The Internet of Things (“IoT”) is the logical evolution of the internet, connecting physical objects to the internet for the benefit of people.
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The IoT is a term used to describe the convergence of technology and the physical world. It has the potential to fundamentally change the way we interact with our surroundings. Items like wearable devices to track our health and fitness to autonomous vehicles and complex sensor arrays on oil rigs allowing engineers to remotely monitor an entire station with an iPad.
In 2008, there were already more “things” or objects connected to the Internet than people. By 2020, it is estimated that the number of Internet-connected things will reach 50 billion. A recent research report compiled by McKinsey forecasted that the total economic impact of the IoT on the global economy could reach US$11.1 trillion per year by 2025.
2 ways to benefit from the Industrial Internet of Things
Companies operating in the oil & gas and mining sectors are rapidly discovering the power of the IoT. These Industrial Internet of Things (”IIoT”) are already changing the way we work as companies are increasingly using machines and network systems to automate tasks that can be completed at lower cost and to a higher quality. This automation will allow people to focus on human elements such as creativity and problem-solving creating a blended workforce of humans and machines to deliver outcomes that were previously unattainable.
For investors, the value generated from IIoT can be realised in two ways.
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