The Internet of Things (IoT) is going to be more than just the sum of its parts. When intelligent systems are made accessible to the masses and devices are connected into one large ecosystem, users and organisations can benefit from tracking and analysing data transmitted from these devices to improve lives.
The IoT wave has been around in the industrial sense for years. While in the past the technology had been expensive, proprietary and mostly embedded into large machines, IoT today is about making intelligent, every day systems that is accessible to the masses.
A number of market trends are converging to make the modern-day IoT a reality with research firm Gartner predicting that there could be 25 billion connected devices by 2020.
The potential for IoT is undeniably immense. According to research firm Frost & Sullivan, Malaysia is one of the fastest growing IoT markets in Asean and APAC with an estimated spending of US$70mil (RM263.3mil) in 2014. This figure is estimated to reach US$447mil (RM1.6bil) by 2017, growing at a CAGR of 111.5% from 2013.
Falling hardware prices, increased wireless coverage and advances in analytics are enabling new solutions that use information from non-traditional sources to improve our lives. The benefits are already being realised today by organisations across various industries, especially in the manufacturing and healthcare sectors…..
By GLEN BURROWS,