The world is being transformed as connected devices and equipment, embedded with sensors and software, communicate with one another and the cloud. The data generated by such intelligent technology can be analyzed to extract valuable information about the physical world, such as when an auto part is likely to fail, or how to make a wind turbine run more efficiently. Commonly called the Internet of ...Things (IoT), this new reality is being driven by the falling cost of sensors, devices, compute and storage technology and the acceleration of cloud and Big Data analytics.
The IoT enables companies to harness and analyze real-world data in a way that wasn't possible before. "The Internet of Things will transform businesses and the way we live because it unleashes the capability to solve end user problems that businesses couldn't solve through traditional means," says David Formisano, Director of Internet of Things Strategy at Intel. "It attacks business problems such as how to save energy, time or money to be more efficient and compete more effectively in a global industry, or how to deliver new revenue-generating services that companies couldn't deliver before and their competition can't deliver today."