Our five-part series on the top Mobile App Development Trends for 2016 has now reached part 4, where we’ll be discussing how the Internet of Things, IoT, is changing the world as we know it.
In November 2015, Gartner (a leading research and advisory firm) predicted 6.4 billion connected “Things” will be in use in 2016, up 30% from 2015. By 2020, they expect the number to reach 20.8 billion. McKinsey Global Institute recently reported that $4 trillion to $11 trillion of economic value could be generated by IoT by 2025. IoT has been consistently hailed as one of the biggest technology trends in the world, yet many people are confused about what the IoT really is.
Top put it simply, the Internet of Things is the network of physical objects embedded with electronics, software and sensors which enable them to collect large amounts of data and communicate with other smart objects. Jamboxes, smart cars, TVs, homes, gyms, bridges and more have been implanted with sensors that allows them to communicate with other devices and objects seamlessly.
Technically, the Internet of Things was created before the World Wide Web. In 1991, researchers at University of Cambridge used a camera, a frame-grabbing card, and a Motorola 68000 series-based computer to create a networked sensor to show the state of their communal coffee pot. Two major shifts have helped evolve the “IOT” into a billion dollar, world-changing industry: shrinking prices and sizes of computer processors and sensors, and the evolution of the cloud. Cloud-based applications interpret and send data coming from sensors, enabling IoT to exist.
IoT is a major disruptor in virtually every industry: from agriculture to healthcare, car manufacturing, disaster management and more. Businesses are leveraging the IoT to save money and prevent potential threats from becoming catastrophes. The speed with which crucial data can be processed will give mankind incomparable control over asset, resource and disaster management. For example, smart cars will be equipped with unparalleled diagnostic systems capable of learning exactly what problems are happening and how to solve them in seconds. As Google has demonstrated, we’re headed toward a world of self-driving cars.
Self-driving cars only scratch the surface of what this type of object-to-object communication can achieve. Homes equipped with sensors which connect to the web can optimize energy efficiency based on temperature and the GPS location of the owner. Bridges will soon be built with smart cement equipped with censors which will evaluate stresses, cracks and warpages in a way which will allow them to communicate with authorities to fix problems before they cause disasters. IoT will create a smart world in which risk has been decreased significantly.
In order to leverage IoT, businesses need to not only invest money in technology, they must invest brainpower in innovation. As a burgeoning disruptor, the ramifications of the IoT haven’t quite processed in all industries. Management and business model innovation are required for the IoT to fulfill its potential across many industries. Those capable of capitalizing on the IoT will dictate the trends and sail to the top of their industries.