The Internet of Things promises vast opportunities to all of us facing many business challenges. Machine-to-Machine (M2M) also referred to as ‘Internet of Things’ is going to be a real game-changer that transforms every single sector of society and the economy. It will be out of this environment that new businesses – and indeed new industries – will be born.
It offers a range of features such as ubiquitousness, affordability, low latency, high speed and high capacity. It will link millions of devices, such as sensors, that will enable us to manage our environment, traffic, infrastructure, and our society as a whole much more efficiently and effectively.
The Internet of Things includes elements of M2M; sensors network; Behavioral Attitudinal Geolocation; smart grids; information processing; Complex Event Planning (CEP); U-CEP, personal informatics; artificial intelligence; E-Science; NBN; Cloud Computing; smart cities; business opportunities; sector transformation, Big Data and so on.
Partnership and Acquisition: Since the Internet of Things becomes hotter every day, the partnership and acquisitions for industry applications and products are also increasing to strengthen their business value. Few of them are: GE Healthcare acquired CHCA computer System for Opera application. Intel acquired BASIS Science. Intel and Axeda are developing IoT solutions for Industrial, Transportation and energy sectors. Accenture and FirstEnergy are partnering to deploy Smart Meters. CISCO announced its connected safety and security solutions with IoT products to the developers and their customers.
Another big tech giant generating IoT buzz was Samsung which announced its Smart Home service in the U.S. and Korea market. Users can connect and control home appliances, TVs, and mobile devices simultaneously with a single application with Smart Home.
Other big news is that Microsoft has announced it is targeting the Internet of Things with “Windows on Devices”, an initiative to bring Windows to a whole new class of small devices and plans to make Windows available for free for the Internet of Things and devices smaller than 9 inches.
Global Growth: The Internet of Things (IoT) will grow to 26 billion units installed in 2020 representing an almost 30-fold increase from 0.9 billion in 2009, according to Gartner, Inc. Gartner said that IoT product and service suppliers will generate incremental revenue exceeding $300 billion, mostly in services, in 2020. It will result in $1.9 trillion in global economic value-add through sales into diverse end markets.
The IoT encompasses hardware (the things themselves), embedded software, communications services and information services associated with the things. Gartner refers to the companies that provide the hardware, software and services as IoT suppliers. The incremental IoT supplier revenue contribution from IoT in 2020 is estimated at $309 billion. The Economic value-add is forecast to be $1.9 trillion across sectors in 2020. The verticals that are leading its adoption are manufacturing (15 percent), healthcare (15 percent) and insurance (11 percent).
Smart IoT Platform: According to CIOReview, the flagship M2M Platform iGateway is a smart hybrid platform for telematics industries that revitalize the Indian Fleet Management Sector. This ecosystem connects vehicles using GPS with Photo-Electric Sensors, RFID, Wi-Fi, GSM, GPRS, and Satellite communication. This proven platform enabled more than 15 types of industry segments to automate their logistic operations effectively to their connected vehicles as shown in the picture.
Emerging areas will witness the rapid growth of connected things. This will lead to improved safety, security and loss prevention in the insurance and transportation industry. Most industries will also benefit from the generic technologies and platforms, in that their facilities will operate more efficiently through the use of smart platform technology. Small things have the potential for big impact in IoT Space.
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