The phrase “Internet of Things” (IoT) is firmly established in today’s business lexicon but no two definitions are alike. Lately startups demonstrating “Internet of Things” functionality have proliferated, however a large but quiet group of businesses have been executing in this space for years.
The Evolving Internet of Things Market: Key Trends and Implications
Success in IoT will be the result of focusing on solving existing challenges or identifying new products and services enabled by the telemetry and machine-to-machine (M2M) communications technologies at the heart of IoT. This Insight examines the current state of the Internet of Things and opportunities for service providers, enterprises and investors.
The emergence of IoT is being driven by the convergence of several trends – Moore’s law (chips getting smaller), Metcalfe’s law (the value of a network increases with each additional node on the network), Koomey’s Law (batteries get smaller), and the rise of “Big Data”. Adoption of the IPv6 standard and the ubiquity of smartphones are also acting as catalysts for the trend.
It’s value is twofold. Firstly the Internet of Things has the potential to improve existing products and services by providing (amongst other things) an increased ability to automate tasks and monitor devices without human presence. However in the long term the second aspect of the value of IoT will develop with the emergence of entirely new products and services.
For more trends surrounding the Internet of Things and the opportunities that will result, download the full report below.