It's hard to define something that is new and is changing very fast but this
article from BizCatalyst360 by one of my LinkedIn contacts, Chuck Brooks, makes for a good primer on what this new industry is all about. I find its description of IOT captures both the essence and the potential of this nascent tech sector. The article is titled,
IoT – The New Frontier of Technology Convergence, which inspired the name of this blog.
"the Internet of Things (IoT) is the concept of connecting any device to the internet, from home appliances to wearable technology such as watches, to cars. These days, if a device can be turned on, it most likely can be connected to the internet. Because of the IoT, objects to objects, people to people and objects to people can communicate quickly and efficiently."
The potential of IOT is huge
Its not just about fitbits and losing a few pounds anymore. Its bigger than that.
All of a sudden, it feels like the 90s and in the early days of ecommerce again, when B2B, B2C, B2Etc are all just potential ways of connecting one entity to another. Mayhaps the terms O2O (objects to objects), P2P (people to people), and O2P (objects to people) would become mainstream as well?
The rest of the article deals with IOT's potential in the public sector, such as smart parking, HOV lanes, sensors on public transportation, real-time auto-notification of delays and all that good stuff, which I think further underlies the potential of this sector - the government WILL support its growth. It will support it just because it has the potential to make public services better for everyone.
According to Gartner, via Chuck's article, the market is huge: 26 billion networked IOT devices by 2020. Think about it. That is like when Steve Jobs unveiled iPhone. If this comes true, our lives will change. Ergo, businesses will change too - tons of real-time data will make social networking, cloud computing, big data and fiber networks even more important than they are now.