IoT And The Roadblocks

According to an estimate about 50billion devices will be connected to the internet by 2020.  It will grow beyond the smart cars and refrigerators of 2015 that have smart sensors.

So instead of just being a collection of smart devices Internet of things will evolve to become the spinal chord of the entire machine-human interactive system.

Infact in  terms of economical impact IoT will touch USD4-13 trillion dollars, as per a report by McKinsey

The report also talks about fundamental issues that are acting like speed breakers in adoption of I0T, a couple of the are:

1. Interoperability:  is required in nearly 40%-60%  of the body

2. Full exploitation of data- according to McKinsey in some industries like Oil rigs do not exploit more than 1% of overall data

The money will come from  consumers of IoT (Business and otherwise)

The care must be taken to create  standardization so that sensors can talk to each other and meaning/insights could be tracked.

From the vendors perspective, they need to showcase themselves more as value added service provider rather than a device or appliance maker.

For more on report, please visit- http://www.mckinsey.com/insights/business_technology/The_Internet_of_Things_The_value_of_digitizing_the_physical_world

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