Business Eye: New tech, new opportunities

Alex Pratt
Alex Pratt

It is perhaps a vain hope to expect that our political class will be preparing for the biggest economic phenomenon the world has yet to see, with the power to re-order the world and every aspect of our lives.

Until now, the internet, which is just a 25 year old hermaphrodite, has grown to connect billions of people to each other around the world in real time.

As a result there are now more devices connected to it than there are people on the planet as we have each connected a smart phone, a tablet, a television, another television, a computer game etc.

In point of fact the number of connected personal communication devices is headed towards twice the global population at a rate of knots.

Interestingly, these personal devices now represent just a small part of the growth in connected devices as we, the people get cut out of the loop.

The internet of things is the growing “community” of inter-connected devices which share data with each other and means that each of us may be responsible for upwards of 50 connected devices by the end of the decade.

This will move way beyond controlling your heating from a distance, which can already be done and has already entered the arena of continuous communication of data. It was after all the data feeds from the engines on Malaysian flight MH370 that informed us that they were still running for hours after other communications links had been severed.

Direct connectivity between devices will revolutionise how we live, as the internet before them.

Street lights will be triggered by telematics embedded in cars, which will also record how safely we drive to allow insurance companies to judge risk better and set premiums accordingly.

This will make our lives easier, give us each much more control of our ever bulging lives, and help save the planet while we are at it.

This is a magical market moment that will create the next generation of billionaires. I wonder if any of them will come from Buckingham, Aylesbury or Wendover?