You have likely heard of I0T (Internet of Things), but will it soon come to your construction jobsite? Chances are good, seeing as the number are connections are set to grow.
While there were less than 1 billion business-to-business IoT (Internet of Things) connections in 2011, Verizon Wireless, www.verizonwireless.com, estimates there were 1.2 billion in 2014, and that number is expected to skyrocket during the next five years. In fact, according to a recent Verizon report called “State of the Market: The Internet of Things 2015,” the number of connections could quadruple by 2020, reaching more than 5 billion.
While the report says the “key ingredients” for the IoT—including network connectivity, cloud computing, and sensors—have existed for quite some time, the transforming potential of the IoT in today’s connected world is huge and impossible to fully comprehend.
Some driving factors identified in the State of the Market report include the IoT’s ability to make services more personal by harnessing customer data and using it to offer more personalized recommendations, coupons, ads, or search results; faster and better by transforming the delivery of goods and services; accessible by expanding the reach of technology and technological services to more people; and available everywhere by taking services to new places.
On the enterprise side of the coin, the IoT offers to increase revenues, create operational efficiencies, improve worker safety, and protect assets. From energy and utilities to manufacturing, healthcare, connected car, connected home, and construction, the IoT is touching nearly every vertical market in one way or another.
To reach its potential, Verizon says networks must be reliable, the data from all of these connected endpoints must be able to be stored reliably and securely, infrastructure must be secure, and there must be ways to achieve device management. With these factors in mind, the market could be poised to play out as Verizon has predicted—by growing leaps and bounds in just a few years’ time.
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