2016 is shaping up to be another big year in Canadian technology. In this series, OpenText CEO Mark Barrenechea highlights his predictions. Today, he looks at the Internet of Things.
In 2016, we’ll work smarter, not harder.
Human beings, appliances, homes, factories, cars, businesses, and cities will become more interconnected. If these items aren’t already, they’ll soon be “talking” to the Internet of Things (IoT).
In a few short years, there will be more than 25 billion devices generating data about every topic imaginable. We’ll see broader enterprise adoption of the IoT due to its economic impact (which analysts estimate to be between $4 trillion to $11 trillion in the next few years), as well as in terms of opportunities to improve productivity and gain better business insight.
The IoT will cause massive disruption through better automation, integration, and communication.
Insurance companies are deploying sensors and software to monitor how drivers behave and generate risk profiles using big data analytics that accurately align to or construct on-demand products to suit individual behavior. Thermostats communicate with residents and accumulate behavioral data to formulate the most energy efficient and comfortable schedules and settings. Software agents move money, stocks, goods, and people around the world, routing, optimizing, and transacting innumerable times a year—and these are just three examples already in enterprise use today. They will quickly evolve and proliferate into 2016.
As we move forward through 2016 and beyond, more devices, agents, sensors, and people will join the IoT. Perhaps we will even progress as a society to a post-scarcity economy and information itself will become our commodity of trade. Monetizing the exchange of information, micro-licensing, and transactions become prominent tasks as our automation and machine-to-machine networks take care of daily needs.
Imagine algorithms as apps for applying big data analysis over the connected masses of information generated by the IoT and its billions upon billions of connected devices in every aspect of our lives. Owning the data, analyzing the data, and improving and innovating become the keys to corporate success—all empowered by a connected digital society.
Though this may have some Orwellian overtones, the IoT is really about the Zen of Things—our application of software and technology to help customers consume products and to help businesses build better products and deliver better services. In 2016, the IoT will continue to combine big data, analytics, the Cloud, Artificial Intelligence (AI), robotics, and automation to propel industries forward and create the next industrial revolution.