It’s becoming a common saying that the internet of things will be as transformative as the industrial revolution. Literally the way that every single school, hospital, warehouse, government organization and business connects to the physical world around them, will change.
The internet of things or IoT for short, will improve how every industry operates in three ways:
- Decreasing operating costs
- Increasing productivity and efficiency
- Creating new opportunities to develop new products and services
With the IoT comes large numbers of new connected devices, and this will require major investments in new IoT ecosystems.
It’s projected that there will be nearly 34 billion connected devices by 2020 with roughly 24 billion of those belonging to the internet of things.
Over the last two years Business Insider Intelligence has been studying the rise and growth of the IoT, focusing on how these new ecosystems will allow businesses to connect and control their new connected devices.
The data they analyzed was based on 16 different environments or industries and looks at everything from what an IoT ecosystem looks like, to the role of analytics and even forecasts of what the internet of things market will look like, for example potential ROI.
To help you understand how the IoT works and how it will impact your industry, the team at BI Intelligence put together a very detailed infographic that outlines their key findings.