"The future is already here, it's just unevenly distributed" - William Gibson
The Internet of Things has become an established term. Most people know what it is, and how it can be used, but they don't understand the sheer scale of the market. The IoT space is growing quicker than people can track, and it's already resulting in massive change across diverse industries.
We’ll take you through the IoT landscape and show where the greatest uptakes are happening, and what’s leading them. To give you a hint, the IoT market potential for business-facing applications is larger than that of consumer-facing applications
Some are coining the IoT infusion as Industry 4.0, the next age of manufacuring.
The key to the industrial Internet of Things is the potential to provide remote data from high-value assets. For example, being able to monitor real-time vehicle data from thousands of miles away means that executives are able to receive data and make decisions much quicker, saving time and money.
The sheer number of patents (see below) being produced by industry indicates that industry is plowing full steam ahead.
In fact, Cisco predicts that manufacturing might even become the largest IoT sector in terms of revenue.
On the consumer side, smart homes and specifically, smart energy, looks to be hitting the mainstream. Consumers might have got an inkling through the media attention being given to Nest, the smart thermostat manufacturer recently acquired by Google, and Echo, the smart home hub created by Amazon.
In fact, consumers seem ready to welcome smart devices into their homes. 40% of respondents indicated that smart home devices will be a part of their life within the next 5 years, with another 30% indicating that they would adopt the technology a little later.
At 879M (4.9M devices) the Smart Thermostat market is currently seeing its strongest ever momentum as Smart Home adoption and assisted-living solutions are quickly becoming more prevalent in the consumer market
But the impact stretches far beyond that. Research indicates that revenue from just one sub-set of smart-homes, smart meters, will reach $7.4bn, up from $4.4bn in 2013.
Poised to hit $117 billion in 2020, medical sensors present not only a huge revenue opportunity, but a huge public health opportunity.
In fact, it seems the will is there, with surveys indicating the public is ready to see sensors take a more active role in medical tech. For example, 72% of British adults think home monitoring of patients would reduce stress on the healthcare system, and on patients who don’t need to constantly go into the office. An even higher number (91%) were ready to track basic body metrics at home, such as blood pressure (72%), heart rate (65%) and weight (88%).
Not a huge shock, is it? The hype behind self-driving cars is beginning to reach fever pitch and yet, there seems to be substance behind all the lofty claims. Car manufacturers are already beginning to implement assisted-driving mechanics into their cars, with Tesla being the most prominent.
The groundwork was laid by car manufacturers when they began implementing internet connectivity en-masse. In fact, IHS Automotive predicts that by 2020, 152 million cars will be connected to the Internet, while Business Insider sees connected services bringing in revenues of $160 billion by 2020.