The IoT revolution is here. All around us, smart and connected systems are transforming industries, businesses, devices and spaces – from our smart home appliances, to connected factory equipment, to entire smart cities.

With close to 16 billion devices currently connected, the adoption of IoT is becoming increasingly widespread. Yet according to experts, this is just the beginning.

Market Predictions

Analysts across the board are predicting that today’s IoT market of 16 billion IoT devices will grow dramatically over the next few years, reaching 30 billion devices in 2020 and 75 billion in 2025.

How will this surge in smart systems impact the world’s economy? According to Accenture, the potential impact of Industrial IoT alone is projected at more than $14 trillion over the next 12 years.

Source: Accenture, “Winning with the Industrial Internet of Things.”

Important Trends

Right now, more than 60% of all companies have already started an IoT initiative.

IoT is trending in consumer goods, commercial and industrial markets, where according to Dresner Advisory Services, “adoption of IoT across a wide variety of industries is happening today, with significant results being delivered.”

While businesses will lead IoT adoption going forward, governments and consumers won’t be far behind in delivering, investing and purchasing smart things.

Model and Simulate – to Reduce Risks and Costs

The hype around IoT is centered on its ability to provide user, product and machine data. In 2017, the number of IoT platforms on the market reached 450, most of which focus entirely on managing and processing data.

And yet building smart, connected things is still risky, expensive and complicated. IoT requires a combination of skills and resources covering hardware, software, firmware, app and cloud development. These costs and risks are multiplied when designing and building smart cities, factories and production plants, with interconnected machinery, equipment and spaces. How we actually get these systems up and running to generate the data for analytics has been largely overlooked.

To overcome this obstacle, solutions are now available for modeling and simulating the functionality and costs of smart systems before making any investment in development.

Imagine being able to define all of the data to be collected by a system while still fine tuning the concept. Taking it one step further, imagine seeing and interacting with a virtual model of your entire system, together with its simulated analytics, before the first PCB is manufactured.

There’s an opportunity here to reduce costs, minimize risks and make IoT accessible to every manufacturer considering IoT, by enabling product teams to graphically model and simulate their IoT systems at the outset of the project.

The bottom line? The IoT revolution is one you can’t afford to miss. With the right tools, your company can kickstart its IoT initiatives with functional modeling and simulation – at minimal costs and risks. The rewards are clear.

Want to learn more about IoT and how it can benefit your company? Get started with Seebo’s IoT Uncovered Workshop.

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