By 2025, the Internet of Things (IoT) will have more than 100 billion connected devices worldwide, each with a dozen or more sensors collecting data with an estimated $19 trillion of newly created value.
These figures above aren’t just a wild guess, but from a leading research paper from Research and Markets. It’s expected that 5G connectivity and AI technology will power this transformation. This phenomenon is known as the Trillion Sensor Economy; sensors are expected to generate bronto-bytes (1000 trillion!) of data by 2025 from the trillion sensors that will be online by then, requiring the Internet to grow exponentially.
IoT opens a world of opportunities to extend the digital into the physical world. New utilisations that focus on the control and monitoring of physical entities are appearing every day. IoT endpoints generate data about things that can be collected and analysed locally or remotely in the cloud.
These endpoints are increasing exponentially day to day due to the large number of sensors that we can use and the new ones appearing in almost a daily basis. Location, movement, proximity, temperature, images, vibration, ambient light, humidity, gestures, energy, contaminants and pollution are just some of the measurable endpoints. Therefore, the business case of the IoT sits on the ability to achieve device data streams for insight, process optimization and decision-making.
A future with sensors giving information from surrounding surfaces, autonomous cars, wearables, workplaces and homes is not that far away and will change the way we live, the way we work and even the way our kids play.
For some, it can seem like a logical progression of modern society and even something easy to accomplish. Nothing could be further from the truth however, behind this revolution there are basic manufacturing processes, hardware, software, data, and infrastructure needs that companies need to utilise in order to be well placed to take advantage of this opportunity.
Getting your company, products and services ready for the trillion-sensor economy requires a multidisciplinary view of all the teams and processes involved. A combination of intelligent devices, applications, connectivity, risk awareness (data privacy), milestones, management and leadership without a doubt requires a team that’s been there before and can help in bringing your idea to life.
Here at Ovon we partner with our customers in championing the trillion-sensor economy revolution. Experts in end-to-end solutions, from the very early concept and prototyping to manufacturing. Through the process our projects get prepared to go to market not only with the best device but also with the data, security and cloud infrastructure to enable it. Passion for product design and progressive iteration are the key elements for us.
Healthcare, well-being, automotive and connected homes are just some of the industries about to be transformed. Many of the companies we work with have ambitious roadmaps to lead the race and we’re excited to help them capture this trillion-sensor economy. We are looking forward to helping our customers design a thriving future!