Rapid advancements in the internet, enabling communication of smart devices with each other by transmitting and receiving data via network connectivity, have resulted into the advent of a disruptive technology, called “Internet of Everything (IoE)”. The term IoE depicts a superset of internet of people (IoP), and machine to machine (M2M) communication. Typically, Machine to machine communication technology is utilised in monitoring of connected machines remotely, transmuting them into intelligent assets. Some key components of M2M communication technology include connectivity platforms, cellular network, radio-frequency identification (RFID), and intelligent sensors. The term IoP includes all electronic devices and systems connected to internet and communicating data within end-users input.
Staggering Growth Estimated for Global IoE Market in the Near Future
The global Internet of Everything Market is projected to witness a staggering growth at 16.4% CAGR during 2014 to 2020, according to a report by Future Market Insights (FMI). The market is expected to reach revenues worth US$ 7130.4 Bn through 2020. In the recent past, IoE connected devices represented around 10.2% of the overall installation base of IoE across the globe. Some of the prominent factors influencing the growth of the global internet of everything market include proliferation of connected devices, and surged technology budgets by governments. In addition, introduction to new technologies for big data analytics and enterprise mobility by key players such as IBM, Accenture, and Cisco are anticipated to propel the market growth, increasing market competitiveness in the upcoming years.
Internet of Everything Explained by its Four Dimensions
Internet of Everything comprises of four dimensions viz. people, data, process, and things. Looking closer at each of these dimensions and understanding how they operate together, can show us IoE’s transformative value. These dimensions are explained in detail below.
- People– Ways in which people connect to internet have undergone transformations over the last three decades. We have seen the evolution from dumb terminals of the past to today’s various mobile devices such as tablets, smartphones and laptops. However, this is nothing compared to wave of transformation which we are entering now. Smart watches and Google glass are only the beginning of wearable technologies, radically changing our ways of consuming and sharing information. Future predictions have depicted the invention of a technology where by swallowing a pill we will be able to monitor our digestive tract, intelligently sending relevant information to doctors. Its only the beginning of wearable technologies transforming our lives.
- Process– Most people don’t think about connecting process, but already internet has revolutionised ways of managing supply chains of business, how consumers shop, and so on. With instrumenting of the world, visibility into processes will be realised which was never possible before, offering opportunities for making these processes more efficient, simpler, and faster. For example, camera sensors in parking lots can keep track on the number of cars and people arriving, where the system foresees slow times or back-ups at front registers, automatically adjusting staffing.
- Data– The world is flooded with data. Various advancements have been witnessed over the recent years which in turn have surged the amount of data being generated. These advances have not yet hit the mainstream, however they are arriving faster, and growing content consumption and creation depicts that data tsunami would quicken its pace. With the advent of new devices, even more information is being created across the globe. For example, now food consist of sensors for alerting before they are spoiled. Big data analytics help us in making sense of this information avalanche, identifying & combining relevant data points, revealing new insights, and enabling to make better decisions.
- Things– Today, almost 10 Bn things are connected to the internet. This number is expected to surpass 50 Bn over the next decade, enough for minimum 6 connected devices for each individual on earth. However, the real growth is not in the things that we expect to be connected, but in unexpected things. For example, connected cars are leading the way towards driverless cars, smart building are foreseen to better manage themselves contributing to more efficient, smarter cities, etc.
The IoE is constructed on connections among processes, data, people, and things. It is not about these dimensions in isolation. Each dimension amplifies the capabilities of other three. The true power of internet of everything is realised by intersection of these dimensions.