Our society is undergoing structural behavioral changes, and much of this is due to the Internet of Things. IoT, for short, is an emerging technology that is changing the way we live, work and interact with the world. By connecting devices, sensors and systems to the internet, it enables greater automation, better understanding and increased efficiency in our daily lives.
Of course, the possibility of circulating large volumes of information in real time and relying on a good data infrastructure in the cloud is made possible with the support of other disruptive technologies such as:
- Big Data
- Artificial Intelligence
- Blockchain
- Cloud
- 5G
Its success is not only evident, but essential to understand what is being forged: the fifth industrial revolution. Statista forecasts that by 2030, the world will have over 25 billion connected devices, and indications are that 2023 will also be a year of growth for this sector.
The most evident investments in IoT include sensors, chips, and Wi-Fi networks. Yet, not all companies can deploy bespoke IoT infrastructure; instead, they choose to employ readily available IoT solutions on the market. Good examples include Google's Nest Learning Thermostat, which allows businesses to attain optimal energy efficiency by managing their devices and air conditioning systems.
There is certainly a growing awareness that the Internet of Things is part of a global solution that is driving transformation for businesses, consumers and governments. We may well be discussing the next major leap in the digital realm, given its role in developing new applications like smart homes, smart cities, connected vehicles, and industrial IoT.
At BBVA New Gen, we firmly believe that by diligently monitoring these shifts and ensuring IoT is used ethically and responsibly to amplify societal benefits, we can uncover a wealth of promising opportunities.
The best of both worlds
All your operational needs in one place. Invest in both traditional and digital assets with the backing and experience of the most secure Swiss banking.