IoT and Sensors – Creating a Multitrillion-dollar Market


Sensors detect and measure changes in position, temperature, light, etc. and they are necessary to turn billions of objects into data-generating “things” that can report on their status, and in some cases, interact with their environment.

With countless companies adopting the ever growing technology that is the Internet of Things (IoT), it is expected to grow to a multitrillion-dollar market by the year 2020.

The basic concept of IoT is to bring as many things into the digital fold as possible and create an ultimate sense of interconnection through hardware and software – but most importantly, through sensors.

Check out this video to get a better sense of the power of IoT:

According to the PwC 6th Annual Digital IQ,  20 percent of companies are investing in IoT sensors, which is up from last year’s 17 percent. Further, 14 percent of respondents stated that sensors are of top strategic importance to their companies within the next three to five years.

This from PwC:

For businesses, the Internet of Business Things (IoBT) helps companies achieve enhanced process optimization and efficiencies by collecting and reporting on data collected from the business environment. More and more businesses are adding sensors to people, places, processes and products to gather and analyze information to make better decisions and increase transparency.

Companies are currently using sensors in many innovative ways to improve business performance and enhance customer experience, including AT&T’s “Smart Luggage” and Apple’s iBeacon.

Learn more about the power of sensors and thriving technology in the ECS Digital Library.


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