For most of us, the internet of things (IoT) might call to mind specific gadgets – slick innovations like Nest thermostats or the Apple Watch – that seem to owe their provenance to science fiction and promise a more wired world, as well as the inevitable automation of everyday life.
Then there are people like serial entrepreneur Nova Spivack, someone who’s far less enamoured of the next IoT device than he is with something infinitely geekier: the data that can be captured.
He doesn’t dispute, for example, all the predictions about what a large market opportunity IoT represents. Among such estimates is the one from consulting giant McKinsey, which forecasts that over the next decade the economic impact of IoT could reach as much as $11 trillion a year. Likewise,tech firm Cisco projects a surge in connections of people, process, data and things that could reach 50bn by the end of the decade.
To Spivack, the chief executive of big-data mining company Bottlenose, the opportunities and promise of the IoT market also go much deeper than dollar signs. To him, the market’s potential has less to do with gadgets – the “things” themselves – than with the secrets and insights they unlock about the world.
He points to examples including insurance-related use cases, where a device monitoring a car’s performance could report a driver’s habits back to the corporate mothership, with the data being used to adjust premiums up or down accordingly. That’s one example among many of how, as computing power gets cheaper and smaller, sensors can turn almost anything into an internet-connected device – which means almost anything can likewise become a data-generation device.Read more
Source: theguardian.com; image: businessnewsdaily.com