The Internet Of Things (IOT) Will Be Massive In 2018: Here Are The 4 Predictions From IBM
No result found, try new keyword!With the number of connected devices set to top 11 billion – and that’s not including computers and phones – in 2018, Internet of Things will clearly continue to be a hot topic. I had the chance to speak to Bret Greenstein, VP of IBM’s Watson IoT ...
5 predictions for the Internet of Things in 2018 and beyond
The Internet of Things (IoT) has started to move to the mainstream in enterprises across all industries. With IoT spending set to increase by 15 percent to reach $772.5 billion by the end of 2018, the coming year will undoubtedly bring further growth in the number of connected devices and enterprise IoT projects. More importantly, I believe that in 2018 enterprise IoT projects will finally move beyond merely automating existing business processes, to truly transforming industries by creating entirely new revenue streams and business models. This will be due in part to the concurrent rise of synergistic technologies such as artificial intelligence (AI) and fog computing, as well as an industry-wide move toward greater interoperability, standards and collaboration. Here are my top five predictions for enterprise IoT in 2018, which will drive these transformational changes: IoT will converge with AI, fog computing and blockchain. IoT by itself is not truly transformational. It needs to be combined with key technologies such as AI, fog computing and blockchain to make the business impacts it has long-promised. In 2018 we will see such convergence begin to take place. Using these technologies together, companies will obtain greater value from their IoT investments and overcome the barriers that previously hindered adoption, including security, bandwidth and data analytics challenges. For example, AI and machine learning (ML), will enable deeper analysis of real-time IoT data streams to drive more powerful decision making. Fog computing will make such systems scalable by extending cloud capabilities to the edge of the network. By processing and analyzing data flows close to the data sources, fog computing will help address latency, bandwidth and reliability, and cost issues. And blockchain will provide secure, audit-level tracking of IoT data transactions, eliminating the need for a central, trusted intermediary between communicating devices. IoT security will become the No. 1 priority in the enterprise. IoT is not only connecting many previously unconnected “things” in enterprises, it is also causing IT and operational technology (OT) systems to merge. As a result, cybercriminals are increasingly focusing their efforts on sabotaging or commandeering devices and OT systems that control critical equipment and infrastructure. Cyberattacks on industrial control systems increased 110 percent in 2016 and are sure to further increase as more systems become connected to the IoT. Fortunately, 2018 will be the year when businesses and technology providers intensify their focus on IoT security. Organizations will also invest more in their workforces (in the form of education, training, certifications, etc.) to make them more capable of addressing IoT security concerns. Additionally, businesses will increasingly take a unified, policy-based architectural approach to IoT security by involving security and cyber teams from the start of an IoT deployment to implement a comprehensive strategy across the enterprise. More organizations will take a co-everything approach to solution development Throughout the coming year, IoT will continue to drive the “co-economy,” or what I like to call the “co-everything” model, with companies large and small co-innovating and co-developing IoT solutions. A new ecosystem of partners is emerging with a combination of horizontal, vertical and regional specialists combining their expertise and resources for large-scale IoT projects. The resulting solutions built on best-in-class technologies and based on open architectures and standards, will be repeatable, future-proofed and cost effective. As more organizations realize the importance of forming these types of partner ecosystems, we will see a shift away from single vendor solutions, which will accelerate IoT innovations. In addition, the new co-everything model also means that the customer becomes a co-innovator. Across industries, customers no longer want to be passive recipients of products, occasionally consulted by a product manager. Rather, they want to be actively involved in the creation process, contributing their own expertise and requirements. In 2018, the customer will move to the very center of the IoT development efforts, delivering solutions that are better aligned with business and technology needs. There will be an industry-wide, accelerated move to open standards, open architectures and interoperability and regulation Across markets, technology and solution providers will increasingly reach across the traditional market structures and collaborate on open standards and interoperability. We will see further convergence and consolidation of consortia and standard bodies fueling the co-everything ecosystem mentioned previously. Additionally, we’ll see more aggressive government guidelines and regulations around not only IoT security, privacy, and interoperability, but also autonomous vehicles, drones and even AI-based systems, all related to IoT. Governments as regulators, agenda setters and customers have already played a pivotal role in driving IoT adoption from smart grids to food safety tracking. In 2018, as in the past, governments and their agencies will need to work closely with the industry for the new laws and actions to be effective. IoT will drive new value propositions and new business models Until now, enterprise IoT projects have primarily focused on automating existing business processes and achieving incremental improvements to efficiency. However, in 2018, as the IoT converges with other synergistic technologies, we will witness its ability to transform industries by driving new value propositions and enabling new business models. For example, by combining the IoT with AI and real-time data analytics, manufacturers can predict equipment problems before they occur and conduct preventative maintenance, eliminating costly down-time on the production line. These IoT-powered capabilities can even be turned into profitable new revenue streams, with businesses able to provide their customers new service-oriented offerings such as equipment health monitoring. In another example, the combination of IoT data with 3D printing is enabling mass customization, with manufacturers able to profitably run “batches of one” and personalize products to their customers’ specific needs and desires. The IoT is reaching a tipping point where businesses will begin to experience its full potential, moving from incremental to monumental improvements. From the convergence of IoT with AI, fog computing and other new technologies, to stronger IoT security and improved interoperability, the future of IoT and its ability to drive business transformation looks brighter than ever in 2018 and beyond. This article is published as part of the IDG Contributor Network. Want to Join? Join the Network World communities on Facebook and LinkedIn to comment on topics that are top of mind.
These Jaw-Dropping Facts Will Change Your Mind About the Internet of Things
It's easy to be skeptical about new technology trends. There's always something new that tech companies are peddling, and their devices sometimes fall short of expectations. But when it comes to the Internet of Things (IoT) -- where formerly unconnected things are connected to the internet to track and analyze data -- there are plenty of reasons why investors should fight the urge to be skeptical. The IoT is already prevalent, and it's transforming how many business keep track of their equipment, it's creating new products for major tech companies, and it's transforming how we interact with our homes. If you're still skeptical that the IoT is worth investing in, take a look at some the facts below. Image source: Getty Images. 1. You've already seen IoT devices in action. If you've ever seen a smartwatch like the Apple (NASDAQ:AAPL) Watch or seen a commercial for Alphabet's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Home smart speaker, then you've seen the Internet of Things. These are just two examples of consumer products that were formerly unconnected devices and are now firmly part of the connected IoT. 2. The industrial sector will benefit the most from the Internet of Things. While consumer IoT devices grab all of the headlines, the industrial sector is expected to be a big part of the IoT as well, with a market size of $195 billion by 2022. Many companies are already building equipment for the Industrial Internet of Things (IIOT), and there will be 100 billion industrial IoT devices by 2021, according to research by PWC. 3. The IoT will generate massive revenues. Global spending on the Internet of Things will reach $1.29 trillion in 2020, according to IDC research. 4. It's going to save lives. Driverless cars, which are part of the broader Internet of Things market, will reduce accidents and make driving (or riding) much safer. When these vehicles become prevalent in the coming decades they'll likely save thousands of lives each year. 5. The planes you fly on are more efficient because of the IoT. General Electric (NYSE:GE) uses sensors to report how its airplane engines are performing and then sends data to its analytics software to figure out how the engines can be optimized for better efficiency, and to find small problems before they become big ones. 6. Entire wireless networks are being set up specifically for the Internet of Things. Most IoT devices only require a small amount of data to be sent through the Internet, and some telecom companies, including Verizon Communications, have already set up networks specifically for handling IoT data. 7. Farmers may know more about the IoT than you. Deere & Company (NYSE:DE) already equips some of its tractors with sensors, Wi-Fi, and cellular connections to keep track of where seeds have been planted, the pressure at which they were put in the ground, and how far the seeds are spaced apart. Some tractors can even follow a pre-planned planting route all on their own. 8. It's breathing new life into old tech stalwarts. Intel (NASDAQ:INTC) bought a key player in the Advanced Driver Assistance Systems (ADAS) market back in 2016, called Mobileye. ADAS helps form some of the necessary technologies (like automatic breaking) for semi-autonomous driving systems, and it means that Intel could become a key player in this growing IoT market. It was revealed last year that Intel is also a key chip supplier for Alphabet's self-driving vehicle company, Waymo, all of which means Intel is betting the IoT could spur on new chips sales. 9. The IoT will improve our healthcare. A company called Propeller Health has an inhaler for chronic obstructive pulmonary disease that's equipped with sensors and wireless connectivity to send data to a smartphone about when it was used and what the weather conditions were, and keeps track of how often the medication was needed to help people understand what might be triggering their attacks. The IoT healthcare market is expected to grow from $41 billion in 2017 to $158 billion by 2022, according to MarketsandMarkets. Investors looking for Internet of Things stocks may want to get started here and remember that the IoT is spread across so many industries that you virtually have your pick of sectors to invest in. Just keep in mind that, as with any investment, you should be looking for companies that are well positioned to benefit from the Internet of Things over the long term. And remember to be patient as these companies build out their IoT products and services. There aren't many IoT pure-plays out there, which means that any company investing in the IoT now will take some time to earn significant revenues from the market. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Apple, and Verizon Communications. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Intel. The Motley Fool has a disclosure policy.
No result found, try new keyword!With the number of connected devices set to top 11 billion – and that’s not including computers and phones – in 2018, Internet of Things will clearly continue to be a hot topic. I had the chance to speak to Bret Greenstein, VP of IBM’s Watson IoT ...
5 predictions for the Internet of Things in 2018 and beyond
The Internet of Things (IoT) has started to move to the mainstream in enterprises across all industries. With IoT spending set to increase by 15 percent to reach $772.5 billion by the end of 2018, the coming year will undoubtedly bring further growth in the number of connected devices and enterprise IoT projects. More importantly, I believe that in 2018 enterprise IoT projects will finally move beyond merely automating existing business processes, to truly transforming industries by creating entirely new revenue streams and business models. This will be due in part to the concurrent rise of synergistic technologies such as artificial intelligence (AI) and fog computing, as well as an industry-wide move toward greater interoperability, standards and collaboration. Here are my top five predictions for enterprise IoT in 2018, which will drive these transformational changes: IoT will converge with AI, fog computing and blockchain. IoT by itself is not truly transformational. It needs to be combined with key technologies such as AI, fog computing and blockchain to make the business impacts it has long-promised. In 2018 we will see such convergence begin to take place. Using these technologies together, companies will obtain greater value from their IoT investments and overcome the barriers that previously hindered adoption, including security, bandwidth and data analytics challenges. For example, AI and machine learning (ML), will enable deeper analysis of real-time IoT data streams to drive more powerful decision making. Fog computing will make such systems scalable by extending cloud capabilities to the edge of the network. By processing and analyzing data flows close to the data sources, fog computing will help address latency, bandwidth and reliability, and cost issues. And blockchain will provide secure, audit-level tracking of IoT data transactions, eliminating the need for a central, trusted intermediary between communicating devices. IoT security will become the No. 1 priority in the enterprise. IoT is not only connecting many previously unconnected “things” in enterprises, it is also causing IT and operational technology (OT) systems to merge. As a result, cybercriminals are increasingly focusing their efforts on sabotaging or commandeering devices and OT systems that control critical equipment and infrastructure. Cyberattacks on industrial control systems increased 110 percent in 2016 and are sure to further increase as more systems become connected to the IoT. Fortunately, 2018 will be the year when businesses and technology providers intensify their focus on IoT security. Organizations will also invest more in their workforces (in the form of education, training, certifications, etc.) to make them more capable of addressing IoT security concerns. Additionally, businesses will increasingly take a unified, policy-based architectural approach to IoT security by involving security and cyber teams from the start of an IoT deployment to implement a comprehensive strategy across the enterprise. More organizations will take a co-everything approach to solution development Throughout the coming year, IoT will continue to drive the “co-economy,” or what I like to call the “co-everything” model, with companies large and small co-innovating and co-developing IoT solutions. A new ecosystem of partners is emerging with a combination of horizontal, vertical and regional specialists combining their expertise and resources for large-scale IoT projects. The resulting solutions built on best-in-class technologies and based on open architectures and standards, will be repeatable, future-proofed and cost effective. As more organizations realize the importance of forming these types of partner ecosystems, we will see a shift away from single vendor solutions, which will accelerate IoT innovations. In addition, the new co-everything model also means that the customer becomes a co-innovator. Across industries, customers no longer want to be passive recipients of products, occasionally consulted by a product manager. Rather, they want to be actively involved in the creation process, contributing their own expertise and requirements. In 2018, the customer will move to the very center of the IoT development efforts, delivering solutions that are better aligned with business and technology needs. There will be an industry-wide, accelerated move to open standards, open architectures and interoperability and regulation Across markets, technology and solution providers will increasingly reach across the traditional market structures and collaborate on open standards and interoperability. We will see further convergence and consolidation of consortia and standard bodies fueling the co-everything ecosystem mentioned previously. Additionally, we’ll see more aggressive government guidelines and regulations around not only IoT security, privacy, and interoperability, but also autonomous vehicles, drones and even AI-based systems, all related to IoT. Governments as regulators, agenda setters and customers have already played a pivotal role in driving IoT adoption from smart grids to food safety tracking. In 2018, as in the past, governments and their agencies will need to work closely with the industry for the new laws and actions to be effective. IoT will drive new value propositions and new business models Until now, enterprise IoT projects have primarily focused on automating existing business processes and achieving incremental improvements to efficiency. However, in 2018, as the IoT converges with other synergistic technologies, we will witness its ability to transform industries by driving new value propositions and enabling new business models. For example, by combining the IoT with AI and real-time data analytics, manufacturers can predict equipment problems before they occur and conduct preventative maintenance, eliminating costly down-time on the production line. These IoT-powered capabilities can even be turned into profitable new revenue streams, with businesses able to provide their customers new service-oriented offerings such as equipment health monitoring. In another example, the combination of IoT data with 3D printing is enabling mass customization, with manufacturers able to profitably run “batches of one” and personalize products to their customers’ specific needs and desires. The IoT is reaching a tipping point where businesses will begin to experience its full potential, moving from incremental to monumental improvements. From the convergence of IoT with AI, fog computing and other new technologies, to stronger IoT security and improved interoperability, the future of IoT and its ability to drive business transformation looks brighter than ever in 2018 and beyond. This article is published as part of the IDG Contributor Network. Want to Join? Join the Network World communities on Facebook and LinkedIn to comment on topics that are top of mind.
These Jaw-Dropping Facts Will Change Your Mind About the Internet of Things
It's easy to be skeptical about new technology trends. There's always something new that tech companies are peddling, and their devices sometimes fall short of expectations. But when it comes to the Internet of Things (IoT) -- where formerly unconnected things are connected to the internet to track and analyze data -- there are plenty of reasons why investors should fight the urge to be skeptical. The IoT is already prevalent, and it's transforming how many business keep track of their equipment, it's creating new products for major tech companies, and it's transforming how we interact with our homes. If you're still skeptical that the IoT is worth investing in, take a look at some the facts below. Image source: Getty Images. 1. You've already seen IoT devices in action. If you've ever seen a smartwatch like the Apple (NASDAQ:AAPL) Watch or seen a commercial for Alphabet's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Home smart speaker, then you've seen the Internet of Things. These are just two examples of consumer products that were formerly unconnected devices and are now firmly part of the connected IoT. 2. The industrial sector will benefit the most from the Internet of Things. While consumer IoT devices grab all of the headlines, the industrial sector is expected to be a big part of the IoT as well, with a market size of $195 billion by 2022. Many companies are already building equipment for the Industrial Internet of Things (IIOT), and there will be 100 billion industrial IoT devices by 2021, according to research by PWC. 3. The IoT will generate massive revenues. Global spending on the Internet of Things will reach $1.29 trillion in 2020, according to IDC research. 4. It's going to save lives. Driverless cars, which are part of the broader Internet of Things market, will reduce accidents and make driving (or riding) much safer. When these vehicles become prevalent in the coming decades they'll likely save thousands of lives each year. 5. The planes you fly on are more efficient because of the IoT. General Electric (NYSE:GE) uses sensors to report how its airplane engines are performing and then sends data to its analytics software to figure out how the engines can be optimized for better efficiency, and to find small problems before they become big ones. 6. Entire wireless networks are being set up specifically for the Internet of Things. Most IoT devices only require a small amount of data to be sent through the Internet, and some telecom companies, including Verizon Communications, have already set up networks specifically for handling IoT data. 7. Farmers may know more about the IoT than you. Deere & Company (NYSE:DE) already equips some of its tractors with sensors, Wi-Fi, and cellular connections to keep track of where seeds have been planted, the pressure at which they were put in the ground, and how far the seeds are spaced apart. Some tractors can even follow a pre-planned planting route all on their own. 8. It's breathing new life into old tech stalwarts. Intel (NASDAQ:INTC) bought a key player in the Advanced Driver Assistance Systems (ADAS) market back in 2016, called Mobileye. ADAS helps form some of the necessary technologies (like automatic breaking) for semi-autonomous driving systems, and it means that Intel could become a key player in this growing IoT market. It was revealed last year that Intel is also a key chip supplier for Alphabet's self-driving vehicle company, Waymo, all of which means Intel is betting the IoT could spur on new chips sales. 9. The IoT will improve our healthcare. A company called Propeller Health has an inhaler for chronic obstructive pulmonary disease that's equipped with sensors and wireless connectivity to send data to a smartphone about when it was used and what the weather conditions were, and keeps track of how often the medication was needed to help people understand what might be triggering their attacks. The IoT healthcare market is expected to grow from $41 billion in 2017 to $158 billion by 2022, according to MarketsandMarkets. Investors looking for Internet of Things stocks may want to get started here and remember that the IoT is spread across so many industries that you virtually have your pick of sectors to invest in. Just keep in mind that, as with any investment, you should be looking for companies that are well positioned to benefit from the Internet of Things over the long term. And remember to be patient as these companies build out their IoT products and services. There aren't many IoT pure-plays out there, which means that any company investing in the IoT now will take some time to earn significant revenues from the market. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Apple, and Verizon Communications. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Intel. The Motley Fool has a disclosure policy.
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