The rapidly evolving Internet of Things (IoT) is clearly an idea whose time has finally come. Indeed, falling technology costs, developments in complementary fields like mobile and cloud, together with support from governments have all contributed to the dawning of an IoT “quiet revolution.”
In fact, over three-quarters of companies are now actively exploring or using the IoT, with the vast majority of business leaders believing it will have a meaningful impact on how their companies conduct business. In a recent report sponsored by ARM, Clint Witchalls confirms that consumers will likely soon be awash with IoT-based products and services – even if they may not realize it.
Commenting on the Witchalls report in Forbes, analyst Patrick Moorhead notes that business leaders seem to be highly optimistic about the IoT and its ability to transform their business, either by driving new sources of revenue or by making operations more efficient.
“This is a good sign that leaders think they can make more money and save more money. It isn’t often that you can find both of these together,” he explains. “The [Witchall report] also shows that most companies are investing in IoT right now, but most are just researching what they can do with it versus planning, piloting, or implementing projects.”
So how far are we along the continuum from early adoption to mass adoption?
Well, 95% of those surveyed in the above-mentioned ARM report say they believe their companies will be using IoT in three years.
“While most in surveys are optimistic, this is a huge number when you think of it, even if, in reality, it’s four to five years,” Moorhead notes. “While I think 95% is overly-aggressive, this would be as pervasive as a smartphone or a personal computer use.”
Interestingly, Moorhead splits the concept of IoT into two distinct segments: the Industrial IoT (IIoT) and the Human (HIoT).
“The IIoT brings autonomous monitoring and operations capability to factory boilers, HVAC systems, and hospital medical systems,” he says. “IIoT systems are very high availability and companies like General Electric GE and Echelon ELON play in this space. The HIoT comprise of more interactive, consumer-based devices like a FitBit, Revolv Hub and a Nest Thermostat. ARM, the study sponsor, obviously plays heavily in both the IIoT and the HIoT.”