After reading this modules lectures on disruptive technologies and strategy surrounding how to embrace and innovate with these market disruptors, I began to consider the emerging technologies that will pose this dilemma in the near future. One disruptive technology that was the most interesting to me was the Internet of Things. In short, the Internet of Things (IoT) is a system of interconnected and communicating devices connected to the internet. This network of “things” creates a community of data sharing that is autonomously managed and does not need to be facilitated by people.
The concept of IoT is considered to be the forefront of disruptive technology in today’s world. Artificial intelligence, robotics, smart devices, mobile services, virtual and augmented reality – each of these things is rapidly changing and shaping how we live at home and how we conduct our day-to-day work. And the one thing essential for all of these separate industries to interlink and reach their full potential: the Internet of Things. The application and capability of multiple devices and services communicating and sharing information between one another is only limited to what will be able to connect to the internet, bridging the gap in the physical and digital environments. This year alone, over 20 billion devices are expected to be online.[i] While the notion of connecting devices to the internet is not new, more and more devices are being used by individuals and groups to increase efficiency and make lives easier.
The Internet of Things is not a disruptive technology itself; however, it is the concept and capability that will enable and enhance other emerging and developing technologies to cause significant disruptions across countless industries and ultimately the entire global economy. Companies and industries unable to adjust to incorporating and integrating this concept will be left in the dust by those that do. As IoT continues to reach more and more homes, molding user behavior, industries such as retail and healthcare are strategizing to adopt this interconnected mindset in future operations. IoT’s reach will be vast, with a projected global value in 2025 of $6.2 trillion[ii]. It will be interesting to see what industries are able to flex as the Internet of Things becomes more integral to operations. Healthcare could see drastic changes and enhancements to how it diagnoses patients and monitors health[iii].
[i] Robotics Business Review. An Introduction to the Internet of Things. 02 April 2018.
[ii] Intel. Guide to IoT Infographic. https://www.intel.com/content/dam/www/public/us/en/images/iot/guide-to-iot-infographic.png
[iii] Matthews, Kayla. 6 Exciting IoT Use Cases in Healthcare. 16 Jan 2020. https://www.iotforall.com/exciting-iot-use-cases-in-healthcare/
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