REUTERS/Joshua Roberts
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The software and services market for the IoT is still very nascent, creating a major barrier to growth, according to Joe Biron, SVP of ThingWorx, an IoT platform at PTC, a major technology provider for the industrial sector.
Specific technologies that could further that market still need development, and enterprise customers are often confused about how various software solutions can help them, Biron told BI Intelligence.
Biron pointed out three needs that, if addressed, could significantly boost the IoT market:
- Better definitions: A plethora of companies are offering “IoT platforms,” which provide a variety of back-end software and services. This makes it hard for enterprises to pick the appropriate solutions. The market needs terms and definitions to differentiate solutions and services so that enterprises better understand what they all actually do, Biron says.
- Interoperability standards: The lack of standards that would allow IoT devices from different manufacturers to communicate and share data is a notable problem for IoT providers and end users. A number of groups are developing such standards, but Biron believes none are mature enough to gain widespread acceptance. Broad adoption of an interoperability standard would make enterprise deployment of IoT devices less costly and complex.
- Fog computing: In a fog computing environment, data from various devices is collected and stored on a local gateway device or server that can process it on site rather than in the cloud. This has the dual advantage of reducing the time required to analyze the data while easing demands on networks that would carry the data to the cloud. Although several companies are advocating adoption of fog computing for the IoT, few providers have launched fog computing solutions, according to Biron.
The IoT Revolution is picking up speed and when it does, it will change how we live, work, travel, entertain, and more.
From connected homes and connected cars to smart buildings and transportation, every aspect of our lives will be affected by the increasing ability of consumers, businesses, and governments to connect to and control everything around them.
Imagine “smart mirrors” that allow you to digitally try on clothes. Assembly line sensors that can detect even the smallest decrease in efficiency and determine when crucial equipment needs to be repaired or replaced. GPS-guided agricultural equipment that can plant, fertilize, and harvest crops. Fitness trackers that allow users to transmit data to their doctors.
It’s not science fiction. This “next Industrial Revolution” is happening as we speak. It’s so big that it could mean new revenue streams for your company and new opportunities for you. The only question is: Are you fully up to speed on the IoT?
After months of researching and reporting this exploding trend, John Greenough and Jonathan Camhi of BI Intelligence have put together an essential report on the IoT that explains the exciting present and the fascinating future of the Internet of Things. It covers how the IoT is being implemented today, where the new sources of opportunity will be tomorrow and how 16 separate sectors of the economy will be transformed over the next 20 years.
REUTERS/Joshua Roberts
The report gives a thorough outlook on the future of the Internet of Things, including the following big picture insights:
- IoT devices connected to the Internet will more than triple by 2020, from 10 billion to 34 billion. IoT devices will account for 24 billion, while traditional computing devices (e.g. smartphones, tablets, smartwatches, etc.) will comprise 10 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 1) lower operating costs; 2) increase productivity; and 3) expand to new markets or develop new product offerings.
- Governments will be the second-largest adopters, while consumers will be the group least transformed by the IoT.
And when you dig deep into the report, you’ll get the whole story in a clear, no-nonsense presentation:
- The complex infrastructure of the Internet of Things distilled into a single ecosystem
- The most comprehensive breakdown of the benefits and drawbacks of mesh (e.g. ZigBee, Z-Wave, etc.), cellular (e.g. 3G/4G, Sigfox, etc.), and internet (e.g. Wi-Fi, Ethernet, etc.) networks
- The important role analytics systems, including edge analytics, cloud analytics, will play in making the most of IoT investments
- The sizable security challenges presented by the IoT and how they can be overcome
- The four powerful forces driving IoT innovation, plus the four difficult market barriers to IoT adoption
- Complete analysis of the likely future investment in the critical IoT infrastructure: connectivity, security, data storage, system integration, device hardware, and application development
- In-depth analysis of how the IoT ecosystem will change and disrupt 16 different industries
To get your copy of this invaluable guide to the IoT universe, choose one of these options:
- Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
- Purchase the report and download it immediately from our research store. >> BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of the IoT.
