The Internet of Things (IoT) is often marketed as a consumer-based technology phenomenon that will combine the potential of low-cost sensors and big data with wide-scale internet connectivity.
But flying under the radar is a less sexy sub-sector of the IoT that could ultimately prove to be the most transformative – the marriage of the internet of things with industrial applications such as mining, oil and gas, infrastructure, aviation, locomotives, cities, farming, manufacturing, and power generation.
The application of IoT – and automation generically – is having and will have profound impacts in the business, manufacturing and industrial sectors.
While those of us in tech are aware of IoT, ask your non-tech friends about what they think of “IoT” or “Internet of Things” and you will get a blank stare followed by “What?” Sure, consumer IoT is here now and coming at us fast, but is largely unknown in the general public.
Businesses, though, are seeking a combination of cost reductions, quality improvements and new opportunities that are incentives to rapidly develop and adopt IoT solutions.
As Michael Porter says, “What is underway is perhaps the most substantial change in the manufacturing firm since the Second Industrial Revolution, more than a century ago.”