Kevin Ashton coined internet of Things in 1999. Physical devices have been increasingly equipped with electronics so that they can collect data and information. Cars, cameras, refrigerators, and pets have some degree of connectivity in the current world. The term means the world has become more connected to the internet.
IoT Technology: Europe Vs America
In a survey of 500 executives in Europe and America, 25% of European Executives plan to integrate IoT Solutions within their systems by the year 2020 as compared to only 16 % of their counterparts in the Americas. In Europe, it is aimed at cost reduction and improvement of analytics as well as the quality of products.75% of executives from America expects IoT Solutions to reduce wastes and input costs with the figure being 35 % in Europe.
Obstacles to Implementing IoT Solutions
- All European Executives cited security as a major hurdle to adopting the IoT Technologies. The fear is understood since Europe so far leads in cases of cyber-crimes. About74 countries in Europe were affected by a cyber-crime attack in May last year.
- Regulatory barriers to adopting IoT. About 8 % of American executives cited concern on compliance.
The Future of IoT Technologies in Europe and America
The two powers are adopting a “wait and see” attitude to implementing the IoT Solutions. Europe has shown a higher possibility of learning the technology faster than their colleagues. The competition will ensure that the two court bigger investors, and there is a possibility America will be seeking inspiration from Europe in the years to come.
About Jason Hope
Jason Hope is an entrepreneur and investor. Jason focuses on technology and philanthropy. He is a respected futurist who has gained a reputation for analyzing his markets and systematically predicting technological developments. Jason Hope hopes to see the world where development will be the entire work of technology, for many generations to come.
Jason Hope’s education was business-oriented. He has a degree in Finance as well as a Master’s in Business Administration from the Arizona State University’s Carey School of Business.
Jason Hope founded the SENS Foundation. He has impacted lives through his philanthropic initiatives America.