It is estimated over 25% of business worldwide utilize Internet of Things (IoT) and Industry Internet of Things (IIoT), and as we move toward 2030 the pace of progress is on a steady rise subject to several drivers; lowering price of Sensor technology, infrastructure access and connectivity, smart phones and cloud solutions. The number of connected devices by the end of 2023 is expected to reach over 43 billion, while the range of application is over 200 in commerce along. The application is not limited to enterprise only as early adapters include a diverse range of sectors including construction, smart homes and cities, connected cars, e-health and wearables. Across the past half a decade IoT growth, application and connectivity has affected all business sectors. The levels of data being generated is unprecedented and is increasingly playing a key role in influencing short, technical and long-range commerce decision. Insight through advance analytic interface and the capacity to better understand the data is creating tangible opportunities for business optimisation.

            Predictive maintenance has been possible through constant monitoring, while companies engage data to decide on efficiency and equipment up-time. This is back through both a layer of cloud computing where processing and storage of data takes place. And enablement platforms that facilitate access to connectivity, devices and cross devices. However, in order to understand the potential economic value of IoT or IIoT; interoperability must be engaged and understood per sector or firm.  Meaning an oil rig may contain over 40,000 sensors and generate an impressive amount of data, only an average of 1 to 5 percent is examined. The information used is naturally linked to detection and control of anomalies; that is efficiency and equipment up-time. While prediction and optimisation where the greatest business value is found remains untapped. However, within the pharmaceutical or the food and beverage supply chain sector. Where supply chain security and product integrity are concerned, the levels of data assessment and evaluation is far greater in comparison to an oil rig. And yet a fundamental necessity in both cases.

By 2030 IoT economic value for the developed world will account to over 50 percent of global total, while China moves to become a global IoT force. The Chinese competitive edge includes both manufacturing of hardware and integration with locally produced software. IoT is now perceived as the fundamental core enabler of digital transformation and sustainability for both the private and public sector. While sensors cover full spectrum that includes visual, acoustic, temperature, shocks to UV light detection as well as anything in between. Other factors such as speed of computing, storage, battery power and significant advancement in AI provide vast pools opportunity from insight to automated decisions based on data provided by the sensors. Companies that have laid the foundation for IoT will reap immense benefit given the sheer and power of computational power that is being developed and released to the market. A competitive advantage offering immense capacities across the entire business based on decision-data and flexibility.