The Internet of Things is Coming. Are You Ready?
Is it just me or is everything getting smarter?
Smart phones. Smart watches. Smart cars. Smart homes. Smart offices. You can even get smart light bulbs, which I hear can do the New York Times crossword in under a minute.
It turns out it’s not just me. All of these “smart” items are part of a rapidly-growing infrastructure that’s come to be known as the “Internet of Things.” The Internet of Things — commonly abbreviated as IoT — is defined by Wikipedia as:
The network of physical objects—devices, vehicles, buildings and other items—embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data.
Not to get hyperbolic, but the IoT is kind of a big deal. Business Insider said the IoT “has been labeled as ‘the next Industrial Revolution’ because of the way it will change the way people live, work, entertain, and travel, as well as how governments and businesses interact with the world.”
And Business Insider should know. Their research service, BI Intelligence, has been tracking the IoT ecosystem for over two years. From that research comes an interesting infographic which summarizes the current status of the IoT market and where it’s headed in the future — and how it will impact the consumer, business, and government sectors.
Their projections include:
- 24 billion IoT devices installed by 2020
- $6 trillion invested in IoT solutions over the next five years
- $13 trillion ROI by 2025
What this all adds up to — besides a lot of business opportunities — is a quickly-evolving marketing landscape that will enable marketers to capture and convert on more data-driven behavior than ever, as well as improved real-time ad targeting and customer service tactics.
Read on for more, and then go get your marketing plan ready for what’s coming.