According to Business Insider the IoT ecosystem is comprised on an entity (smartphone, tablet, etc) that functions as a remote to send a command or request for information over the network to an IoT device. The device will then perform the command or send information back over the network to be analyzed and displayed on the remote.
This broad definition of the IoT ecosystem can be applied to specific industries such as power companies that utilize connected utilities, such as smart meters, equipped with sensors that provide real-time data to the company to use efficiently, for example, to balance electric loads and/or reduce blackouts.
By 2020, utility companies are expected to manage over 1.5 billion devices.The way electricity is being generated, distributed, and consumed is affected by new energy sources, regulations, and market forces. IoT Innovation can help companies adapt to these changes and increase efficiency through an IoT-ready communication infrastructure. The infrastructure allows for
The move to smart meters will have utility companies see a surge in data volume. Prior to smart meters, utility companies collected data from their customers several times a year. Now, that data is set to stream in as necessary, whether a company wants it once an hour or once a week.
With this increase in data volume comes concerns over security, implementation, and technological fragmentation. A flexible IoT platform addresses several of these concerns. This will accommodate the growth in data coming from the smart meters themselves. But, it will equally support the infrastructural changes that will come as a result of smart meters, including new systems and applications (e.g., advanced billing and customer profiling systems) that will enable companies to capture value from smart meter data.
To discover more on how IoT enables efficient use of data through connected utilities, check out our blog post “How Data Drives Connected Utilities.”
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Over the next five years IoT investments are expected to result in $13 trillion ROI by 2025.