The Disruptive Technologies MGI paper is quite optimistic on the "Internet of Things." In essence, more sensors, more communication, and more data to connect the world. However, for most areas it is difficult to be convinced that the rapidly growing areas will produce increasing and disruptive returns to the market. Most of the examples given appeared to be areas with diminishing returns. The authors do place a number of caveats, "[T]he cost of sensors and actuators must fall to levels that will spark widespread use." "Progress is also needed in creating software that can aggregate and analyze data and convey complex findings in ways that make them useful for human decision makers or for use by automated systems." "Few organizations are ready to deal with this sheer amount of data and have personnel who are able to do so." In most areas, I believe the internet of things requires a longer time frame as chip costs fall, the heavy lifting on data-based actions is performed, and incremental and new applications are discovered.
However, one area appears ripe for the internet of things: public infrastructure and services. Traffic, water, electricity, and waste management are all areas for significant potential improvements by the internet of things because of a) significant existing physical investment and b) large potential savings. These areas are also likely low-hanging fruit because of a lack of competitive pressures to implement improvements over the last decade. Many governments at all levels have waited out implementation for a variety of reasons, from waiting for risks to decrease as technology improves further to corruption. This is one of the prime areas—if not the prime area—for improvements from the internet of things to be achieved in the near term.
However, one area appears ripe for the internet of things: public infrastructure and services. Traffic, water, electricity, and waste management are all areas for significant potential improvements by the internet of things because of a) significant existing physical investment and b) large potential savings. These areas are also likely low-hanging fruit because of a lack of competitive pressures to implement improvements over the last decade. Many governments at all levels have waited out implementation for a variety of reasons, from waiting for risks to decrease as technology improves further to corruption. This is one of the prime areas—if not the prime area—for improvements from the internet of things to be achieved in the near term.
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