Finding the Money in the Internet of Things

More generally, companies are still deploying IOT as an optimization technology – a technology that can incrementally, and perhaps even significantly, improve performance, but that leaves the core nature of the business untouched. Here’s an interesting thought: what about harnessing the potential of this technology to disruptentire markets and industries?

The data and insight generated from IoT, if properly harnessed, has the potential to unseat incumbents if they’re not the first to realize this opportunity. In certain markets like the automobile industry, IoT might be a catalyst for shifting from ownership to sharing models of business, disrupting the economics of traditional product vendors. Insurance companies might harness IoT to identify lower-risk customers and offer these attractive prospects much lower rates, leaving the high-risk customers to competitors.

Bottom line: there’s a lot of money to be made from this promising technology for the companies that know where to look.

https://hbr.org/2014/11/finding-the-money-in-the-internet-of-things

maltaway_balattiboardmember_internet of things

IoT, Internet of Things Will Be The World’s Biggest Device Market And Save Companies Billions Of Dollars

IoT, Internet of Things Will Be The World’s Biggest Device Market And Save Companies Billions Of Dollars

The Internet of Things will be the largest device market in the world. We estimate that by 2019 it will be more than double the size of the smartphone, PC, tablet, connected car, and the wearable market combined.

The IoT will result in $1.7 trillion in value added to the global economy in 2019. This includes hardware, software, installation costs, management services, and economic value added from realized IoT efficiencies

http://www.businessinsider.com/how-the-internet-of-things-market-will-grow-2014-10

IoT devices by Sector