Capitalizing on the Internet of Things
Three industrial revolutions that have brought epic changes to the world of business are steam engines, mass production, and internet technology. Today, we are in the midst of what is often called the fourth industrial revolution – the convergence of physical things with the world of the internet: The Internet of Things. Let us give you three figures that show why the IoT creates challenges both long-term and immediate. First, consider the number of IP-enabled devices such as cars, heating systems or production machines. Based on research by the analyst firm Machina Research 14 billion of those things will be connected by 2022. Second, the ITU predicts that by 2015, 75 percent of the world’s population will have internet access. And third, the omnipresent mobile revolution: according to the mobile forecast from Cisco’s Visual Networking Index, more than 3 billion smartphones and tablets will be in use globally by 2017.