How Is IoT Changing?
How Is IoT Changing?
More organizations are pursuing IoT and IIoT strategies as they see use cases driving ROI. See some current trends in IoT adoption.
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To gather insights on the current and future state of IoT, we talked to 23 executives involved with IoT. We asked them, "How has IoT changed in the past year?"
- Growing rapidly. Up 10 to 15% per year. More small deployments having more success. Companies are scaling up.
- We have a lot of vendor stories but not a lot of customer stories. We are seeing more practical use cases in energy and manufacturing with remote monitoring to reduce cost and achieve compliance. A lot of digital investments in unsafe work environments. Heavy industry with safety and exposure requirements. Cybersecurity is a huge issue, especially for utilities. I see them making an investment in security and taking it seriously. Interoperability is still a challenge. The balance between cloud and edge with more companies demanding real-time results and insights. Establish direct digital touchpoints between manufacturers and customers rather than distributors and channel partners serving as an intermediary. Looking at the lifecycle of products as a service.
- Companies that are building systems to solve real business problems are seeing significant ROI.
- More focus on business value versus technology.
- Uptake in the adoption of IoT. Compute costs are down as smartphones are more prominent and driving economies of scale.
- The story of IoT over the past year has two faces. On one side, there has been an explosion in the numbers and types of new connected devices for seemingly every conceivable use. However, on the flip side, we are just starting to see a heightened awareness of the vulnerabilities that IoT devices possess and the extreme risks that massive armies of compromised devices represent. While this represents opportunities for next-generation security companies that provide the frameworks for agentless endpoint security, there has not yet been the “wake up” call for the general public (nor the industry at large) as to the dangers inherent in the deployment of billions of unsecured, web-connected computing devices.
- Cloud providers are offering IoT solutions.
- Figure out the business model. Focus on the ROI of your investment over three to four years. How do we get compensated for the value we are providing? Are we providing additional value to the customer?
- Voice is becoming more important. Digital transformation with a voice strategy.
- Tech and infrastructure are getting standardized protocols as mobile protocols have matured. There’s greater awareness at the consumer level and at the retail channel. This is a function of voice interfaces from Amazon and Google.
- We use very shallow definitions of “IoT” and “smart.” The products are actually very shallow in terms of the value they provide relative to their potential. Recommendation engines on how to be healthy relative to what you are doing now.
- Complexity and specialization by vertical. 1) Mergers and acquisitions are accelerating (e.g. Jasper/Cisco). 2) Companies are repositioning to support IoT ecosystems. Focusing on software on IoT devices for billing and edge computing. 3) IoT value – adding solutions from public cloud providers with solutions and data management, software leaders now have IoT focused strategies, non-traditional vertical-specific players have entered the markets.
- It’s been more gradual. Two years ago, there was a lot of hype around IoT without knowing what it means. Now it has been clarified and boiled down to any type of connected device – wearables, cars, industrial automation fulfilling a specific problem in a large network.
- There have been three inflection points: 1) MapReduce by Google popularized by Hadoop extracted IoT data in applications and let users do something with it. 2) invention of Spark. MapReduce was an abstraction. Spark made sense to developers. 3) Democratizing data beyond computer scientists. Go from usable by computer scientists to IT people who can power apps with SQL.
Here’s who we spoke to:
- Adam Fingerman, CXO and Co-founder, and Troy Petersen, Marketing Director, ArcTouch
- Andreas Pettersson, CTO and CPO, Arcules
- Sean Grundy, CEO and Founder, Bevi
- Jeff Bonnell, V.P. of Industry Solutions, Coresystems
- Eli Feldman, CTO, Advanced Technology, EPAM
- Brent Pietrzak, V.P. Producer Solutions and Strategy, Flexera
- Scott Allen, CMO, FreeWave
- Mark Herring, CMO, Tim Hall, V.P. of Products, Brian Mullen, V.P. of Business Development, InfluxData
- Dipti Borkar, V.P. of Product Marketing, Kinetica
- Crystal Valentine, V.P. of Technology Strategy, MapR
- Jesse Robbins, CEO, Orion Labs
- Lars Knoll, CTO, Qt
- Olivier Pauzet, V.P. and General Manager IoT Solutions, Sierra Wireless
- Jens-Ole Graulund, CTO, Spiio
- Monte Zweben, CEO, Splice Machine
- Shawn Reynolds, CMO, Telit
- Yu Xu, CEO, TigerGraph
- Ray Wu, Founder and CEO, Wynd
- Alex Kubicek, CEO, Understory
- Jeff Finn, CEO, zvelo
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