For those of you who attended the recent Web Summit in Dublin, it won’t have escaped your attention that the ‘Machine Summit’, where Internet of Things (IoT) was the chief topic of discussion, generated some of the highest visitor traffic during the three day event.And it’s not just well-established industry visionaries, respected market analysts and budding entrepreneurs that are excited about the prospect of IoT. Many are staking their future on it as a big bet for 2015.At MJ Flood Technology, we believe that IoT has the potential to fundamentally change the way we consume technology and serve as a game-changing catalyst for new business models, more personalised customer experiences and a better quality of life for all.
In fact, IoT could just be the ultimate disruptive technology.It’s no coincidence that this period of technology disruption is marked by the confluence of technologies such as Big Data, mobility and cloud computing. In many ways, these technologies are laying the ground for IoT and it’s through their convergence that we can connect the unconnected and gather data which can be translated into meaningful intelligence for better business decision making and a better world for everyone.
IoT is all about the three Cs, i.e. communication, control and cost savings. And in the context of 1.5 devices for every human being on the planet and forecasts that more than 50 billion ‘things’ will be connected to the internet by 2020, IoT is going to be on the technology radar for some time to come.
At the recent IoT World Forum in Chicago, I had the pleasure of hearing first hand from industry giants and witnessing many practical applications of IoT across healthcare, manufacturing, utilities, agriculture and smart cities.I saw use cases such as drone technology being employed by firefighters battling forest blazes, police forces using in-car and on-person video to capture public interactions and reduce complaints of assault, traffic light management systems to increase traffic flow and reduce congestion for our citizens. The possibilities for IoT are endless and the only thing holding us back is the boundary of our imagination.
And with Gartner estimating the potential value of the IoT market at a staggering $19 trillion, IoT also represents a great business opportunity for technology providers such as MJ Flood Technology to build innovative, service-based revenue models that deliver new value to clients in an increasingly digital world.But the ability to deliver IoT will be based on a multi-disciplinary approach and service providers will need to combine strands of cutting edge technical expertise in networking, IP and software with strong business consulting skills. That’s why we see the continual investment in the business and technical skills of our staff as a top priority for 2015.In parallel, we will also continue a program of education and knowledge sharing, such as our Executive Briefing series, to help organisations understand how IoT can be applied to their business models and supply chain.
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