In the short-to-medium term, IoT will have a greater impact on the public sector and industry than on individual consumers. Most current IoT case studies offer consumers either novelty or convenience - neither of which are revolutionary. Marcus Weldon, CTO of Alcatel-Lucent, described current IoT devices as “cute” and “curiosities” but not “transformative”20. The consumer safety, cost savings and time saving implications are yet to be fully realised. In the short to medium term, IoT offers far more significant benefits to industry and public sector. They stand to benefit from IoT innovation, supply chain optimisation, real-time environmental analytics and boosts in productivity. However, once IoT ‘synergy’ is fully realised, consumers will be the long-term beneficiaries of IoT by way of cheaper and improved delivery of products and services.
Smart cities are the most ambitious of IoT projects. Millions of sensors and mass upstream data collection will allow government to better manage public infrastructure. Parking space sensors will guide commuters to the nearest free spot. Road sensors and in-car GPS data will allow better monitoring of traffic and toll management as traffic is managed and diverted in real-time. In-car data can synchronise with traffic lights to ensure better traffic flow.
Connected/autonomous vehicles and smart traffic are two more exciting areas of IoT. Modern cars already contain an ever-growing plethora of ‘smart’ and ‘connected’ features, such as the new BMW flagship sedanand the highly anticipated Tesla range of connected electric cars. Google is currently leading the way in testing their driverless cars21, with other manufacturers following suit22. A number of reputable studies indicate that over 90-99% of accidents are due to human error23. Autonomously driving cars have the potential to remove some of the risks of human drivers, including fatigue, response time, distraction and drink-driving. Additionally, sensors can notify drivers of road conditions, and real-time smart city analytics will ensure safer routes.
Figure 6 – Visualising the connected car. Source: Information is Beautiful