IoT or the “Internet of Things” is expected to grow to around 50 Billion connected devices by 2020, if you’re anything like me you scratch your head and wonder; how, or even why?
Since I have got more involved in the IoT – due to Kordia rolling out a SigFox IoT network here in New Zealand in conjunction with Thinxtra – I have had my eyes opened to the many possibilities of IoT. What has become particularly clear to me is that as devices that track and measure things become cheaper, more reliable and less reliant on mains power; the potential applications grow exponentially. Things you never thought about doing in the past all of a sudden seem less crazy and far more viable.
The reality is the IoT industry is commercially-led – if you can’t make more money or reduce cost then you likely aren’t going to do it. But when technology changes and what used to cost tens or even hundreds of dollars, now cost a few dollars or even cents, all of a sudden new applications and business models spring up. That’s also the reason I believe most of the growth will be led by commercial applications. Businesses will lead the growth as they seek to take cost out of their business, differentiate or sell new services or applications.