Manufacturing leads the Internet of Things

29 October 2013

Great expectations for the Internet of Things
Great expectations for the Internet of Things

The economic opportunities and pitfalls for those slow to get onboard are foretold in Economist Intelligence Unit report.

The report, ‘The Internet of Things Business Index: A quiet revolution gathers pace’, by the Economist Intelligence Unit and sponsored by ARM, reports that 75% of global business leaders are exploring the economic opportunities created by the Internet of Things (IoT) and 96% expect their business to be using IoT, in some respect, by 2016.

Three in five executives surveyed, agree that companies that are slow to integrate IoT will fall behind.

The report also revealed that 30% of business leaders feel that IoT will unlock new revenue opportunities, and an equal amount (29%) believe it will inspire new working practices - eventually changing the model of how they operate (23%).

The report concludes that the implementation of common standards will be paramount to enable communication between millions of connected devices and stop the Internet of Silos (where data is created, but not shared amongst service providers).

ARM CEO, Simon Segars is confident of the benefits of IoT on the company: “The Internet of Things runs on ARM.…. Our technologies provide the functional building blocks in a huge range of products including cars, heart monitoring systems, washing machines and lighting. Energy efficiency and miniaturisation are essential in these technologies - an essential component if we are to unlock the full business benefits of IoT.”

The report highlights the need for a collaborative approach with a call for companies to co-operate with players across industries and to encourage standards. , encouraging standards to avoid silos.

European businesses lead their global counterparts in the research and planning phases of implementing IoT. Manufacturing, driven by the need for real-time data to optimise productivity is ahead in terms of industries tracked in the report; followed by construction and real estate. One in four manufacturing companies today has a live IoT system in place.

The report looks at the lack of employee and management knowledge and the immaturity f industry standards, as barriers, as well as the high investment costs. and join the debate. Every idea suggested for a beneficial business-to-business or consumer IoT application or service will give you the chance to win a Galaxy Note 3 and Samsung Galaxy Gear.

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