The Internet of Things: the next economic revolution
The industrial Internet of Things
The Internet of Things is beginning to permeate every facet of our world and take hold in all major industries. The introduction of IoT technologies into manufacturing and large, industrial scale machinery, is fostering a new economy nurtured by these technologies. The Industrial IoT enables machines to communicate with one another as well as with their human counterparts. This provides improved safety, security, and efficiency. The Industrial IoT will have wide-reaching economic impacts.
Advancing technology brings us forward
This movement has been sparked by the low cost of sensors, and the reliability of long-range wireless technology. These innovations make it possible for sensors to be implemented in all scales of equipment, while long range networks provide connectivity across massive distances. One example of this is LoRa.
Lora is a low power wide area network that provides wireless connectivity for Things and devices. These devices can provide connectivity across 15km. These advances will enable large scale industrial productions to connect to the cloud, seamlessly.
The economic impact
These advances go beyond just manufacturing and will spread into farming, city planning, energy management, and more. This expansion will create a boom of technological, economic, and global benefits. It is predicted that this growth will be comparable to the industrial revolution. If so, it will increase the GDP around the world, and provide new economic, technical, and employment opportunities to citizens globally. As with previous revolutions, it is expected that the industrial IoT revolution will drive up average incomes, living standards, particularly in industrially advanced economies.
The infographic below from RS Components Ltd details this boom of business and technological advancements.