My answer is: We are going to have a significant impact 

I personally fall in love with IoT and would like to be part of its evolution and revolution as well. IoT is going to be a technology revolution in next few years. Per few surveys, every industry, every device, every system and finally every human being is going to be affected by this revolution. One of the reliable sources indicating that a building constructed in Germany which is having 60 IoT devices, now imagine the number and connectivity across the world in next few years. Industry experts are predicting it is going to be a $6 Trillion dollar industry and few other resources claiming that $12 Trillion industry. Day by day the expectations are getting increased.

Why do we need Internet of things?:

Before answering about IoT why ERP applications became so popular?

For instance, if a manufacturing unit has around ten departments 1. Accounts 2. HR & Payroll 3. Purchase 4. Production 5. Supply chain 6. Administration 7. Store/ Inventory 8. Sales etc. earlier to ERP we use to have separate applications for every department. Eventually, overall output is not accurate as there is a lot of manual work is still involved. ERP applications filled this gap by providing end to end solution.

The same way Internet of things is the connectivity of smart devices and sensors with a fabric of analytics, software, and technology. How come the IoT changes the world? Which industry will have a significant impact on it, all IT giants have started their innovation and research labs across the globe and majority of them are focusing on four major industries.

1. Oil and Gas:

Internet of things allows oil and gas companies to connect all parts of their operations globally. Improves access to production and supply chain data worldwide, reduces the cost of machine downtime and high maintenance, and increase productivity. Expedite and support business growth with a highly scalable cloud platform. Improves competitive advantage with easier development and faster time to market with new features.

2.Manufacturing:

Flexibility and adaptability of IoT support multiple models from manufacturing units. As IoT supports preventive maintenance with its great features, it enables 24*7 production without any interruption. Improves competitive advantage with easier development and faster time to market with new features.

3.Smart Cities:

The urban population is getting drastically increased year by year, the majority of the people are migrating to cities for better earnings and lifestyle. Eventually, cities are facing various challenges like water electricity, employment, security, traffic control. How can the government provide better lifestyle with all these amenities? To create a smart city need data and analytics to understand the reality, how do you get the data? Every human being is connected one or the other way around the internet. Indeed, Internet of things fill this gap

4.Transportation:

Cuts drivers’ transportation costs by 90%. IoT gives the transportation industry an opportunity to connect people, improve safety, communicate more effectively, and change transportation centers into community hubs. Enhance user’s experience with personalized settings.

Humans use to drive technology, now technology is driving humans. We think technology is saving a lot, to adopt the technology eventually every one is spending a lot from their pocket, then who is saving on this? manufacturers? Inventors? middle men? just a thought….think about it…

Just do a quick analysis of your credit card reports, how much you could have spent on technology and electronic devices for the past one year 🙂

Narasimha Mohan

He is the Author, Product Specialist, Business Consultant, Entrepreneur, Public Speaker, Thought provoking writer, and Joke writer. Follow him on Twitter