Are you ready for the Trillion Dollar Internet of Things Economy?
The Internet of Things (IoT) has been forecast to deliver up to $11 trillion to the global economy by 2025 and up to $120 billion annually to the Australian economy in the same time frame. This is driven by the comprehensive instrumentation and connectivity of everything, with some forecasts estimating there will be up to 30 billion connected IoT devices by 2020 and 300 billion by 2030.
What makes IoT Different?
IoT extends the end node far beyond the human-centric world to encompass specialised devices with human-accessible interfaces, such as smart home thermostats and blood pressure monitors, and even those which lack human interfaces altogether, including industrial sensors, network-connected cameras and traditional embedded systems.
Connecting the physical world to the digital world gives us better visibility over what is happening in our physical environments. It can help us make better, faster decisions, automate processes and enable prediction of future events.
IoT is taking the internet into everything that impacts our lives – from engineering to health, infrastructure, agriculture and more. It is the future of digital connectivity, data accumulation and system efficiencies, but implementation requires sound strategy with a balance between innovation, opportunity and risk.
The Internet of Things is Now!
The Internet of Things is not just the connected refrigerator. It’s thousands of medical devices in hospitals; smart utility meters; GPS-based location systems; fitness trackers; toll readers; motion detector security cameras; smoke detectors; and last, but not least, embedded systems. Each of those IoT end nodes requires connectivity, processing and storage, some local, some in the cloud. This means scalability, reliability, security, compliance and application elasticity to adapt to dynamic requirements and ever-changing workloads.
Now is the time for network administrators to fully scope out all their ‘Internets’ and how everything interconnects, from how ERP software systems maintain monitoring rules and governance to how APIs talk to M2M application platforms, as well as how asset and device management mechanisms orchestrate version control and location metrics.
Business value of IoT
The impact of IoT on the Australian Market
With the NBN and LTE now well and truly underway it is important to look at what will be the value of IoT infrastructure to the development of a network that will be dominated by sensors and devices.
The infrastructure that is now being built offers a range of features such as 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, infrastructures, and our society much more efficiently and effectively.
IoT will transform every single sector of society and the economy and it will be out of this environment that new businesses – and indeed new industries – will be born. The NBN is also a key infrastructure element as more applications will require high quality video. These developments are closely linked to big data, data analytics, cloud computing and data centres and these elements all play a fundamental role in the success of this new infrastructure.
How we can help
Drawing on our deep industry, technology, policy and analytics insights, we can assist organisations to better deliver safe and effective IoT solutions. We can help with new markets, strategy and implementation, security, data analytics, growth plans, revenue and tax compliance.
Contact us now via https://bitsol.com.au/contact.html or phone +613 9041 1190
