Since the invention of the wheel in the 4th millennium BC, technology has made our life convenient, safer and productive. But never before has technology crept deeply into our lives as seen in the past few decades. Internet and mobile platforms joined hands with pervasive computing to deliver products and services which have become our constant companions and mentors. It has revolutionized every part of our life from the way we watch our favorite movies to the way we do our courses. We have seen a lot of mobile apps and web portals which give us all we need in any part of the world at our convenient time. At the same time this revolutions has led to growth of new ventures that have leveraged these platforms and the demise of many other firms and businesses that either ignored or were blind to these so called big bang disruptions.
But this is not the end. In fact the next big wave of technology will change the way we interact with things around us. Or rather I should say the way things are going to interact with us and other things around. This next big wave called ‘The Internet of Things’ has been in the making for quite a while now. In a few decades or may be years down the line you will have millions of networks of not just computers but everything ranging from chairs to cars. Sitting in your office, you will be able to identify your guest seated in the living room of your apartment using this network of chairs. It would be exciting to see this merger of the virtual and physical worlds to create the ‘Internet of Everything Economy’, a term coined by Cisco IBSG. Add Artificial Intelligence to this economy and what we get is beyond our comprehension.
In the upcoming series of articles I would like to discuss in this blog how this technology will affect incumbent businesses and also opportunities for new ventures to develop new products and services. Till then the video here will summarize what will happen in the next 10 to 20 years