As with all new technology, there is some reticence in business about the internet of things (IoT), the interconnectivity – via the internet – of computing devices embedded in everyday objects.This radical new technology is driving what many are calling the Fourth Industrial Revolution or, more colloquially, 4IR. There is nevertheless a strong case to be made for early investment in IoT, as it is almost certain to become the standard operating platform in all industries and sectors in the future.
Difference between dot.com event and IoT
Of course, business has had good reason to be cautious about internet-based innovation in the past. Individuals, companies and institutions alike were burned in the dot.com bubble of 1995 to 2001 and, as a result, may be wary of investing in this latest technology. There are, however, important real-world differences between the dot.com event and IoT, and savvy investors need to be aware of these in order to benefit from early opportunities.
The most important difference, of course, is that IoT, by its very nature, has definite and tangible applications in the real world, unlike many of the dream factories of the dot.com era. It has, for instance, already been successfully used in sectors as diverse as agriculture, electricity supply, and asset tracking.