Most of the global vehicle manufacturers have the same vision of accident-free driving with zero emissions. Only after 125 years does this vision seems technically possible. With innovation, new business models, and consumer behavior, massive changes are now transforming the entire industry.
The Industrial Internet, or Industrial Internet of Things (IIoT) represents the next big wave of innovation and will fundamentally transform industrial sectors of the economy. McKinsey Global Institute estimates an annual economic impact of $2.7 trillion to $6.2 trillion by 2025. Gartner estimates it will lead to a digital workforce and smart machines that will replace 1 in 3 knowledge workers by 2020. General Electric estimates that the Industrial Internet could add $10 -$15 trillion to the global GDP over the next 20 years.
Can financial services, which deals mostly with the intangible, benefit from Internet of Things technology? Absolutelyand not only from more and better data about clients' physical assets. IoT applications aim to transform finance along with every other sector.
The Internet of Things (IoT) is shaping up to be among the early part of this centurys most prolific and ubiquitous technological revolutions. We are seeing a rapid progression of IoT devices that can be seen across all walks of life. In less than three years, nearly everything we do on digital devices could be interconnected to other digital devices, giving rise to one of the most rapid IoT advances matched by adoption from consumers. In short, the IoTs impact on our daily lives will be significant and financial services organizations should start planning for these changesthe sooner the better.
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The evolution of products into intelligent, connected deviceswhich are increasingly embedded in broader systemsis radically reshaping companies and competition. Smart thermostats control a growing array of home devices, transmitting data about their use back to manufacturers. Intelligent, networked industrial machines autonomously coordinate and optimize work. Cars stream data about their operation, location, and environment to their makers and receive software upgrades that enhance their performance or head off problems before they occur. Products continue to evolve long after entering service. The relationship a firm has with its productsand with its customersis becoming continuous and open-ended.
I recently attended the second annual Internet of Things World Forum in Chicago, IL. In the opening keynote presentation, Wim Elfrink, Ciscos EVP of Industry Solutions and Chief Globalization Officer, referenced Gartners latest version of its Hype Cycle, noted that IoT (the Internet of Things) has climbed over the past year to its peak. Yet, on closer inspection, the enviable place IoT is enjoying within this technology-evolution framework is actually named the peak of inflated expectations, a precarious high point where individual dazzling success stories of early adopters and visionary speculation are outshining wider market reticence and slow early adoption.
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The Internet of Things (IoT) shall be able to incorporate transparently and seamlessly a large number of different and heterogeneous end systems, while providing open access to selected subsets of data for the development of a plethora of digital services. Building a general architecture for the IoT is hence a very complex task, mainly because of the extremely large variety of devices, link layer technologies, and services that may be involved in such a system. In this paper, we focus specifically to an urban IoT system that, while still being quite a broad category, are characterized by their specific application domain. Urban IoTs, in fact, are designed to support the Smart City vision, which aims at exploiting the most advanced communication technologies to support added-value services for the administration of the city and for the citizens. This paper hence provides a comprehensive survey of the enabling technologies, protocols, and architecture for an urban IoT. Furthermore, the paper will present and discuss the technical solutions and best-practice guidelines adopted in the Padova Smart City project, a proof-of-concept deployment of an IoT island in the city of Padova, Italy, performed in collaboration with the city municipality.