The Internet of Things is going to change the way we work. So let’s embrace it, there’s so much to look forward to!
The Internet of Things or IoT in short, is continuing to produce groundbreaking headlines and it’s clear that the growth and development will continue to be on the rise over the coming years, especially when it comes to the smartphone industry. If you follow the mobile industry, now is the time to get excited and it’s finally time to embrace change! As we’re looking forward to the powers of IoT, it’s only customary to take a look at the huge potential IoT has in the mobile-sphere.
What do the experts think?
As we know, mobile phones aren’t just phones anymore. You, have the ability to FaceTime someone millions of miles away, sort out your personal banking or a new car, house or pet – our smartphones more or less organise our lives! From an IoT point of view our mobile phone are in essence a data hub that has the ability to carry out a vast amount of functionalities.
Research conducted by Gartner and Machina, estimated that in 2018 the UK IoT industry is worth £42.19 million in revenue, expected to rise to £69.53 million by 2023. The same statistics revealed that in 2018 there is an estimated 272.6 million connected devices in the UK with numbers set to more than double by 2023 to a staggering 625 million.
What that means is, our phones are becoming an IoT hub, which will enable us with so many opportunities – more importantly it will enhance our usage of our smartphones by providing us with multi-functional dashboards. Don’t worry though it’s not going to be a complex dashboard that will require years of studying or you having to turn into a rocket scientist, some of us are actually already using dashboards of similar nature, though not necessarily within a business environment.
At this moment in time, IoT appears to be most active in the form of smart homes and wearables, the most common consumer introduction to IoT is arguably something the bigger players such as Google, Amazon, Apple and Samsung has spent massively on in recent times.
5G is set to change everything
Our expectations are continuously on the rise, we always want more – as a generation we’ve had a shift in mindset from ‘oh this is fancy’ to ‘why isn’t this working, I’ve paid good money for this’. That’s why there is so much going on behind the background, though some of it is still very much at the beginning stage of it.
The main reason why there’s such an increase of investment into the IoT sector is probably due to the eagerly awaited 5G UK roll out. We’ve written about the relationship 5G and IoT will form once it’s ready to go, but in regards of the mobile industry it has the ability to have a gigantic positive impact within our business environment. We’re actually already seeing how positive this impact can be, especially when looking at elderly care, take Doro for example, they specialise in making phones that are user-friendly for the ‘older generation’ and have now started to make acquisitions to strengthen its IoT offering. In 2014 Doro completed the £20 million acquisition of Care Tech, a digital care solutions and services provider, which will enable it’s users to use their device for more than just calling or sending messages. For example it will have the ability to interact with nursing staff with the click of a button, as well reminding people that their medication is running low amongst much more.
There’s so much more to come
As you can see the opportunities are endless, as we get closer to 5G, IoT will continue to develop. Business owners and their employees will be able to generate new revenue streams, we will be able to operate in ways we’ve never been able to before. The exciting part is, it won’t just stop there, we’re already seeing the benefits of smart cities and smart homes, IoT will dominate our working and probably personal lives, all to make our day-to-day routine more efficient and practical.