As an IoT Analyst, I see the Internet of Things as one of the most important, rapidly changing and fastest-growing sectors today. IoT is transforming companies, industries and cities with new technology and that growth wave is only intensifying. However, so far only certain companies are seeing real growth. Many are just getting their feet wet. So, what next steps they need to follow to catch the IoT Wave.
I was asked to give a speech discussing the future and where new technologies like IoT and AI fit in. How they will transform our world. It’s important to pull the camera back and to take a longer-term, historical perspective on the transformation we are going through as a society. It’s truly profound. However, we must be a player in order to remain competitive and in fact relevant going forward.
Speech on How IoT is Changing Companies, Industries, Smart Cities
It’s good to be careful and learn as you go. However, don’t take too long. You cannot ignore IoT. The reason is simple. Your competitors are already racing at full speed ahead, and that presents you with both a threat and an opportunity. So, you have to act quickly. You have to have an IoT strategy. You have to realize that going forward this technology will play a big role in the long-term success or failure of your company.
The leaders or companies who are players in IoT today can develop a competitive advantage. When considering who to work for, who to buy from or who to invest in, first determine where they are on the IoT growth wave. Are they a leader or a follower or are they not playing at all? Answering this question accurately will tell you whether this company may continue to grow or will struggle going forward.
IoT and AI Growth Wave is Huge Opportunity and Risk
Early adopters develop a competitive advantage, which should last until all their competitors finally jump in with them. The leaders have the advantage with the customer and in the marketplace by setting the rules going forward. The followers can also be successful, but they must play by the rules already set. The rest will struggle and eventually fade away.
Think about IoT. About your company? Your industry? Which of your competitors are rapidly adopting IoT? Where does your company rank in this massive opportunity and transformation? Where do you rank? Are you a leader? Do you work for a leader? Are you a follower? Or are you sitting this dance out?
Smart Companies, Smart Cities and Smart Homes Are Next Growth Wave
IoT is not just transforming companies and industries. IoT and AI are two core technologies that are transforming cities into smart cities and homes into smart homes. They are also transforming local, state and federal government. Smartphones, smart cars, healthcare technology, retail technology, warehouse technology, shipping technology and more. In fact, IoT will be a player in every area of our lives going forward, business and consumer, front end and back end.
In many cases, we won’t even realize that things are being done by machines. It will just be more efficient and in many cases, work better and more smoothly. IoT is the technology that works behind the curtain that makes things work.
B2B, IoT and AI Will Transform Companies and Industries
Today, there are many companies who are rapidly moving into IoT. They are for themselves, but they are also suppliers to other companies wanting to do the same thing. Companies like IBM (IBM) Watson, GE (GE), HP (HP), Microsoft (MSFT), Google (GOOGL), SAP (SAP), Cisco (CSCO), Intel (INTC) and many others. And this space will continue to grow and there will be many companies in this rapidly growing sector.
Winners will be some of the big, brand names we already know. Others, will come from small companies struggling to get on the radar. Some of these suppliers will grow long-term. Others will only be short-term players. That’s where it becomes trying to separate both sides.
Even large companies, leaders in the AI field, like IBM Watson for example, often struggle with their stock price. Yet no one doubts their influence and importance in this sector. So, today this is just one of many unanswered questions. One part of the larger story and we are just in the very early days of this new opportunity.
With all this said, bottom line is IoT is an amazing growth opportunity. It will impact everything. However, not every company will be a long-term winner. Some will. Others won’t. So, you need to be careful to choose the right companies to work for, invest, buy from or partner with. Follow me as I track this new industry of tomorrow bursting with new opportunity and risk.
Jeff Kagan is an Equities.com columnist. Kagan is a Wireless Analyst, Telecom Analyst, Industry Analyst, speaker and consultant. He follows wireless, wire line, telecom, Internet, cable TV, IPTV, Cloud, Mobile Pay, FinTech and communications technology. Email him at [email protected] His web site is www.jeffKAGAN.com. Follow him on Twitter @jeffkagan.