While digitisation and automation has been talked and (in a limited way) embraced in the Oil and Gas (O&G) exploration, the industry is still waiting for a wide scale adoption of digital technologies to harness its full potential. Internet of Things could be a great option and make the future really very promising. But the cost of putting the infra and then getting the required intelligence continues to be a big challenge.
From refrigerators to parking spaces to houses, the Internet of Things (IoT) is destined to bring billions of things into the digital fold, which will make the IoT a multi-trillion dollar industry by 2020, is what PricewaterhouseCoopers (PwC) is estimating in its recently conducted survey. Will IoT have a similar impact on the Retail industry too?
The number of things connected to the Internet now exceeds the total number of humans on the planet. The estimates suggest that by 2020 or 2025 it may accelerate to as many as 50 Billion connected devices. For manufacturing organizations it means a lot. Are CIOs thinking about it? Are they even bothered about this tidal wave?
Popular belief says that "Internet of Things" provides a number of opportunities for established technology companies and startups as well as the CIOs who will help implement the technology at their businesses. But the CIOs are not clear on the return on investment (ROI). Will CIOs really go all out to embrace this hyped proposition? Or will they let it die?