Next Big Thing

Internet of Things – the Next Industrial Revolution Nov 30, 2016

Perspectives

The Internet of things (IoT) has vastly expanded the tech industry. There are a lot of convincing predictions that the IoT will cause the next Industrial Revolution. This process has already started. Step by step, the IoT has become involved in every sphere of people’s lives, including smart buildings, security, transportation, defense, banks, insurance, healthcare, and entertainment.

There has been a significant shift in the quality of life because of it through their interaction with software, the Internet, and devices, which create a smart environment. Leading these changes is a problem followed by a solution. The modern world requires more than just washing clothes or a machine that cuts carrots by itself. It needs the synergy of all these systems running together with remote control in someone’s hands. This may be the dawn of a new civilization. Drivers of these changes are enthusiasts who represent both the global intellectual and investment potential. Implementing new high-tech solutions requires a great deal of effort.

 

Brownfield or greenfield

There are two main ways to develop the IoT – brownfield or greenfield development.  The simplest way to introduce a new technology is to create something new that doesn’t build on the work of other innovators. This is known as greenfield development.

On the other hand, brownfield development evolves existing designs. Many experts say that there is more potential in brownfield development , even though it is more challenging. You have to compete directly against existing hardware, tools, and embedded software and adapt to them. For example, industrial IoT solutions have more pointed advantages and disadvantages in brownfield development. You have to deal with existing infrastructure and machinery, including buildings, roads, and factories. Brownfield development is not as tempting for businesses because it is very costly, and therefore more risky. Besides that, it also requires specialists who are already familiar with all the available solutions. Then they have to produce breakthroughs that can perform better than all the existing systems in place.

 

Advantages and Disadvantages of IoT

The Internet of Things can prove beneficial to most businesses, society, and individuals. It can help them cope with their daily routines and meet everyday needs. On the other hand, people may start relying on technology too much and trust it with their privacy, and even their lives. The question arises: who is more reliable, humans or technology? Should we be more skeptical about the human factor or technology factor? There is an opinion that the Internet of Things can replace people’s jobs. Even while technophobia grows, the era of computers is well under way. New inventions and systems have created unforeseen opportunities for society and self-development. Even if only one part of society directly benefits, everyone can ride the wave of innovation. The IoT is a positive step towards global well-being, not losing something.

 

The Future of IoT in Numbers

According to surveys, by 2020 there will be over 34 billion devices connected to the global network. Among them, 10 billion devices will be connected to personal computers, smartphones and tablet PCs, and 24 billion will be plugged into the Internet of Things. Nearly $6 trillion will be spent on IoT solutions over the next five years. Hundreds of percent growth in the industry have proven that the industry will continue to march forward. Most companies see this and are ready to invest money, and users are ready to buy their smart technologies. It just depends on their execution.

 

See the infographic below and find how the Internet of Things is expanding the world.

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