The internet of things (IoT) is a powerful, unstoppable, world-changing force. Analysts predict that 20 billion to 30 billion “things” will be connected to the internet by 2020. As such, launching an IoT business is quickly becoming an imperative across industries and around the world.
Most companies have websites. If they didn’t, we’d question their viability. Fast forward 15 years from now, and we’ll be even more shocked when we hear of companies operating outside of the IoT. However, the concept of an IoT revolution is not just an extension of the internet revolution; this convergence of the physical and digital worlds has the potential to transform industries, and our lives, on a greater scale than the internet has.
The early concept of the IoT was a system that connected objects in the physical world to the internet via sensors that gathered and reported data to a central location. That was in 1999, when Kevin Ashton, co-founder of the Auto-ID Center at MIT, proposed the term “internet of things”. Since then we have seen the machine-to-machine era, where devices began to communicate with other devices. Today, the IoT is connecting businesses, people and technology in real time, all the time. It is reshaping businesses across every sector of the economy and every industry.