2014 is shaping up to be interesting year in the tech industry. Several new & exciting technologies are being introduced. The main focus this year is to move mobile smart devices beyond the cell phone space - and create exciting new products:
- Smart Watches: Samsung Gear & Gear-2 NEO.
- Smart bands: Nike Smart Band, Hauwei Talkband, GoQii
- Smart Glasses: Google Glass, Vuzix M100, Epson Moverio BT-200
- Android in Cars: Open Automotive Alliance, OpenXC
- Home Monitoring: Nest Thermostat.
- Subscriber Identity Module: Nymi acts as a digital vault and password holder.
- Industry Appliances
The term "Internet of things" emerged as a buzzword over the last year or so to describe the phenomenon of network-connected devices, such as thermostats, that in the past were simple standalone appliances.
The phrase "Internet of things" stands for devices that can be connected wirelessly to Internet and other compute devices - such as phones or tablets or directly to Internet Cloud.
These new connected devices is a gold mine for Telecom companies, car manufacturers, software/App vendors and networking equipment makers. But this new technology can also disrupt their existing business.
The writing on the wall for tech companies is clear: The Internet of things is coming, and you better disrupt or prepare to be disrupted.
The number of these smart & connected devices will grow rapidly and is expected to reach 500 billion or more by the end of the decade. When we think about such large number of connected devices generating huge volumes of data - it will change the very nature of technology industry.
The financial rewards of this new technology is huge. It will touch every aspect of our lives and disrupt every single industry we know of - just like Internet did 25 years ago.
To understand how this Internet of Things can change things, consider the game of basketball. Sensors on the player's shoes can tell how well the players are performing and help coaches plan a better game - by using real time analysis of player & ball movements.
GoQii can change how professional athletes train. GoQii can capture all the movements, exercise, heart rates, calories burnt, sleep patterns etc and feed that information to a real time analysis systems that can help players & coaches plan better.
The possibilities to change things are endless. Successful companies will have to built easy-to-use, high value apps and that will happen over time.
And there are dangers as well. Loss of privacy, digital identity theft and ever widening of the digital divide are the biggest risks. Legal systems must evolve to deal with this new everything-connected world.
Companies around the world are still grappling on how to take advantage of this new technology and many will perish, while several new ones will emerge.
Closing Thoughts
The benefits are so massive that it is inevitable that Internet of Things will be everywhere. By connecting devices over the Internet/Wireless over mobile networks, companies can manage a wide range of new services for their customers.
Leading companies are not waiting for market to emerge. Google paid $3 Billion for Nest's Smart Thermostat technology! Soon others will follow with big money and explore new opportunities.
As the devices get smaller and smarter, as well as the circuitry that drives them, we will have more products that integrate into our life. Soon the question will not be: Whether you're wearing a piece of smart tech, but why not?
Internet of Things is now the new gold rush for this decade!
Also see:
Mobile+Cloud is the Next Big Thing
3 comments:
Good Analysis!
Your wording is perfect as well as you are a good analyst.
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