What is the internet of things?
The parade of new technologies and scientific breakthroughs is relentless and is unfolding on many fronts. Almost any advance is billed as a breakthrough and the list of “next big things” grows ever longer. Yet some technologies do in fact have the potential to disrupt the status quo, alter the way people live and work, rearrange value pools, and lead to entirely new products and services. Business leaders can’t wait until evolving technologies are having these effects to determine which developments are truly big things.
Frequent new products and category innovation define and redefine the sector’s constantly shifting landscape. But lately we’ve seen even greater volatility than usual, and it has begun to affect the makeup of hardware and software companies themselves. Increasingly, technology firms are reexamining the structure of their businesses and market share are under siege from disruptive, often well-funded startups and aggressive competitors. The competition, in turn, has made customers more demanding. They are seeking greater performance, better features, and more platform independence and flexibility at the lowest price point possible.
The primary driving force behind any innovation is the ability to produce and sell products based on market demand. The good news is the economic forecast for the foreseeable future is that no downturn in the economy is in sight for at least the next 18 months in spite of the correction that is happening today due to a lackluster forecast for China.
As fast as innovation has multiplied and spread in recent years, it is poised to change and grow at an exponential speed beyond the power of our ability to anticipate that change. The “golden rule” of Moore’s Law in 1965 in the electronics industry was a springboard for innovation. The economic impact of increased performance and cost are two key drivers for not only technology development but overall productivity; as more transistors fit into smaller spaces, processing power increased and energy efficiency improves, at a lower cost. This process increases productivity and spawned whole new industries empowered by more computing power.
Processing power and connectivity delivers unprecedented amounts of information to consumers and businesses. Thanks to the growth of technology more people will enjoy a golden age of gadgetry, of instant communication, and of boundless information. The fast pace of technological adoption and innovation is shortening the life cycle of companies and forcing executives to make decisions and commit resources more quickly.
The world is changing. The Internet is spreading from our computers to nearly everything we own or come in contact with on a daily basis. Wearable technology is one example that makes it possible connect clothing, accessories, or monitor your health without seeing a doctor; 3D printing brings manufacturing to masses delivering a variety of materials from plastics and fibre to growing nano-parts for humans; and new inventions make it possible to run your home and office from any device in the world. These shifts have a huge impact on how we live, work, play and think.