This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.
Commonly the IoT (Internet of Things) is the network of physical objects or "things" embedded with electronics, software, sensors and network connectivity - features that enable them to collect and exchange data.
Make no mistake. These "things" mark the beginning of a revolution for business.
Notice I say business and not IT. IoT is not an IT revolution; it is an IT evolution. For business, however, it brings a seismic shift in businesses' ability to look inwards, at processes and digital assets and outwards at customers - thereby enabling new revenue opportunities and operating efficiencies.
In short, IoT massively increases the resolution of the lens through which businesses are able to look at every aspect of themselves.
Data is only data until such time as it can be analysed and transformed into information. Without the ability to analyse, that huge data resource remains untapped. What's more, as we start to mine the data, pick out the trends and turn the data to information, a virtuous circle begins - one in which the business is able to focus on areas where more data drives better insight and adds more value.
The ability to analyse data produced by these devices and to convert the data into useable information makes IoT the next sensible step forward in making businesses more intelligent. Crucially, it is insight from information that will fuel the revolution.
IoT as it stands today is predominantly consumer led, and the sectors that can envisage value are those such as healthcare, retail, manufacturing and construction. These are industries that are looking to revolutionise their customer interaction experience - they are considering how the IoT can enhance the services they provide to their customers. As IoT takes off, businesses will also have access to a new source of customer data gathered from mobile applications that they can draw customer insights from.
By 2020, the IoT ecosystem, according to IDC, is projected to reach more than 29 billion connected autonomous things, driven by rapid development in digitisation and networking and from growing efforts by companies to bring all electronic devices under the digital umbrella.
IoT is expected to have a significant impact for companies in the Asia Pacific region, accounting for 8.6 billion devices or one-third of the global market and growing to become a US$583 billion marketing opportunity by 2020. It will continue to surge from the growing connectivity of consumers in Asian nations such as Singapore, Korea, Japan and China, rapid urbanisation and development of the telecommunication infrastructure and investments by government and companies in digitisation.
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