13 January 2015
The Internet of Things has captured the imagination of those who wonder how the internet will evolve, and has lit up the eyes of entrepreneurs with dollar signs in the hope that it will be a big money-earner for them. Here, Macario Namie, of Jasper, one of the companies which specialises in IoT, makes five predictions about the intriguing new direction the internet is going.
1) IoT Security Will Receive More Scrutiny
The market’s excitement about the possibilities enabled by the Internet of Things (IoT) is already being tempered by security concerns. As we introduce millions of IP-enabled objects to the network, inevitably a proportional number of vulnerabilities are exposed. 2015 will be the year where the focus on securing the IoT receives more scrutiny, resulting in an exploration of which connectivity options and technologies the IoT should standardize on to ensure the protection of data.
2) IoT Will Redefine the Consumer’s Checklist for Buying a Car
The number of connected cars being produced is on the rise – with 90% of all cars expected to have connectivity by 2020, according to Machina Research. Today’s connected cars are already introducing car buyers to a whole new set of features including streaming infotainment (like Spotify and Pandora), 4G mobile hotspots that enable passengers to connect to WiFi, safety & security services, usage-based insurance and much more. 2015 will be the year where these connected features become a standard part of the car buying checklist, significantly changing how consumer evaluate new vehicles.
3) Every Business, In Every Vertical, Will Become an IoT Business
Some of IoT’s consumer applications – like the Smart Home – tend to get most of the IoT spotlight. But the influence of IoT is already being felt in many more industries, and we’ll see a much bigger impact in 2015. In fact, enterprises of all types are embracing IoT so quickly that IDC predicts that within five years, every single vertical industry will have some form of IoT initiative. Why? It’s simple – IoT enables enterprises to deliver new, value-added services, creating new revenue streams while enhancing their relationships with the customer. Everything from agriculture, to manufacturing, to connected cars and more – every industry will realize the benefits of IoT platforms for enabling them to deliver new services to their users.
4) IoT Growth Will Outpace the Growth Rate of the Internet Itself
Both IDC and Gartner’s numbers show that the growth of IoT and IoT components are accelerating at staggering rates. So much so, that we believe 2015 will be the year where the growth of the IoT outpaces the growth of the Internet itself. And in fact, the separate growth of each – IoT and Internet access – will create a virtuous cycle for both. As the demand for IoT services grows, so too will demand for greater Internet access. And as greater Internet access grows, so too does the possibility for IoT.
5) IoT Will Change the Way You Do Business – Not the Business You’re In
Much of the reluctance from companies who have not embraced the IoT stems from the belief that becoming an IoT business requires a massive shift in their focus. IoT will not change the business you’re in – but it will change the way you do business. For example, for companies that previously focused only on selling products, IoT will enable them to provide those products with connectivity, opening up opportunities to deliver ongoing services to their customers, and opening up new revenue channels.