Internet of Things (IoT) Companies Gear Up for $6 Trillion Market Demand

Most people agree that the Internet of Things (known in the industry as IoT) has already become transformative in how we live our daily lives. While IoT may have been a sci-fi vision just a couple of decades ago, it is a fast evolving reality of today and the future. As economists to sociologists frantically study the current and anticipated effects of IoT, Internet of Things companies like Mesh Systems are busy working with organizations around the world to help them incorporate this new technology approach into their business models. IoT has far reaching implications on every aspect of a business including product development, communications, customer service, maintenance, inventory management, and much more.

What is the Internet of Things (IoT) exactly?

The Internet of Things (IoT) is a concept that refers to transforming devices or machines (such as lights, signs, parking gates or even pacemakers) from ordinary to “smart” through the use of sensors, actuators and data communication technologies embedded into the physical objects themselves. IoT enables these smart devices to be “virtually” tracked, monitored and controlled across a wireless network (or the Internet). There are three fundamental functions of Internet of Things applications: capturing data from the device, transmitting that information across a data network and taking action based on the intelligence collected. From the simple to the sophisticated, there is unlimited potential for Internet of Things applications. Mesh Systems helps its customers bring their IoT applications to market.

What is the potential for Internet of Things (IoT) Applications?

The May 2013 McKinsey Institute report on the Internet of Things (IoT) quantifies the impact of this truly “disruptive technology” at the mass global economic level. Currently, there are more than nine billion devices connected to the Internet (worldwide) – primarily in the form of computers and smart phones. According to the study, IoT experts estimate this number will skyrocket from 50 billion devices to one trillion in the next decade as ordinary devices become smart networked. Mesh Systems, which makes Internet of Things (IoT) possible for OEMs, has been gearing up for widespread adoption and unprecedented market demand for IoT that will drive new applications for M2M wireless sensor network technology across every conceivable industry sector, from shipping, transportation and public safety to retail, healthcare and foodservice. The McKinsey Institute report projects the global economic impact of the Internet of Things could reach as high as $2.7 trillion to $6.2 trillion annually by 2025.

Taking IoT Technology to the Next Level with M2M

The Internet of Things (IoT) is just the starting point for next generation technology. While IoT quite literally brings static devices to life by connecting them to the global Internet and giving them the intelligence to send and receive data; it is an extremely linear process. IoT connects each device, individually, to the Internet – but it does not interconnect and integrate multiple devices controlled by the same operator. The networking of IoT is a much more complex process called machine-to-machine, or M2M technology. This is the futuristic frontier Mesh Systems has been at the forefront developing since 2005.

Mesh Systems is one of the few companies, globally, that has successfully developed technology solutions that integrate into the Internet of Things. The company partners with global OEMs (original equipment manufacturers) to help them create and place networked smart devices in remote field locations that the OEMs can control, manage and gather data from using M2M technology.  Mesh Systems developed MeshVista®, an M2M platform-as-a-service (PaaS) to quickly design, develop and deploy custom M2M solutions for its customers.

What types of Internet of Things (IoT) technologies are being developed?

MeshVista® enables OEMs to grow exponentially, gain a competitive advantage in the marketplace, increase operational efficiencies, enhance their end-users’ experience and eliminate geographic barriers that typically slow expansion. Mesh Systems has extensive expertise in developing, deploying and managing remote wireless sensor networks that integrate M2M and IoT technology. This involves sophisticated network design, the production of embedded smart devices, multi-system integration, solid partnerships with worldwide cellular connectivity providers and robust knowledge of data analytics. Mesh Systems has experience across a wide range of industries where there is growing market demand for Internet of Things applications including industrial, commercial, retail, foodservice, energy, oil and gas, environmental, government, military, transportation, agriculture, tank and pipeline management, waste water management, metered and sub-metered utilities, healthcare, life science and assisted living.

If you’re interested in learning more about IoT technology or your company has new IoT applications it would like to develop, please contact the M2M experts at Mesh Systems to schedule a consultation.

Friday, January 17, 2014