First, what is the Internet of Things?
Gartner describes the IoT as, “the network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment”. And as stated by Forbes , the IoT “can transform how organisations design, produce and sell their products and services, as well as how they become part of a larger ecosystem – both physical and digital”.
Put simply, the IoT is a network of Internet-connected objects capable of both collecting and exchanging data. It means a device can talk to another device, including things like smart TVs, mobile phones, tablets, air-conditioners, thermostats, fridges and a whole lot more. While for many it sounds a little bit like science fiction, the truth is the IoT is well and truly here, and it’s already changing how Australian businesses operate and develop new business apps for a vast range of solutions.
According to ACS, the professional association for Australia’s ICT sector, the IoT has the potential to supercharge Australia’s next wave of economic growth. A report titled Australia’s IoT Opportunity: Driving Future Growth, suggests the IoT can reinvigorate Australia’s productivity growth through the key sectors of construction, mining, healthcare, manufacturing and agriculture. At the same time, the IoT provides a $30 billion opportunity for Australia’s tech sector by 2023.
“Australia’s productivity has plateaued in the past decade and our growth has largely relied on the bounty of our natural resources,” said PWC CEO Luke Sayers. “Our future growth is going to come from innovation and embracing the digital revolution. New technologies are triggering a fundamental transformation in the way we are engaging with each other, the world around us and how we do business. The Internet of Things provides a huge opportunity to improve productivity by up to 2% per annum in some industries if we have the courage to embrace it.”
Future IoT impact
This anticipated level of impact is exciting news for Australian business internet solutions, countless innovative business apps and connected device platforms both existing and yet to be developed. The business benefits will be varied yet significant. So what might a connected business look like?
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