The Future of IoT
The Future of IoT
Among the predictions: Edge computing will handle more data to provide more real-time, actionable insights. Blockchain will end up with IoT, but it isn't there yet.
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Digi-Key Electronics’ Internet of Things (IoT) Resource Center Inspires the Future: Read More
To gather insights on the evolution of IoT to this point in 2017, we spoke to 19 executives who are familiar with the current state of the Internet of Things.
We asked them, "Where are the biggest opportunities in the continued evolution of IoT?" Here's what they told us:
- Edge. AWS Green Grass shows the importance of this part of the equation. We’re talking to Akamai and IBM to help them extend their infrastructures. More actionable insights and more computations on the edge. Must understand distributed data at scale.
- More data, more real-time actionable insights, moving away from the rear-view mirror. Understand where the problems are to be solved and how IoT data can solve them.
- We’ll stop saying IoT because everything will be connected, monitoring, and automatically updated. It will be pervasive.
- The continued evolution of intelligent computing. A group of doctors looked at all the data available to diagnose a patient’s condition and they came up with one diagnosis. The same information was fed into Watson – it came up with 12 diagnoses. One of the 12 Watson diagnoses was correct, the doctors’ one diagnosis was not. Use data to improve people’s lives. The is the information revolution – reduce defects in quality of products, improve customer experience and use while learning what’s driving the customer and what you need to be developing next.
- Do better without scaring people – help, don’t step on toes.
- Building the next generation of smarter edge event-driven microservices tied into blockchain and machine learning.
- Blockchain and IoT will end up together but blockchain doesn’t scale to the needs of IoT now. There’s a bifurcation with:
- Industrial IoT and companies like GE finding new ways to invent and innovate.
- Enterprise service industries providing preventive/predictive maintenance as a service or asset tracking.
- Consumer – B2C developing a voice layer and AR providing a heads up display wherever the data is available.
- The power of IoT is applied to more technology use cases – keep it grounded and real. Now it’s a data first world long-term as we collect the data and determine what it can tell us about interoperability, cross correlation benefits. The web of devices is correlating – triangulating disparate data to obtain unforeseen insights.
- Growth as people go from the first phase to getting insights that drive business value. Successful companies test value propositions and business offerings. Analytics driving insights from data. You cannot underestimate the impact data from IoT will have in every industry. There are a lot of opportunities around security. Without adequate security, IoT’s growth will slow.
- Balancing security with the user experience. Protecting all of the data that’s being ingested, manipulated, and analyzed.
- Connected cars where important parts of the intelligent stream are driving transformational business processes.
- New revenue streams for companies selling products and providing value added services on a recurring basis.
- Automation of hardware and software manufacturing. Amazon delivery via drones. The money spent building integration between services on the cloud and big data. More products and services are coming up that will need more integration solutions. Service brokers integrating different tools and devices.
- The ecosystem will open the floodgate to developers – the democratization of IoT.
- The primary industry drivers are cable TV providers and ISPs. They already are in the business of providing services for a monthly fee and already have the premises equipment that makes the addition of new services smoother and more efficient. However, there are other players looking to move into this space, including utility and home security companies who also have ongoing customer relationships. And then of course, there are new entrants like insurance companies and large retailers who see this new market as a greenfield opportunity.
- It’s growing quickly. IoT projected to have 8.4 billion connected devices by the end of 2017 and 24 billion by the end of 2020. A lot of growth potential with expanded internet connectivity and cheaper sensors. Companies will invest and grow their IoT initiatives as they see the ROI. By putting the customer at the center of the use case they will have greater success and ROI.
- Energy – improving dispatch services, fraud detection, and usage-based pricing. Transportation – driving better fuel economy, driver safety, and compliance. Insurance – usage based pricing, and determining driver risks. Manufacturing – perhaps the biggest opportunity, as any finished good generates data, and with that comes a wealth of value.
Where are the greatest opportunities for IoT from your perspective?
And in case you're wondering, here’s who we talked to:
- Scott Hanson, Founder, and CTO, Ambiq Micro
- Adam Wray, CEO and Peter Coppola, SVP, Product Marketing, Basho
- Farnaz Erfan, Senior Director, Product Marketing, Birst
- Shahin Pirooz, CTO, Data Endure
- Anders Wallgren, CTO, Electric Cloud
- Eric Free, SVP Strategic Growth, Flexera
- Brad Bush, Partner, Fortium Partners
- Marisa Sires Wang, Vice President of Product, Gigya
- Tony Paine, Kepware Platform President at PTC, Kepware
- Eric Mizell, Vice President Global Engineering, Kinetica
- Crystal Valentine, PhD, V.P. Technology Strategy and Jack Norris, S.V.P., Database Strategy and Applications, MapR
- Pratibha Salwan, S.V.P. Digital Services Americas, NIIT Technologies
- Guy Yehaiv, CEO, Profitect
- Cees Links, general manager Wireless Connectivity, Qorvo
- Paul Turner, CMO, Scality
- Harsh Upreti, Product Marketing Manager, API, SmartBear
- Rajeev Kozhikkuttuthodi, Vice President of Product Management, TIBCO
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