Today, Internet of Business starts on its journey to tell you what the Internet of Things is – and why it’s important.
- The worldwide IoT market will grow to $7.1 trillion by 2020, compared to $1.9 trillion in 2013 (IDC)
- By 2020, the amount of Internet-connected things will reach 50 billion, with $19 trillion in profits and cost savings coming from IoT over the next decade (Cisco)
- By 2025, the total global worth of IoT technology could be as much as $6.2 trillion (McKinsey)
- Only 06 percent of things that could be connected to the Internet currently are, which means 10 billion things out of the 1.5 trillion that exist globally are currently connected. (Cisco)
- 94 percent of all businesses have seen a return on their IoT investments (CSGI International)
‘Eye-watering’, ‘mind-boggling’ and ‘scary’; these are just some of the words that have been used to describe the Internet of Things, and the above figures. It’s a term that has got everyone rather excited, from application developers and technology giants to analysts, journalists and marketers.
There is good reason for this. In its simplest form, IoT refers to connecting everyday objects to the Internet, with these devices able to communicate to each other (via machine-to-machine communication), collect and exchange data. These intelligent machines act on our behalf, and ultimately make things easier for us.
However, as with all big industry buzzwords, this excitement and noise isn’t always that helpful. In fact, it can be detrimental and confusing.
The IoT ecosystem is so new and fresh that the opportunities and challenges around IoT are not well understood; indeed, it could be said that people are still getting to grips with what IoT actually is, let alone how the technologies behind it can be used to enhance their personal and professional lives.
Some people do ‘get’ IoT, of course. Developers and software and hardware manufacturers have the skills and resources, and they realise there is money to be made and business to be had. Governments, including the UK’s, have also recognised that IoT could play in an important part in the move to a digital economy, as well as improve export trade if local start-ups take off.
However, one group, as always, is playing catch-up with this technological innovation – and that is the business world.
It is clear that much of the growth of IoT will be driven by enterprises and SMEs deploying these technologies – from car makers and insurers with black boxes to healthcare providers utilising wearables and ingestible sensors. Retail stores are already experimenting with beacon technology and are advanced with RFID tags, while manufacturers have arguably using IoT-like sensors for years.
However, the question remains on how can this business opportunity can truly be realised if the business leaders themselves are unaware of the technology, and the opportunities around it? According to the Acquity Group, 87 percent of consumers haven’t heard of the Internet of Things – so there’s a good chance senior management haven’t either.
This isn’t fearmongering – I’ve already had questions from industry executives asking ‘what is IoT’, followed by a sinking realisation that this has the potential to transform their industries, let alone their own companies.
All of the above is why today, I am extremely excited and proud to announce the launch of Internet of Business, a new online publication focusing on how the Internet of Things is being approached by companies, however big or small, and regardless of sector.
Our aim is simple; we want to be the home of IoT business news – advising business leaders in business language as to why this technological revolution is important. We want to be place people come to in order to find out how IoT is actually being used in the B2B world. We’re not interested in hype or spreading FUD (Fear, Uncertainty and Doubt).
We’ll be writing news, features, analysis, interviews and thought leadership pieces around everything in the IoT ecosystem – from the latest and greatest case studies and pilots, to the numerous challenges of doing so. Can you get the board on-board? How will you tackle security? How will these new solutions communicate with each other, let alone your legacy systems? And what about managing or outsourcing all that data on-premise or in the cloud?
We’ll also be alerting you on who is doing what in the supply chain – as well as providing guides as to how to accelerate your own digital transformation and IoT strategies.
That said, we don’t want to be ‘just another tech site’ – and we certainly don’t want to be a one-way communication. We want to be a place where global senior leaders – you IoT decision makers – come to us to read, learn and engage. It’s a two-way street.
If you’re doing something interesting, we want to hear from you. If you’ve got an opinion, however controversial, we want to hear from you. If you’re a start-up doing something unique in this space, or disrupting certain industries, let’s chat. And if you think we could be doing something better, do get in touch – we are human after all.
Tweet, email us, and come to our events. Hell, even speak to us in-person or over the phone if people still do such things in the 21st century.
I hope we can bring you useful information – and add value to your business. You can reach me directly on [email protected]. I’d love to hear your feedback on the website, your plans with IoT, story ideas, partnership proposals and more.
I am absolutely thrilled to bring Internet of Business off the bench today. I hope you will join us a ride which promises to be scary and eye-watering – and occasionally maybe even a bit mind-boggling. All of which is a bit like life really.
Editor, Internet of Business