Who’s on top of the IoT market?
In an age where it seems anything and everything can benefit from connectivity, approximately 65% of enterprises utilize IoT solutions for business purposes, according to a recent survey conducted by 451 Research.
Among the surveyed businesses that are using IoT solutions:
- 33% used it to develop new or enhance existing products, such as car companies that are putting cellular data connections into their cars to gather data about them and provide Wi-Fi hotspots for passengers.
- 66% used IoT technologies for risk reduction. For example, oil companies are starting to use drones to inspect oil rigs, which can be a dangerous task for humans to perform.
- 63% used IoT solutions to optimize operations. For example, manufacturers can use sensors to gather data about machines on their assembly line to predict when they might fail, and fix them prior to experiencing any downtime.
At the same time, companies are racing to position themselves as the go-to names in this market before the Internet of Things truly explodes, and three U.S. companies sit in prime positions for becoming the backbone of the IoT, according to a Business Insider report.
The first is Cisco, which is predicting that the demand for network infrastructure will increase as the IoT grows. Cisco’s networking hardware, its core business, will be in great demand in the near future, as $566 billion (about one-third) of the predicted annual global IoT spending, is expected to be spent on connectivity and services. Cisco has long been recognized as the leader in networking infrastructure, and that’s not going to change in the next years.
- General Electric
The second is General Electric, which is both a supplier and a user of IoT technology. As a supplier, GE has developed a suite of cloud-based software that enables users to improve an industrial site’s operations. Specifically, its Predix platform permits real-time monitoring and analytics of industrial machines and sites. The company said in its annual report that it expects 200,000 assets, 100 GE applications, and 20,000 developers to use the Predix platform by the end of 2016.
As a user, GE employs IoT in its factories to improve productivity. A 1% improvement in productivity across GE’s manufacturing base translates into $500 million in annual savings. In other words, IoT could help GE improve its profitability prospects.
The third company is Verizon, which has an extensive wireless network that connects companies’ IoT deployments and provides remote control of those devices in the field.
Verizon’s wireless network not only has more U.S. subscribers than other wireless providers, but it’s also the furthest along in developing next-generation 5G connections, with plans to begin rolling it out next year. Verizon claims that 5G speeds are 30 to 50 times faster and far more responsive than its current 4G network.
The IoT revolution is right around the corner, and it will change how we live, work, travel, and more. From connected homes and connected cars to smart buildings and transportation, every aspect of our lives will be affected by the increasing ability of consumers, businesses, and governments to connect and control everything around them.
- Connecting to IOT in the near future
There are billions of IoT devices and connecting to the cloud. Connecting economically will always be a challenge, keep your eyes on Cat-1 and Cat-0 cellular technologies, the chipset costs and bandwidth is much less than LTE. Most IoT devices are sending back specific data on equipment status, so these new lower power/lower bandwidth solutions will be popular for IoT solutions that do not require high bandwidth.
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