Internet of Things (IoT) devices have only begun gaining in popularity over the past few years, but they’re already helping consumers, businesses and government to better communicate, record or analyze data. According to a report by Business Intelligence, there will be 34 billion internet-connected devices by 2020, of which 24 million are expected to be IoT devices. Some analysts predict there will be as many as 100 billion connected devices online by 2025 with an economic impact of $11 trillion globally.
Remote sensor technologies, inventory trackers and radio frequency identification have been around for years. But cloud computing, smaller devices, advances in data analytics and low-cost data storage and management solutions have made the possibilities for IoT ecosystems endless. It’s now easier to connect small devices featuring enhanced capabilities that can perform with significant capabilities.
As the demand for smart devices grows, businesses are seeking ways to update gather customer data, collect information about their own corporate networks in order to improve operations, increase productivity while cutting costs, and better market products and services to customers.
To date, the focus has been mostly on consumer goods such as wearable fitness monitors, smart home appliances and self-driving cars. However, several industries that can use IoT ecosystems to their advantage include manufacturing, agriculture, healthcare, finance, transportation, hospitality and retail. From sensors that help monitor crops, beacons that report consumer purchases, robotics that increase production and smart homes that provide energy efficiency, safety and convenience, we have only just begun to see the innovation possible with IoT ecosystems.
With this surge of data and expected increase in IoT device usage, the need for broadband access will be greater than ever. Since businesses must have access to broadband networks, investment in broadband infrastructure to support speed and data demands will be extremely important for these IoT ecosystems to function properly.