Bayshore Blog Post: World Economic Forum Report
January 25, 2015
Video link: WEF Industrial Internet of Things
PDF Download: WEF Industrial Internet Report
Over the past 10 to 15 years, internet-driven disruption and innovation have been about the “internet of people”, changing the way industries and businesses operate, particularly within media and Business-to-Consumer (B2C) relationships. In the next decade, the Internet of Things (IoT) revolution is expected to have a significant impact on manufacturing, energy, agriculture and other industry sectors.
The term Industrial Internet of Things (IIoT) refers to the seamless integration of the physical and digital worlds through networked sensors, machine learning and big data. The explosion of connected products and physical systems will present an enormous new market opportunity for many types of companies. It promises to fundamentally transform and disrupt a wide range of traditional industries through improved operational efficiency, new business models and opportunities for job creation. It also brings new risks to business and society.
The objectives of the World Economic Forum Industrial Internet of Things project were to understand how this latest wave of technological change will impact industries, value chains, business models and workforces, and to determine action that business and government leaders need to take now to ensure long-term success.