Internet of Things is good for India

Poised to be the biggest technological revolution yet, IoT is expected to create $2.7?6.2 trillion of economic impact globally by 2025

by Gordon Orr, Noshir Kaka - Live Mint, Apr. 22, 2015 – 

GE refers to it as the industrial Internet, while Cisco?s chief executive John Chambers calls it the Internet of everything. Peter Hartwell, a researcher at HP Labs, terms it as a trillion sensors embedded in the environment, making it possible to "hear the heartbeat of the Earth".

All these technology luminaries are referring to the Internet of Things (IoT, or devices connected to the Internet), which is poised to be the biggest technological revolution yet, and expected to create $2.7?6.2 trillion of economic impact globally by 2025 . This impact is likely to be created by leveraging IoT to do business through novel forms of customer interaction, following new business models centred on assets and information and dynamic pricing, and by enhancing and optimizing operations through better efficiency, quality and safety.

We have already begun to see this impact in a variety of cases where IoT has enabled smart, networked and automated interaction to improve customer experience. Smart grids equipped with time-of-day-based energy saving applications can reduce energy costs by 30%, while automatic fault detection and maintenance can reduce losses by 2%. Smart traffic management systems consisting of global positioning satellite-enabled public transport, traffic lights optimized for reducing transit time, and closed circuit television cameras to detect and avert crimes or disasters can reduce travel time and make a smart city safer.

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