“So, how real is this Internet of Things opportunity anyway?”It’s a question that many solution providers are asking as the buzz continues to mount and the projections continue to rise. The figures are staggering: Gartner says there will be 25 billion connected “things” in use by 2020; IDC predicts the market will hit $7.1 trillion by 2020 and Cisco Systems says $19 trillion of cost savings and economic benefits will be driven by IoT.
Hawaiian Electric Co. (HECO) is planning to expand their smart grid across the state, according to an earnings report released by HECO parent company Hawaiian Electric Industries (HEI). “O&M expenses were $1 million higher in the second quarter of 2015 compared to the prior year primarily driven by higher consulting costs for our energy transformation plans, higher transmission and distribution costs and benefits expense, partially offset by lower overhaul and smart grid costs in the second quarter of 2015,” HEI told investors.
The Information Technology Industry Council (ITI), the global voice of the tech sector, released the testimony its President and CEO Dean Garfield presented before lawmakers during a hearing today on the Internet of Things (IoT). Garfield called for a strategic national IoT plan to be developed which encourages public-private partnerships, accelerates IoT adoption, and enables vast economic and societal benefits from the IoT in both the near and long-term.
451 Research, an information technology research and advisory company, has determined that cellular Internet of Things (IoT) and machine to machine (M2M) connections will increase nearly fourfold globally from 252 million in 2014 to 908 million in 2019. A monumental increase in active cellular IoT/M2M connections will be driven by a number of key factors. First, hardware and bandwidth costs have dropped to a point where nearly every enterprise can reap the benefits of virtualizing the physical world. Second, cloud-based middleware and data platforms are making it easier to securely generate insights from machine data at greater scale than ever before possible. Last, the buzz around this topic is generating overall awareness of the transformational potential of IoT/M2M in terms of ROI, competitiveness and support of completely new business models. The building excitement about what is possible has generated a massive amount of M&A activity to support position taking for the next decade of IoT-driven business transformation.
As part of its commitment to innovation that benefits customers, American Family Insurance is introducing a new discount to encourage the use of smart home devices to help prevent tragedies and losses before they happen.These devices use smart technology to monitor potential risks and allow users to check statuses, make adjustments and receive alerts, even when not at home, via a smart phone or tablet. Examples of home devices include smart fire/smoke detectors, smart thermostats, water leak detectors and anti-theft systems.
In the public arena, much of the discussion to-date has been about the technology related to IoT and Big Data. We are also starting to see discourse and use cases coming through with regard to actual implementations and benefits to businesses. However, the conversation remains very much in the tactical realm and also largely confined to agendas of CIOs.At the recently concluded Live Worx 2015 conference in Boston, Professor Michel Porter and Jim Heppelmann President and CEO of PTC provided one of the most interesting keynotes I have come across in recent times. They highlighted how IoT enabled connected products are in fact at the heart of competitive strategy of business and also made a number of references to the their recently published HBR Whitepaper – How Smart Connected Products are Transforming Competition. There were many takeaways from the keynote, but two things highlighted to me more than ever the importance of Internet of Things and Big Data Analytics discussions needing to be on the agendas of CEOs and Boardrooms.
“We are reaping some of the benefits we thought we would get from smart grid. We’re not reaping all of the benefits we thought we would get from it,” said Jason Handley, director of smart grid emerging technology and operations in the emerging technology office at Duke Energy. Handley spoke at Energy Central’s Smart Cities Conference in Charlotte this week.
The Australian Government and a host of global technology giants have joined the Communications Alliance Internet of Things (IoT) Think-Tank that will today formally launch a major new industry program to exploit the benefits of IoT for Australian industry.The Bureau of Communications Research (BCR) within the Federal Department of Communications will sit on the Executive Council of the Think Tank, alongside industry heavyweights Intel, IBM, Telstra, Alcatel-Lucent, Huawei, Ericsson and Hewlett- Packard.
The Connected Home was a new zone on display at the 2015 Hong Kong Electronics Fair, providing a glimpse into the future with the application of Internet of Things (IoT) in the home environment. Here are five lessons we took away from the show.
1. Smart Manufacturers will make smart products
Much that is written about home automation focuses on the consumer benefits of IoT, but there are also potential for manufacturers investing in building smart devices to save themselves money in the long run.
While the switch to renewable sources of power, like solar, has great environmental benefits, they are more prone to fluctuations, which makes it more difficult to manage the overall electrical grid. A pilot project in Germany, however, may have found an answer – one that will be in every home.
The idea is that as more homeowners generate at least some of their own energy, by installing solar panels, for example, they can also help stabilize the overall power grid when they have extra energy and the grid is running short. Caterva, a subsidiary of Council Associate Partner Siemens, is already testing the concept in Germany.