Internet of Things
Pinpointing Promising Opportunities in IoT
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.
Earnings Forecast
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.
Niche Pursuits
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.
Key Players
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.
Value Statements: Watchful Eye
53% say there will be considerable market value in IoT for companies that can control and monitor newly connected pieces of equipment.
Value Statements: Data Deposit
46% say there will be notable market value in IoT for businesses that collect new streams of data.
Value Statements: Learning Process
46% say companies that can augment the intelligence of previously “dumb” objects/systems will emerge in demand due to interest in IoT.
Value Statements: Trailblazers
42% say businesses that create new revenue opportunities from connected systems—such as smart cities or connected vehicles—will benefit significantly from IoT advancements.
Studying IoT Market Opportunities
52% are following news stories to learn more about IoT market opportunities and 35% are reading research and/or market reports.
Discussing IoT Internally and With Customers
22% say they had discussions with customers to find out more about IoT opportunities, and 22% say they held internal strategic discussions about this.
IoT Obstacles: Security
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.
IoT Obstacles: Data Privacy
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.
IoT Obstacles: Spectrum
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.