Business Insider Releases Report About The Internet of Things

Recently, Business Insider released a report outlining the factors driving the growth of the Internet of Things (IoT), the main benefits of the economic shift, and a few obstacles that stand in the way of a cohesive IoT environment.

Below is a very brief summary of the report:

Business Insider’s findings come to the conclusion that by 2019, the IoT market will be double the smartphone, PC, tablet, connected car, and wearable markets (combined!). The IoT will add $1.7 trillion to the global economy. Thousands of different kinds of jobs will be created in the manufacturing industry, and new services will surface, like installation, security and repairs. There will be thousands of new products for marketing agencies to brand, new software and hardware to develop, and research and development departments will become crucial.

Because the IoT will contribute so much to the global economy, it is important that things like the Hour of Code are successful. The Hour of Code aims to show students and teachers around the world that computer science can be fun and easy to learn. It is paramount that the children of today begin to study coding and other computer science related subjects because students are the future and if we hope to advance technologically, school boards need to begin producing technological innovators.

The products and services created by the IoT will affect your home life, business, and the way you interact with family, your neighbourhood, and city as a whole. The main benefit of the IoT is the high efficiency and low cost. The whole point of connected devices that are able to communicate with one another is to make our lives easier, and when things are easier, they take less time, and time is money, as you know. The only thing really holding back the IoT is a lack of standards and regulations. To be as efficient as possible, there needs to be rules regarding the operations and services created by the IoT.

Why does this all apply to Southwestern Ontario and its need for an affordable, high-speed fibre network? For one, in order to be connected, transfer data, and work as efficiently as intended, high-speed Internet is a must. Looking back on 2014, the regions of Southwestern Ontario and its industries have already begun to embrace new technology, but can only advance as far as its broadband will allow.

Last September, we spoke with Kelly Lavhey of Agronomy Advantage, a company offering crop solutions for farm business to improve productivity and profits. Their services rely heavily on Internet connection and tablet technology, but their connection is unreliable and very slow. Innovative and forward thinking companies like this need reliable high-speed Internet to thrive and grow!

We saw how the lack of Internet also affected students as young as 7 years old when we interviewed Jared Walpole of St. Thomas. His daughter in grade 2 receives assignments that need to completed online, and if his Internet is down, then he has to travel by car to a location where she can complete her homework. If a grade 2 student is affected by the lack of Internet connection, then you can bet it will only get worse as she ages.

Although parts of Elgin County are struggling with unreliable Internet, the Aylmer Library just received funding to create a new makerspace, and one of the first pieces of technology they are going to purchase is a 3D printer! The makerspace will also feature video editing and recording equipment, along with other devices.

Without a doubt, the IoT will affect Southwestern Ontario, the rest of the province and country, as well as the rest of the world. In order for Southwestern Ontario to stay competitive on not only a global but local scale, a fibre network must be installed throughout the counties. This infrastructure has become just as important as roads or street lights, so contact your county office today and inform them of the importance of affordable access to high-speed Internet!