(IoT) has only just put its little toe into the technology arena, but its impact will ultimately ripple out to all parts of the world and down to nearly every device.
Also called the Internet of Everything, the IoT is the concept of collecting data from nearly every “thing” on the planet: clothes, medical devices, household appliances, machine controls and vehicles. Much like Google is now able to offer targeting advertising based on search results, the opportunities afforded in IoT are massive. Let’s say you have an energy-efficient dishwasher that requires a specific kind of soap. You go on Amazon to buy the soap and give Amazon permission to check with your dishwasher to see what kind of soap it recommends. Add your printer ink cartridges and paper, your furnace filters, your car tires, windshield wipers and even your clothing size. No more going back to the house when you’ve forgotten the model of any appliance, or even the paint color on your walls.
The challenges that this burgeoning technology is facing will ultimately be the opportunities for large revenue streams for the businesses that jump on board and invest in learning the technology early. Much as web developers ultimately created their own jobs in the early days of website design – and still do – the technology entrepreneurs of today and tomorrow are already looking at how to capitalize and jump into a market that is just getting off the ground; it’s still anyone’s game as far as creating experts are concerned. Some of these challenges-turned-opportunities include:
Security. With all the data being transferred from nearly every thing in a house, business or municipality, security will be of utmost importance. Figuring out how to protect this data as its statistical value skyrockets is necessary to continue improving the IoT itself.
Data Transfers. How exactly will we get a desk to talk? Will there be a wireless connection specifically for IoT to prevent bogging down a business’s data connection? How will we handle the bandwidth needed for connecting nearly every “thing” in our lives?
Data Translation. How will this data actually be gathered? What, exactly, can you learn from a piece of someone’s clothing? The possibilities are endless, and the future of the IoT is based in making qualitative information into quantitative data that can then be used in any variety of means for both businesses and individuals.
Data Management. Speaking of data, the opportunities are endless when it comes to what this gathered information can teach us. The sky is the limit when it comes to how much information can be gleaned from the things we use every day. The bigger question is how exactly to manage gathering that data and condensing from each thing into a database of usable income. This will require each thing to be able to send its data in a manner understood by the new IoT information highway. The people who create the system that untangles this web will be tomorrow’s most successful leaders.
The opportunities in the new IoT era are endless, especially at this point, when the concept has been born but no one yet knows what the stages of growth will look like. For anyone willing to jump on board, the opportunities are as endless as the IoT itself.