The New IoT
Is this the major technology trend of the decade?
The International Computer Electronics Show (CES) just finished up last week in Las Vegas. There where over 3,900 exhibitors showing off their latest and greatest products and services. There were more than 170,000 attendees. CES is the largest annual tradeshow focusing on technology held each year. It has been held in Las Vegas every January for the last 22 years. If there is a way to know what the largest trends will be for the next 10 years, CES is the place to find it.
The Internet of Things (IoT) is simply an environment of interconnected devices. By using the Internet to communicate, devices such as smart locks and switches, automobiles, energy meters, trackers, appliances, lights, sensors, etc. can all communicate and gather data to perform specific functions more effectively. Whole cities being converted to “Smart Cities” are already happening. For example, the city of Paris plans to connect more than 200,000 street and traffic lights with a goal of cutting the public lighting energy use by 30% over 10 years.
All of these devices are producing data and lots of it. The Internet of Things has already been done. The new IoT is the Information of Things. A Gartner report in 2017 estimated that there were around 8.4 billion devices and that number is expected to grow to more than 20 billion this year. Cisco estimates by the start of 2020, IoT will generate more than 500 zettabytes of data each year. Not surprisingly, this data production will not grow linearly but exponentially.
A zettabyte is a measure of storage capacity and is 2 to the 70th power bytes, also expressed as 1021 (1,000,000,000,000,000,000,000 bytes) or 1 sextillion bytes. One Zettabyte is approximately equal to a thousand Exabytes, a billion Terabytes, or a trillion Gigabytes.Cisco
Data is only beneficial if you use it. The power is in the hands of those people who know how to mine and transform the data into actionable business intelligence. By researching data, including financial data, statistics and patterns can be found to shape future business decisions. Businesses that mine their data can realize the significant business impacts such as lowering costs, improved efficiencies, new business opportunities, enhanced quality of life and much more. The technology industry has created enough IoT devices with an excessive amount of data. Now it is our turn as business leaders to make use of the information. Let’s get mining.
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