Devices all around us are being connected to the Internet – automobiles, fitness trackers, devices on our pets, and devices in our homes are all becoming Internet-enabled. There is no question that companies who are manufacturing products are heavily investing in the Internet of Things (IoT). CES 2015 proved this to be true, with an overwhelming display of cloud-connected gadgets and devices. Even non-traditional brick and motor companies are doubling down and getting their skin in the game. Lowes recently announced the release of its IRIS platform to compete with Thread and Apple HomeKit to own the home automation space and provide a centralized interface to manage and connect all devices in a home.
It seems obvious why companies want to be a part of IoT; connected product offerings can lead to increased revenue, reduced expenses, and a more engaged customer base. Companies are catching on, as a recent Economist Intelligence Unit survey sponsored by ARM indicated that 95% of companies expect to be using IoT within three years and 63% believe companies without an IoT strategy will fall behind in the market. But in order for the industry to live up to the projections of 200+ billion connected devices deployed by 2020, real businesses need to create real product offerings that users adopt in the marketplace.
Although predicting the future is hard, there is no doubt real growth in IoT is taking place, and companies are investing. In fact, the Internet of connected products movement is not behind us – it is just beginning, and the possibilities are virtually endless. And as the landscape grows, we believe IoT will develop in five phases of maturity.
Check out our Five Phases of IoT white paper that provides an in-depth description of each phase of IoT maturity.0 Likes