With cloud and mobility gaining some maturity the world over, tech giants like Cisco, IBM, Google, GE, Qualcomm, SAP, Intel, Bosch, ARM and others are all geared up to give a big push to the new concept of Internet of Things (IoT).
Although IoT as a technology is futuristic in nature, these vendors are betting big on it and pitching it differently in the marketóeach eyeing for itself a bigger chunk of the potential revenue from IoT devices and solutions.
Cisco, one of the early IoT proponents, defines it as Internet of Everything (IoE), German engineering firm Bosch calls it Internet of Things and Services (IoTS), and GE states IoT as Industrial Internet. Likewise, Intel and IBM term it as Intelligent Systems and Smart Planet respectively.
Every vendor is trying to present IoT under different nomenclature and marketing it based on how its own interests are fulfilled best.
For instance, Cisco differentiates IoT and IoE by pointing out that the former as a concept has been in existence for quite some time but the latter encompasses more value creation. According to Nal Gollagunata, Director Ė Business Development, Cisco India & SAARC, IoE is actually the one that brings in a lot of value, while IoT is just about connecting devices on any network like M2M (machine-to-machine communication)óbut it doesnít include people and processes.
ďIoE actually has four elements to itódevices, data, processes and people; when these four pieces are put together, it will help to drive business impact. When devices are connected, data gets generated, which is then processed using data analytics and then people can actually use that processed data for making business decisions,Ē says Gollagunata.
In spite of the fact that these vendors have drawn some lines around IoT offerings, they have attempted to come together to work in the area of standardisation of technology and devices, through a group. In March this year, AT&T, GE, Cisco, IBM and Intel formed the Industrial Internet Consortium (IIC) to drive IoT globally.
According to the Cisco IoE Value Index study released in 2013, globally, $14.4 trillion of value will be at stake over the next decade (2013-2022). The company defines value at stake as the potential bottom line value that can be created or will migrate among private sector companies and sectors based on their ability to harness IoT.
The study further estimates that for all the participating vendors in this sphere,