Internet of Everything is a common buzzword among modern enterprises. This term refers to integrating mobile devices with business intelligence and connectivity to harbour special functions on those devices. Cars, watches, appliances etc. are adopting a smarter approach with connectivity through the Internet and communicating with ecosystems of software, devices, and services.
Internet of Everything is regarded a superset of IoT whereas Machine-to-Machine (M2M) is regarded as subset of IoT. Businesses must be aware of minute differences between different technologies like IoT, IoE, M2M etc and how it has impacted enterprises and consumers in the larger context.
With IoT users can transcend imagination levels; imagine any natural or artificial object will be connected with specific IP address thereby facilitating data transfer over a local network or through Internet.
Internet of Everything will create an atmosphere where unique identifiers will be assigned to every object, people, or animal and data will be exchanged without need of human-to-computer or human-to-human connectivity. IoT, an environment in which objects, animals or people are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. Evolution of IoT has witnessed digital convergence involving wireless technologies and micro-electromechanical systems over the Internet. Similar concept will be applied in the aspect of Internet of Everything.
B2B applications are predicted to capture more than 70% of valuable data compared to B2C applications; however businesses must realize the significant potential of B2C applications especially ones attracting maximum business traction.
IoT has been responsible for evolution of dynamic IT solutions to address major problems. Digitization bridges gaps between enterprises and IT companies because companies are addressing limitations of conventional operations and developing new solutions utilizing enormous power of Big Data Analytics and IoT. Hence, those enterprises are searching for avenues to market their products as a service.
Internet of Things promises huge potential in developing economies. However, advanced economies are estimated to return a higher value due to higher usage. Developing economies are predicted to contribute to about 40% of IoT growth in the coming years.
Unlocking potential of IoT: Internet of Everything
Gartner predicts that by 2020, 26 billion devices will be empowered with Internet of Things and service providers will raise incremental revenue up to $300 billion or higher. Therefore, approximately $1.9 trillion will be added to global economic revenue from sales across diverse end customers.
A major underpinning of the technology is M2M interface, in which machines belonging to an efficient networking platform will communicate with various machines and generate higher potential returns for enterprises. Cloud computing provides excellent platform to an application having M2M interface.
Major industry players have witnessed subtle transformation from product to service emphasising on providing a greater customer experience by making fundamental changes to organizational functions.
Internet of Everything will undergo seamless integration of technology and software influencing each organizational aspect. Managing customer experiences enables digital transformation of entire organization. Internet of Everything reduces disparities between functional silos and paves way for complete digital transformation.