What is IoT? Internet of Things is one of the most trending buzzwords in the venture ecosystem. Sometimes people refer to it as “Internet of Everything” or “connected everything”. Although the word is used in all kind of different contexts, people have still difficulties to understand IoT as a whole. We at Venionaire approached this area through our Insight about Internet of Things with the aim to give a complete overview.
Corporates investing in IoT
But not only the venture ecosystem is ignited by it – corporates are as well heavily focusing on it. In fact, Cisco began with operations related to IoT in the early 80s and one of the giants, General Electric, committed themselves (through their subsidy GE Digital) to be a “truly” digital industrial company. IoT is actually easy to describe as a network of physical objects, which are able to communicate, sense or interact with each other. In other words: the connectivity is not limited to PCs and mobile phones anymore, but literally every physical object. These connections occur in different contexts. For example: if you start connecting machines in a manufacturing plant, people will refer to it as Industrial IoT, or if you put sensors on your body to track your health condition, people will refer to it as quantified self (sub category of IoT). These examples give you a glance at the importance of IoT in terms of cross-industry applications.
IoT is igniting the tech industry
The borders between the tech and other industries are blurring and IoT is one of the major drivers. Cisco predicted a total impact of IoT by 2022 in 14.4 Trillion Dollars! The thing is, IoT even goes further. It doesn’t only affect traditional industries as illustrated above – it is igniting the tech industry itself. We all talk about big data, machine learning, cybersecurity or enterprise mobile applications. In fact, IoT is building on these tech-sectors. Just take the case of connecting machine in a manufacturing plant. You will need big data software to analyse the flood of data the machines are producing every second. You will eventually need machine learning algorithms to interpret the data and convert into information. You will need cyber security software to enable safe communication and prevent hackers to achieve control over your plant and eventually you will need a mobile application, so the plant manager is able to interact with the system.
These are just few examples of IoT applications using other tech applications. The key in investing into IoT is to understand the different technological layers of it and at the same time mapping the influence of every layer to the different industries (tech included).