IoT is one of the biggest potential new revenue streams but also one of the most challenging technical problems we have today.
the technical challenges
IoT is not only sensors + Big Data analytics + cloud + short-range low-energy networking and Internet. The real problem is that you have to be good at many different technologies that used to be separate and that one mistake can have disastrous effects. You have to be good at miniature sensors that need to be able to run two years on one tiny battery and use software that even the biggest geek hates to work on.
At making sure IPv6 networking is adjusted to this small footprint devices with innovations like CoAP and 6LoWPAN. To learn about the world of micro-controllers open source hardware like Arduino, micro-computing platforms like Raspberry Pi and Edison, ARM Cortex, Intel Quark, etc. You also need to know about new and old low-energy networking technologies like Zigbee, Bluetooth Low-Energy, etc. Afterwards you want your sensors to be connected to a hub because otherwise you would need a SIM or Wifi in each sensor which would drain battery. So you need to make a smart hub that ideally can run apps from different developers and can support lots of new devices.
However you also want devices to support peer-to-peer technologies like Thread or new standards from Intel, Qualcomm or any of the numerous standardisation bodies. You want to use 3D printing to print an attractive casing. You want to use crowd-funding to sell your Smarthub. You want mobile apps to work flawlessly with IoT. You need to know about Powerline, gesture control, in-building location tracking, voice control, etc. if you want to compete with the best smart hubs. You now need to know GPRS, 3G, 4G, White Spaces, Long-Haul Radio, WiFi or fiber broadband to communicate with the rest of the world.
On the cloud side, being it public or a private OpenStack, you need to use the latest DevOps tools, Cloud Orchestration tools and containers like Docker, to deploy scale-out queues, real-time stream processing and other Big Data analytics solutions. You need to be able to train deep belief networks and push models to hubs and sensors. Recognise threatening video images.
You need to be able to do rolling upgrades and continuous deployment of updates, developer apps, etc. Manage operations of millions of devices and billions of sensors. You want a store. A developer eco-system.
Now when you finally mastered all of this. Make one security mistake and a hacker on the other side of the world is able to control your house, business, city or country.
Now the business opportunities are huge as well. Save a couple of percentage on the production costs of a car and you can save hundreds of millions. Track a global epidemic or the vital signs of a billion people and you can save millions of lives. Give millions of developers a new way to channel their creativity and the Angry Bird of IoT will bring new industries. The one that changes the habits of people will be the next billionaire.
Where is the money? Industrial IoT. Where is the innovation? Home automation and wearables. You can’t pick one. You need to connect innovation with money if you want to lead the IoT revolution. If somebody else does it for you, they can make your solution irrelevant.