TECHNOLOGY TRANSFORMATION
THE INTERNET OF Things is ready to take its rightful place at the forefront of business in 2018 .
Or so it would seem : a recent report from Navigant Research claims that combined cumulative global revenue for Industrial IoT ( IIoT ) devices , software , and services is expected to total more than $ 1trn between 2017 and 2027 .
IoT is essentially the glue which binds people , machines and data - so it ’ s no surprise to see it becoming a major point of focus for businesses around the globe .
The Navigant report also states that revenue from annual global shipments of IIoT devices is expected to grow from $ 47.9bn in 2017 to $ 129.3bn in 2027 .
Ralf Gladis , CEO at global payment solutions provider Computop , can see the change happening .
“ The Internet of Things is fast becoming a reality around the world ,” he says . “ Both small and large devices will process payments for us . Our cars will automatically pay for fuel and parking fees , our smartwatches will pay for taxis and our smartphones will prove to be a universal tool to buy and pay everywhere .
“ With that scenario in mind , payment will become a silent , smooth and automatic process . Only payment methods that support this will have a future .”
But for the technology to become a truly global phenomenon , Gladis believes ensuring consumer trust is key .
“ How do you want your car to pay for fuel ? Credit card , PayPal or your company ’ s fleet card ? Handing that process over to our devices will be a big change in consumer behavior .
“ New payment brands with no history or trust would keep consumers from embracing new technology and would slow the process down . Established brands will probably make the decision easier .”
Gladis is speaking in terms of the end user , and IoT disrupting numerous industries : especially manufacturing , energy , agriculture , healthcare , and automobiles .
As a result , more and more organizations who are embracing IIoT are beginning to recognize the potential of leveraging the technology . “ We are starting to see more and more companies across the spectrum adopt IIoT strategies ,” says Neil
22 January 2018