Internet of Things
The Internet of things, though not a new concept, is gathering steam. A new study examines how executives perceive key growth opportunities in the IoT space.
33% of IT industry execs expect their companies to make money from IoT within the next two years, and an additional 8% have already done so.
Of those expecting to make money from IoT within the next two years, 34% anticipate they’ll generate revenues in this market through deployments and integrations, and 33% say infrastructure-related work, such as that focused on networks and the cloud, will drive business. About one-third will look to either sell or resell IoT products.
44% say device companies will make significant money in the IoT market, and 35% say app developers will. Just under one-third say data analytics/big data companies stand to gain sales from IoT.
53% say there will be considerable market value in IoT for companies that can control and monitor newly connected pieces of equipment.
46% say there will be notable market value in IoT for businesses that collect new streams of data.
46% say companies that can augment the intelligence of previously “dumb” objects/systems will emerge in demand due to interest in IoT.
42% say businesses that create new revenue opportunities from connected systems—such as smart cities or connected vehicles—will benefit significantly from IoT advancements.
52% are following news stories to learn more about IoT market opportunities and 35% are reading research and/or market reports.
22% say they had discussions with customers to find out more about IoT opportunities, and 22% say they held internal strategic discussions about this.
With high potential for vulnerabilities within IoT products, it’s possible that security flaws could be classified as defects, potentially making connected cars, appliances, etc., subject to recalls.
Most tech users aren’t fully aware of the extent of personal data collected, bought and sold thanks to IoT. When they find out, there could be considerable backlash from the public—and regulators.
It’s a safe guess to say that IoT’s growth will strain existing spectrum allocations, as billions of new wireless IP devices are connected.