Internet Of Things To Be Driven By Economics, Not Technology
View, Jawbone, and Sonos don’t ring a bell when it comes to the Internet of Things (IoT), the idea of connecting devices to the internet for remote data exchange. Instead, we often associate IoT with Google (driverless car), Apple (Apple Watch and Apple TV), and Samsung (SmartTv) and expect IoT products will come from these tech giants. However, those largely unheard-of companies are at the forefront of developing real IoT products that we’ll soon be using, if not later.
Think of your refrigerator sending you SMS that your milk is expiring or the home air-conditioning starting up because it knows you’ll be arriving in two hours. In an industrial scale, power grids are rerouted or scaled down when solar energy is abundant or traffic systems can track all vehicles on the road in real-time for better road management. These aren’t Hollywood stuff, but IoT applications that are already being developed, if not rolled out in the market, albeit on a limited scale.
Current technologies make IoT a reality, but so far we only have prototypes, media hypes (like this article) and smart products that are still mostly internet-focused devices like game consoles, smartphones and smartwatches. However, my refrigerator still requires me to peek in, pull out the milk and stick out my tongue to taste if my milk hasn’t turned to yogurt yet. So what gives?
IoT is at once here but it isn’t. That’s because IoT has reached that stage when technology isn’t already the main driving force; economics is. That’s the reason why you aren’t hearing much about View, Jawbone, and Sonos (and other top-funded IoT companies) because the industry is still at the stage of creating products that, not only function, but will sell.
View is using IoT to make energy more efficient, among others, using data to allocate energy from where it’s wasted to where it’s needed. Jawbone is developing revolutionary system and wearable sensors that track your personal health metrics. And Sonos makes home automation devices.
SparkLabs, a VC which invest in IoT startups, indicated in its report that the top three most funded IoT startups last year amount to $1.6 B. Where big money is, expect big things to come pretty soon. In fact,View, Jawbone, and Sonos may not be around by the time I have a smart refrigerator because they’re likely have been bought by the usual suspects: Google, Apple, Samsung, and other tech giants.
The post Internet Of Things To Be Driven By Economics, Not Technology appeared first on The Bitbag.