When I first wrote about the Internet of Things a few years ago, it was more hype than reality. That has now changed. We have seen IoT projects and technologies take off in cities, and with manufacturing and other areas. What does this mean for project managers who want to stay ahead of disruption?
Before you can make decisions about your next move, you first need to understand the Internet of Things. The earlier generation of internet technologies focused on e-commerce, mobile devices and software as a service. What makes the Internet of Things different? It is the convergence of several technologies—low-cost, reliable sensors and powerful software analytics—that makes IoT a commercial reality.
IoT: By the Numbers
If you haven’t been following the IoT trend, you might wonder just how significant it is. Here are four data points to put it in perspective:
- Market size: 150 billion dollars…that’s the estimated market value of the IoT industry, according to analyst organization IoT Analytics. Since many people have security concerns about IoT, it should come as no surprise that Gartner estimates the IoT security market at $1.5 billion per year in spending in 2018, a significant increase from the $1.2 billion spent in 2017.
- Companies: Companies in the IoT space come in all shapes and sizes. You will find large well-established firms like
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