The Quantified Economy
After years of anticipation and excitement, the Internet of Things (IoT) boom has finally arrived, and businesses need to be prepared for the explosion of valuable device and sensor generated data. According to Gartner, there will be close to 5 billion ‘connected things’ this year, with the number likely to increase fivefold by the end of this decade.
Connected devices have become an integral part of all of our lives – sometimes visibly, sometimes in the background – helping us be smarter about our lives and our business. IoT is creating a huge new economy that according to a recent IDC report will grow to an unprecedented $1.3 trillion by 2019. We call this enormous economic opportunity the “Quantified Economy” and believe that it will be the very foundation for conducting business in the 21st century. It’s based on capturing and translating data from billions of connected devices activated around the world, into an unseen level of value.
To give you a sense of growth, impact and scale of the IoT’s Quantified Economy, here are some figures:
- $669 Billion – Internet of Things spending globally this year. (IDC)
- 174 Million – The number of smart homes globally this year. (Gartner)
- 220 Million – Connected cars on the road in 2020. (BI Intelligence)
- 79% of more than 3,000 executives in North American, European, Asia-Pacific, and Latin American companies, who were surveyed in March and April this year, said they have IoT initiatives in place today. (Tata Internet of Things: The Complete Reimaginative Force, TCS Global Trend Study – July 2015)
With the IoT wave gaining steam, companies have many decisions to make and opportunities to tap into.
- How are my products and services connected and transmitting data today?
- Am I getting the most value from that data?
- Are all my connected devices connected to each other for an end-to-end view?
- Do I want to build a complete IoT infrastructure, or do I need a solution that can connect the devices and systems I already have in place?
For example, a real estate holding firm could implement a network of smart buildings that would allow the company to monitor and manage power usage in real-time, saving the company millions of dollars annually. A logistics company with sensors on vehicles could remotely view its fleet in real-time to understand how environmental or behavioral factors impact performance and service, or get key indicators of trouble to perform maintenance before a vehicle goes down. A mining company could monitor air quality, to ensure miners are not at risk due to toxic air conditions earlier than possible in the past.
All of these examples utilize real-time IoT data that once translated, can quickly provide tangible efficiencies, reduce risk, optimize performance or just help organizations get smarter about how their products and services are being used in the wild.
A manufacturer might say, “My business is dishwashers. I would love to gain insights from the data they emit, but I don’t want to hire 40 developers to do it, and build a big data team in my company. I want to focus on making the best dishwashers possible.”
The idea is to make your core business stronger, safer and more efficient using data, without necessarily turning yourself into a data company. That decision and distinction can end up saving you millions in time and treasure, allowing you to have a laser focus on your customer.
At the heart of the Quantified Economy is the Buddy IoT platform, which enables and connects every sensor, device, appliance and application from a strong new start-up, to a world-class enterprise. Buddy aggregates and translates data in real-time, enabling critical business decision-making that brings new efficiencies to scale.
Buddy believes in the opportunities tied to IoT in a big way. We are passionate and confident in our to ability help companies manage and measure the value in their own data, and turn that into action. We have a vision of a connected world where everything around us has meaningful information to share in ways we had never considered, called the Quantified Economy, and we look forward to helping our customers deliver value on that vision in their own way.