The Internet of Things (IoT) is a seemingly ubiquitous term that most of us have heard, but how many can define it?
According to Deloitte, IoT “connects the digital and physical worlds by collecting, measuring, and analyzing data to predict and automate business processes.” In other words, devices (appliances, computers, tablets, heating systems, electronics, lights) are connected by a network which allows them to interact. This is known as Machine to Machine (M2M) Communication.
IoT has a variety of applications, including Smart Home systems, Smart Cities, and Smart transportation, although it is not only applied to emerging sectors: IoT is predicted to be transformative in the way businesses operate. Research by Forbes Insights identified IoT as particularly useful in production optimization, supply chain management, asset management, financial decision-making, and customer experience.
IDC Research estimated in 2017 that the IoT market in Spain would exceed 23 billion euros in 2020, nearly doubling from 12 billion euros in 2016. Spain currently ranks 4th among European countries for its investment in IoT, and it is home to IoT Solutions World Congress, one of the largest IoT events in the world. Last year’s event was attended by more than 16,000 visitors from 120 countries and included 400 prominent speakers.
This year, it will take place from October 29th-31st, and Gedeth will be there! We believe in the importance of investing in the future, and IoT is the future of business. If you are planning to attend and you have thought about the possibility of investing in Spain, we would love to talk!