By: Areej Shah
“M2M technology currently has a $24B worth market which is predicted to reach nearly $86 B by 2017.” Forbes
There is no doubt that rapid advances in technology have changed our lives and the way we operate businesses. With the success of the virtual connection between machines, people have found it easier to pre-delegate and accomplish a wide range of tasks. As more developments materialize in this field, business leaders are hoping to gain ever-increasing profitability and a sustainable competitive advantage; thus sparking investments into the promising $86 billion market.
In simplistic terms, machine to machine (M2M) technology makes use of sensors or any wireless communication platform to transmit data between machines. This information is then processed by artificially intelligent machines and based on significant analyses of data, actions are taken. To summarize, M2M is ‘an intelligent inter-machine co-ordination ecosystem’– Tech Mahindra.
M2M technologies have been well adopted in both households and businesses. It has been remodeling workplaces by streamlining operations, increasing productivity and enhancing customer service. Service based industries that rely heavily on human capital are making use of M2M technology as a way to reduce overhead costs and save time. Technical problems are now being diagnosed prior to going directly to a repair team and customer in-store visits for product troubleshooting have been reduced.
A remarkable use of M2M technology has been observed in hospitals as a life saving service. E-cardio helps doctors monitor critical cardiac patients, helping them diagnose the threat of an imminent heart attack. Furthermore, renowned companies like Google have deployed 4000 environmental sensors to regulate the temperature, light, air quality and noise at the San Francisco Moscone Center, clearly demonstrating the validity of M2M technology.
“The opportunity in M2M is increasing as we predict 50 billion connected devices by 2020” – mPOWER M2M. With the growth of cloud applications, improved information technology infrastructure and low cost and reliable IP networks, there are immense benefits for start-ups using M2M technology. To learn more about how your business can benefit from M2M Technology, register for RIC Centre’s: Growing you business seminar on Disruptive Technologies: Robotics, A.I and M2M. The seminar is scheduled to take place at Xerox Research Centre of Canada, 2660 Speakman Drive, Mississauga, ON, on September 25, 2013 7:30am – 11:00am EDT.
Areej recently graduated from University of Toronto Mississauga with a specialist degree in Business Administration. She shares her passion for social media marketing by serving as the Communications Intern for RIC Centre. Areej aspires to launch a successful career in the emerging field of business technology management.
The RIC blog is designed as a showcase for entrepreneurs and innovation. Our guest bloggers provide a wealth of information based on their personal and professional experiences. Visit RIC Centre for more information on how RIC can accelerate your ideas to market.