Internet of Things or IoT is the next big thing, but what exactly are the things in the Internet of Things… confused? Well the things in the IoT are not our regular bunch of fancy gadgets such as laptops, smart phones or tablets, they are rather more familiar ones. They are our day to day devices such as refrigerators, alarm clocks, light bulbs, thermostats and many more. IoT enables them to communicate with each other using software, sensors and the Internet connectivity.
IoT is here to stay?
The Forrester’s report, Predictions 2015: Software Platforms Drive Internet-Of-Things Adoption, makes it loud and clear. The report says,
Forrester believes that the IoT trend is about to enter a second stage in its development that will focus on software application platforms that provide prebuilt connectivity, security, management, and analytics capabilities. Firms ranging from Ayla Networks to GE to PTC offer such platforms to make it easier for product manufacturers and asset owner/operators to implement IoT solutions.
Hope or hype
There are already ten billion devices connected to the Internet currently and with IoT coming in action, this number is going to increase 600 times more. While Gartner has predicted over 25 billion Internet connected devices worldwide by 2020, Cisco has estimated this number to be a whopping 50 billion. Accenture has approximated that the Industrial Internet of Things could add US$14.2 trillion to the global economy by 2030.
Gartner has found in a survey of business and IT executives that manufacturing and retail sectors have very high expectations from the IoT. IoT will have a significant impact on the economy by transforming many enterprises, improving efficiency and generating new forms of revenue. Giants like Google and Samsung understand this and are already taking big steps in the IoT industry. Google bought smart thermostat maker, Nest Labs, for $3.2 billion, and Samsung purchased connected home company SmartThings for $200 million.
It is important for enterprises to understand how the IoT can transform their business and industry in general. The smart fridges that have built in camera sensors and send a grocery list to your smartphone by taking snapshots of missing items, have already reached the manufacturing facilities. Insurance companies are looking to reduce risk through sensors that track driving habits of car users. These are only a few examples of how IoT will revolutionize the industry.
Connecting the dots with INKONIQ
At this early stage of experience with the IoT, INKONIQ has an advantage of working with the makers of world’s first true 360 HD camera, Giroptic — 360 Cam. It was a Kickstarter funded product and we have built an interactive website and a mobile app for Giroptic that has empowered its consumers to control the 360 cam and watch photos and videos on their smartphones. Giroptic — 360 Cam has taken a good initiative to revolutionize the traditional way of doing things with IoT and INKONIQ.
If predictions prove correct, the IoT is soon going to make everything in our lives smart from alarm clocks to cars. As you can see, there are numerous reasons why you should embrace this innovative and thrilling change. In the next blog, we will be sharing with you a buyer’s guide to choose the best IoT firms.