products at the point of need (including the use of RFID-based tracking). Essentially, everything is a customer (including machines, automobiles, manufacturing plants, ATM machines, etc.), and the IoT is monitoring, watching, and waiting for a product need to arise.
There is a huge hiring gap in manufacturing, which is pushing toward more automation, robotics, M2M (Machine-to-Machine), machine log mining, 3-D printing, predictive and prescriptive analytics in the machines that are doing that work for us. As the classic rock song “2525” predicted would happen in the year 5555: “some machine is doing that for you.”