How will the Internet of Things Impact your Industry?

How will the Internet of Things Impact your Industry?

By Amanda Elliott

The Internet of Things (IoT) is a disruptive technology that takes wearable and wireless devices, the Internet, machine to machine learning and sensors to create a hyper-interconnected world. This technology has the potential to automate tasks, provide insights into consumer behavior and machine performance, and increase productivity and efficiency.

The lower price point of sensors, the increased security and investment in the cloud and the growing trend of an innovative and connected world are all driving the exponential growth of the Internet of Things in Chicago and the world.

“Of all the technology trends that are taking place right now, perhaps the biggest one is the Internet of Things; it’s the one that’s going to give us the most disruption as well as the most opportunity over the next five years,” said Daniel Burrus, Founder and CEO of Burrus Research, in Wired Magazine. 

As a whole, IoT is an estimated $11.1 trillion dollar industry by 2025 according to McKinsey reports.

Though each industry will apply the IoT technology differently, the concerns about and the benefits from IoT transcends industries.

Data Security IoT Concerns:

Data security is one of the top Internet of Things concerns from startups to Fortune 500 companies. There are already security measures in place such as encryption, which can help secure data transmitted between devices in the cloud. One of PreScouter’s clients, Bill Shingleton, Ph.D., Technical Lead at GE Healthcare, shares that military-grade security should be established to ensure data privacy.

Another IoT concern is data management, broadly known as Big Data or Advanced Analytics. While sensors and cloud connection, components of IoT, will increase data, the question becomes how to manage data and commercialize data.  Companies such as Caterpillar, which has invested in a Chicago startup to harness data analytics, have expressed concerns about the amount of data that IoT has the potential to capture.

Industries using IoT:

Like the Internet, IoT will have an impact on every industry. PreScouter, a Chicago-based innovation consulting group, has identified the Internet of Things as one of the top concerns of clients we provide insights and research on in eight industries. Manufacturing, healthcare, transportation, energy, retail, agriculture, and electronics are some of the industries most likely to adopt IoT.

PreScouter Internet of Things Infographic

Register for IoT Chicago Event:

Every year, PreScouter hosts a disruptive technology series summit to address disruptive technologies including synthetic biology and graphene. This year’s summit will highlight the Internet of Things from GE Healthcare’s perspective, a company that has been in the IoT space for about a decade. How will the Internet of Things impact your Industry event is an opportunity to learn how companies are transforming to adopt the Internet of Things technology.

Join PreScouter with GE Healthcare on Thursday, October 6, 2016, at one of Chicago’s newest event venues, Loyola University Schreiber Center from 5:00 – 8:00 pm.

PreScouter’s disruptive technology event will include a one-hour presentation by GE Healthcare and the lead scientist at PreScouter, a cocktail hour, and peer to peer networking in an exclusive room with views of downtown Chicago. Use code: PreScouterHelpsInnovate to register for free.

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