IoT is making gains in both the consumer and industrial world.The Internet of Things offers enormous opportunities for Australian organisations to be pioneers in the convergence of operational and information technology.Although Australia is at the early stages of adoption, many organisations across different industries are realising value in a hyper-connected world.
The convergence of operational technology and information technology has accelerated transformation of many industries: IoT is enabling greater efficiency and streamlining of common processes that will drive down costs and boost productivity.
Smart homes become a reality as consumers drive demand for personal and household devices: Personal smart devices such as phones and fitness trackers have already become commonplace. Demand is moving towards the long awaited smart home concept.
Local Government is leading the way in smart city innovation: Many local councils are trialling IoT technologies in everything from waste management to autonomous vehicles and while still in its infancy, the federal government’s AUD $50 million Smart City plan will boost further trials.
Industry yet to capitalise fully on IoT initiatives: Although retail and logistics have been pioneers of IoT with RFID tracking, most industries have only just begun experimenting with IoT and not yet gone mainstream.
Key challenges still need to be overcome: Security and privacy issues continue to be a concern, however, more salient issues such as data management and integration will prove to be very challenging as new kinds of sensors and devices produce new data types and sources and place a greater strain on energy resources.