The “internet of things” has become such a widely used term that it feels like it’s been around for decades. Interestingly, even though it made it to the peak of inflated expectations in Gartner’s “Hype Cycle,” the term itself was coined back in 1999, almost two decades ago.
The development of the IoT converges multiple ecosystems and technology realms. It has real potential for telecom operators looking to extend connectivity from humans to machines; for governments working on smart city projects; for consumer electronics manufacturers building connected wearables; for banks trying to diversify payment services; or for enterprises looking to capitalize on the big data produced by billions of sensors. Such is the beauty of IoT – it unites many different industries and sectors.
While the promise of IoT is immense, the complexity of integrating heterogeneous ecosystems is admittedly a challenge, and one that is best handled by players that understand the digital nature of these heterogeneous systems.