Don’t panic! We’re not suggesting our crystal ball is challenging a global business concept but what we are suggesting is how long will IoT be “a thing”? Bear with us on this one and read on; -
The term Internet of Things or “IoT” was initially invented in 1999 to promote RFID technology. However, the popularity of the term IoT didn’t accelerate until 2011, with mass market adoption in 2014 following the annual Consumer Electronics Show (CES) in Las Vegas taking place under the theme of IoT. 10 years on from the increase in popularity of the term, are we beginning to see the Death of IoT, and will it transition to business as usual in the years to come?
Before we dig deeper, lets define the “Internet of Things”?
The definition according to McKinsey is: “Sensors and ubiquitous connectivity, combined with data and analytics, open up new opportunities to innovate products and services and to increase the efficiency of operations. This digitization of the physical world—or Internet of Things (IoT)—creates new value for our clients and for their customers. McKinsey’s Global Institute predicts IoT will have an economic impact of between $4 trillion and $11 trillion by 2025.”
There are also many related, yet not opposing, concepts such as:
- M2M (machine to machine) communication
- Industry 4.0
- Industrial IoT (IIoT)
- Smart Systems/ Solutions
- Intelligent Systems/ Solutions
- Connected Devices
In order for IoT to have the economic impact McKinsey claim, there has been be a huge increase in not only the number of IoT devices, but also the number of IoT based solutions being implemented by commercial organisations and consumers alike. According to IoT Analytics, there will be 30.9 Billion IoT devices by the end of 2025, increasing from 11.7 billion in 2020.
This number is difficult to comprehend, so here are a few examples of IoT devices:
- Virtual assistants e.g. Amazon Echo, Google Home etc
- Smart / Wi-Fi Doorbell such as Ring
- Music Systems such as Sonos
- Smart Home devices e.g. Phillips Hue for lighting and Nest for heating
- Occupancy sensors for people counters and room occupancy
- Air quality monitoring
- Water leak detection devices
- Smart parking sensors
- Asset tracking devices
- Array of sensors in vehicles
- Industrial monitoring devices
The list could go on and on, but what is the ultimate goal of having all of these IoT “connected” devices? Will everything work in perfect harmony? Should everything be able to connect to one another? Or should the goal for the IoT industry be to provide relevant, valuable solutions to individuals and organisations alike?
In truth, there is no simple answer. One view is that the end goal should be to collate and analyse all sensor and device data into one single platform, often with differing levels of access, allowing multiple stakeholders within organisations to benefit from IoT data and solutions.
A few years ago, Cloud storage was seen as a solution in its own right, whereas now it is accepted as the standard way of working for the majority of organisations across the globe. MobiusFlow® from iaconnects can help organisations follow the same trajectory and turn those IoT solutions into business as usual.
MobiusFlow is an IoT Edge Platform developed over the past 15 years by IAconnects Technology Ltd (iaconnects) to allow non-manufacturer specific connectivity of the internet of things (IoT) to the cloud or local computers. It can work in the cloud, on closed secure networks, Wi-Fi based systems or utilise its own data connection (3G/4G) when used in conjunction with IA’s custom hardware. You can find out more about MobiusFlow here.
So, there’s the question, will it always be IoT or will the connectivity and interoperability IoT offers simply become the new normal? And if it does, what’s next?