Being a business and technology marketing organization over three decades, we have seen many changes both in the business and industry sectors. However, the rise of The Internet of Things (IoT)gives a whole new meaning to change. The more we learn about The Internet of Things (IoT) and the Industrial Internet of Things (IIoT), the more excited we become. Not since the original industrial revolution have we had the opportunity to witness what has the potential to become a new dynamic force in our lives.
To digress a bit…for those who do not know exactly what IoT is and does, it is a network of intelligent computers, devices, and objects that collect and share huge amounts of data. The collected data is sent to a central Cloud-based service where it is combined with other data and then shared with end users. The Industrial Internet of Things (IIoT) is the application of IoT to the manufacturing industry. Some possible benefits include greatly improved connectivity, efficiency, scalability, time savings and cost savings. IIoT can play a part in developing new products, services, and reduce or eliminate down time. It might also find application in facility, production flow and inventory management, plant safety and security, quality control, and logistics and supply chain optimization.
Among the many financial projections is one from International Data Corporation (IDC)
noting that worldwide spending on the Internet of Things (IoT) is forecast to reach $772.5 billion dollars in 2018, and $1.1 trillion dollars in 2021. That’s a great deal of growth and with that growth new industries and new categories of jobs to support these high-tech systems will be created. This is in addition to the needed expertise in software, data analysis, system integration, and cybersecurity. From startups to sophisticated businesses, all can benefit from the application of IoT and IIoT. One example cited by Brookings notes, “In 1980 it took 25 jobs to generate $1 million in manufacturing output in the U.S. Today, it takes just 6.5 jobs to generate that amount.”
How can anyone, especially in the marketing or promotional arenas, not be excited and even passionate about a product that can be used almost anywhere and provide huge innovations? Although these technologies have been around for many years, they are just coming into their own.
There is a great future for IoT in the home market, as well. For example, IoT technology will control lighting, climate, entertainment, appliances, and security many of which will be controlled from your hand-held smartphone.
With all the new application and job opportunities, some parts of marketing will change to reflect new approaches and strategies. There is no question that we are on the brink of a most exciting future using technologies to make our lives easier, more pleasant, and more comfortable, while contributing to an expanded economy.
F H Cooper LLC has produced a Special Report about ways to Market the Internet of Things (IoT) and the Industrial Internet of Things (IIoT). It includes suggestions on how to position these technologies along with types of information decision-makers need to know. It can be found under PUBLICATIONS on our website.