4 Reasons to continue the investment in IoT
Few week ago, I had a conversation with an IoT expert from San Fransisco.
He told me there were some debates whether IoT is a profitable investment. Governments invested a lot of money on it in the past a few years but received a very little return.
I thought for a while and said, a few years ago, that might be true, but now, as technologies advance, IoT will be a profitable business with no doubts.
Here are the 4 reasons I could think of after some readings and research.
Welcome any comments.
Technology wise,
1. The cost of hardware, e.g., sensors, devices, are decreasing.
2. The advent of cognitive computing allows the large amount of data gathered by IoT devices to be understood, analyzed, or even monetized.
3. The advances in low power, wide-area networks (LPWANs) or similar technologies provided a platform for data transmission at nation or city level at low cost.
4. The advances of cloud, mobile, networking, analytics, make it easier for data collection, storage, analysis, display, and in the same time create data demand.
Industrial players are also willing to explore IoT now because IoT can help them to
1. Reduce defects, increase quality of products
2. Provide the labor better health and safety measures
3. Reduce overhead costs or labor costs
4. Improve operational efficiency
