The Vast IoT World
From the Emerging Technologies Blog
by Kevin Coleman
UPDATED MAY 2020 - This blog will appear monthly from now on. Today, all organizations depend on technological innovation in order to sustain their existence. Analysis of emerging technologies and identification of those technologies with the greatest potential is essential to being prepared for upcoming projects. The objective of this blog is to establish future oriented technology analysis and insights. This blog was established to provide program and project managers with information about these emerging technologies. These emerging technologies have far reaching repercussions for program and project managers. This blog will jump-start the learning process and allow program and project managers to become proactive.
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Technology is continuously in motion and that Is indeed the case when it comes to the Internet of Things (IoT) or as some have called it, the Internet of Everything! There is good reason for their massaging the title. A recent study suggested that this year, 2020, the global IoT market value is projected to reach over $915 billion USD. Yes, just shy of a trillion $$$. With a double-digit compound annual growth rate, the IoT market is projected to reach $1.9 trillion in 2028. That is a huge amount of money.
When you think about all the work involved in the design, development, marketing, sales, installation, integration, and service involved in the global IoT market today, and in the next few years there is an abundance of work involving IoT. Now we must add to that work, all the efforts to add security to protect all those IoT devices and the data they produce. There are projections that the global use of IoT devices will likely top 40 billion units worldwide and all those devices will be generating nearly 80 zettabytes (or 80 times 1,000,000,000,000,000,000,000 bytes) of data in 2025. Since we are talking about data, we must consider last week’s blog about the collection, storage and analysis of all that data, as well as the effort to take actions based on the results of that data analysis.
Here are a few weird IoT devises that I thought might be good or at least humorous to mention to illustrate just how broad of a range the devices have. First and perhaps my favorite is a ‘Touch-screen Wine Bottle.’ When activated, it provides a wide range of information about the contents of that bottle. Think about applying that to pharmaceuticals! Secondly, is a ‘Dog Alert’ that contacts your smartwatch/smartphone and tells you your dog is barking. Once alerted, you can go to your home-cams and look inside your home and see what is going on and talk to your dog if you would like. One individual told me they were working to determine if the dog’s bark suggested if the dog was happy or upset. So here is the third of my top three. An IoT toilet, plays music, has a soft light, opens when you approach the toilet, has a heated seat and you ASK it to flush. Ok, now one has to wonder, what data that collects, where it goes and in the United States if that is covered by HIPAA regulations.
I am wondering what is next? What are the hot areas of IoT applications in our specific domain(s) or our domains of interest? As we all move into the connected future of the world, innovation and creativity is the limiting factor in the products and services around the IoT explosion and all the data they produce and how that will be used.
Posted on: April 01, 2020 01:20 PM |
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Comments (3)
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Very interesting article., thanks for sharing.
Brian Martin
Chief Project Executive| CONFIDENTIAL
Ca, United States
I thought you must be joking about the toilet until I did a search! This is clearly over the edge in my book.
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