Technology & equipment |
Right: Connectivity with the Internet of Things
Taking technology into the future
Matthew Margetts, Director of Smarter Technologies, believes in using technology to simplify a complex world and explains how IoT solutions are taking technology into the future
THE INTERNET OF THINGS (IoT) is becoming a household name – and one that has found unique applicability in not only our homes, but in our businesses, workplaces, and cities. The number of installed IoT devices is expected to surge to around 30.9 billion units by 2025 and the myriad of different forms of technology has the potential to provide incredible business value. IoT devices are vital tools for digital transformation and datafication – and their power lies in performance improvements, as well as problem-solving capabilities. Its importance as a technology trend this year and into the future is the role it plays in the successes of other technologies. For business owners looking to drive evolution, keeping a finger on the pulse of the latest IoT trends is important for agility into 2023 and beyond.
About the author
Matthew Margetts is a Director at Smarter Technologies. His background includes working for blue-chip companies such as AppNexus, AOL/ Verizon, and Microsoft in the UK, Far East and Australia.
What is IoT? Broadly speaking, IoT is the ecosystem of internet-
connected smart devices and technologies in our homes, cities, and workplaces that continuously collect data. There are more than 7 billion connected IoT devices
currently in operation and by 2030, 75% of all devices are expected to be IoT. Worldwide IoT spending is
28 | November 2022 |
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anticipated to reach $1 trillion and this growth rate is predicted to continue in 2023 and beyond. The Benefits of IoT in Business include: ● IoT solutions help to build resilient supply chains. ● Improved health, wellbeing, safety, and security. ● Optimised asset usage and maintenance. ● Reduced overheads ● Improved communication and engagement. ● Meaningful sustainability and environmental advances.
The technology trends powered by IoT include: ● Remote Monitoring - According to global management consulting firm McKinsey, the COVID-19 pandemic accelerated the adoption of digital technologies by seven years. Off the back of global lockdowns, this naturally includes the requirement for remote monitoring and the move towards automated systems. These IoT-based technologies are being adopted to transform everything from building monitoring and machine performance to building occupancy and machine learning.
● Modular Smart Technologies Solutions - The preference for individual devices performing multiple functions has given way to networks of devices. This network of devices creates a modular system of individual utilities and processes. The result is a granular view of whole operations, which works toward holistic network benefits.
● Data Analysis - Data is arguably one of the top strategic tools for businesses. High-quality data plays a role in designing business strategy
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