Internet of Things (IoT) is still a fairly new concept. According to Accenture, as recent as 2014, 87 percent of consumers were not aware about this technology. In 2016, 19 percent of government professionals and businesses admitted to never having heard of Internet of Things, while 18 percent were only vaguely familiar with the concept, according to research from the Internet of Things Institute.
The Internet of Things is preparing to transform our lives and the way we live, from they way we work to entertainment to transportation – it is gradually taking over all aspects of our lives. As this new wave of technology crawls toward mass adoption, a handful of trends have started to emerge with the space.
Internet of Things is all about connectivity. As more and more devices get connected to each other, their network and data will get connected too. In such a situation, ensuring top-notch security of those devices will be of paramount importance for organisations within the industry.
Recruiting Remains a Challenge:
There is a vast difference between internet of things and regular internet. An average person uses internet on a daily basis and a normal college tech graduate can work for tech companies ranging from the best to the mediocre. However, companies with IoT Initiatives launching digital transformation projects including smart cities are facing a challenge.
Finding well qualified people to secure and work for the internet of things still remains a challenge. 45 percent of IoT companies struggle to find security professionals, according to a TEKsystems survey. 30 percent report having difficulty finding digital marketers.
Consolidation is on fire:
Under Armour is buying tons of companies. Intel Wind River purchased Arynga. AppDirect bought AppCarousel. Nokia has acquired wearables company Withings. The trend has started and acquisition in the IoT should continue through the remainder of 2017.
Data will wear the crown:
Among other things, IoT is all about data. The technology is generating tons of data, so now organisations are figuring out ways on how to monetize it. From connected cars, to connected home, to smart buildings and smart cities, every minute aspect of our lives will be affected increasing ability of businesses, governments and consumers to connect to and control everything around them.
There is a lot more than just sale:
Each category of the IoT is pushing to get devises into the market. However, the twist is that manufacturers are channeling their focus on the services that prop up those devices to enhance their businesses. To achieve this, organisations are developing service delivery platforms and ecosystems in order to get more mileage out of the devices beyond the sale.
IoT companies need places to show off their products:
App stores, marketplaces, and catalogs are the current favourites and should fill up with more devices as companies ramp up production.
Improvement in Health Sector:
With the onset of IoT, drug delivery and management will improve a lot. From supply change management of drugs to consumer safety to ‘smart pills’, there are multiple areas where IoT can obliterate fraudulent practices and improve patient lives.
While very early, the potential of sensor-driven computing is enormous. Think Google Now for
manufacturers, industrial robots and smart cities. It could be an automated world beyond our
John Greenough and Jonathan Camhi of BI Intelligence have put together an essential report on
the IoT after conducting months of research on these trends. The report elaborates on the current
scenario and the exciting future prospects of Internet of Things. Here are some insights that the
report gives on the future of Internet of Things:
IoT devices connected to the Internet will more than triple by 2020, from 10 billion to 34 billion.
Nearly $6 trillion will be spent on IoT solutions over the next five years.
Businesses will be the top adopter of IoT solutions because they will use IoT to –
Lower operating costs;
Increase productivity; and
Expand to new markets or develop new product offerings.
It is an exciting time to be an investor and entrepreneur in the Internet of Things and hardware
sector. From improving our homes to improving healthcare to making our jobs more efficient,
these are areas that will truly improve the quality of our lives.