Businesses of all stripes are ramping up efforts to profit from the budding Internet of Things. But cashing in won’t be easy. The Internet of Things, also known as IoT, is the growing phenomena of cars, drones, street lights, machines and a myriad of other things that can be connected to the web via a network of small sensors. The potential benefits aren’t hard to imagine. Just think of sensor-laden factories that spot malfunctions before they occur or “smart cities” that rapidly collect and analyze traffic data to shorten commuting times. But coming up with a surefire business model keeps telecom providers up at night.
To see where things stand, I stopped by an event last week in Washington, D.C., where technology company representatives, government officials and industry analysts mulled the different ways IoT could lead to smart cities and other services. Here are some of the key takeaways:
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