An expanding universe of connected devices is revolutionizing everything, from how we spend our leisure time to how we receive health care. At the end of 2015, the Internet of Things (IoT) comprised more than 13 billion connected, or “smart”, devices. By the end of the decade, that total forecast is set to reach anywhere from 25 to 50 billion.
Every one of these devices has the potential to be a profit point for product developers and service providers. That’s exciting news for businesses with the foresight, knowledge, and ingenuity to turn insight into value. However, the road to monetization in IoT is not without obstacles.
Their success will require an evolution in infrastructure, strategy, and culture. Intelligent devices are just one component of a fully optimized IoT ecosystem where a network of devices, connectivity, applications, platforms and business support systems must work together to make the visions of IoT a reality.