Here's another news roundup about what’s happening in IoT. This week, we saw some new numbers around the size and impact of IoT, as well as new investments and new partnerships. I think we can all agree that the IoT is massive and will have an equally monumental impact on almost everything we do at work and at home, and it will be interesting to watch it unfold this year across the globe.
South Korea’s IoT Market
A new report from ZDNet says that South Korea’s IT ministry, called the Ministry of Science, ICT and Future Planning, announced that the local IoT market grew 28% last year into a $4 billion market. A total of 1,212 companies were engaged in IoT businesses in 2015, with a little over half numbering less than 50 employees.
Wearable IoT World Raises $4.5 million
Speaking of investments, tech accelerator Wearable IoT World secured a $4.5 million funding round and launched the U.S.-Pan Asia IoT Superhighway, a new IoT and emerging tech accelerator in Hong Kong, says VentureBeat.
Investment in IoT will continue to make news, but the IoT is also changing the venture capital model by turning it upside-down, says this AutomationWorld piece.
Gartner: IoT in 2020
Research firm Gartner has released a new report called "Predicts 2016: Unexpected Implications Arising From the Internet of Things” that says, among other findings, that more than half of major new business processes and systems will incorporate some element of the IoT by 2020.
"The IoT is relevant in virtually every industry, although not in every application. There will be no purely 'IoT applications.' Rather, there will be many applications that leverage the IoT in some small or large aspect of their work. As a result, business analysts and developers of information-centric processes need to have the expertise and the tools to implement IoT aspects that play a role in their systems,” says Gartner VP and analyst W. Roy Schulte in the firm’s press release.
The report makes several additional predictions for the IoT, including that 75% of IoT projects will take up to twice as long as planned.
$1-per-Thing IoT Security
An article on InformationWeek’s Dark Reading site surmises that it will cost $1 per device to protect and secure each connected thing in the IoT. That is an expensive proposition considering that Gartner says 6.4 billion connected things will be in use worldwide this year. See more IoT by the Numbers in our recent post.
Connected Field Service With PTC and ServiceMax
This week, PTC and ServiceMax announced a new partnership and an offering based on using the ThingWorx IoT platform for connected field service.
"Our mission at ServiceMax has been to empower every field service technician in the world to deliver flawless field service and to enable every organization to unleash the untapped growth potential of service. As the Internet of Things becomes a reality, partnering with PTC will enable us to provide our customers with a blueprint as to how this new world of predictive and proactive service will enable them to deepen customer engagement and tap into new revenue streams,” said Dave Yarnold, CEO, ServiceMax, at the time of the announcement.