The Internet of Things is getting ready to transmute the way we live, from entertainment to work and transportation.
This has also given momentum to certain types of IoT products in the market comprising of, smart refrigerators, door lock and thermostats controlled from smartphones. This is just the starting; there are many innovative IoT products and services yet to come in future.
According to some statistics:
- The global Internet of Things market is estimated to be of worth more than one billion US dollars yearly from 2017 onwards.
- It was estimated that nearly 3.5 billion customers connected devices were utilized in 2016.
- In 2016, global IoT security spending reached $348 Million.
- Global consignments of wearable devices were estimated to reach 110 million, by the end of 2016, which was 38.2% more than the previous year.
- Approximately $6 trillion will be expended on IoT solutions in the coming five years.
It does not matter if you thinking to create your own startup, anticipating adding IoT apps to your company or thinking about the investment possibilities, it is important for you to look at some of these trends in IoT.
1. The Advent of IoT Market Places
This year, the marketplaces are building momentum towards increased adoption. The IoT marketplaces serve as doorways that propose organizations the choice to interact and connect with an extensive range of vendors without the need of creating and changing existing platforms.
This can probably be proved groundbreaking for B2B companies seeking to automate and modernize their processes and industrial tools but are trapped with legacy devices. They can serve data hubs, industrial drivers, data visualization, data mapping and security monitoring without investing big amounts.
2. IoT Companies are in Desperate Need of Places to Display their Products
Catalogues, marketplaces, and app stores are the present favorites and should fill up with more devices as company’s access ramp production.
3. More Security Startups
The security concern is counted as one of the main hindrances in IoT adoption. These look like the year of security because of more connected devices. This is a perfect chance for security start-ups, in order to make sure that IoT ecosystems are secured.
The security of the devices and their data and network will be of supreme importance for organizations within the industry, as the number of connected devices increases.
4. Alliance is Taking Place
There are many mergers taking place in IoT market, nowadays. Recently, Nokia acquired ‘Withings’, a wearable company. Under Armour has also bought many companies and it is continuing to buy companies right and left. Arynga was acquired by Wind River. AppCarousal was purchased by Appdirect. These acquisitions are expected to continue in the remainder of 2017.
5. Converting Everything as a Service
Physical things require some space where they can be kept. Experts in this particular field believe that devices development and creation will eventually come to an end; services will be given priority. Companies are trying their best to transform every piece of hardware like wearables and cars into a service.
6. The Sale is not the End
Every single classification of the IoT is assertive to acquire devices on top of the market. On the other hand, manufacturers are concentrating on the services that support those devices to boost their companies. To achieve this objective, they are creating services and ecosystems provision platforms in order to get additional advantages out of the devices afar the sale.
7. There is Behemoths that Triumph over Each Feature of the IoT
Several businesses concentrate in one subcategory of the IoT, such as connected cars or smart homes. On the other hand, particular Titans (such as Bosch, Intel, Honeywell, GE, and Samsung) have the manpower, resources, and bequests to get their hooks into nearly all aspects of the IoT.
8. Government Grants and Money are Flowing Towards Smart Cities and Smart Transportation
This is the most crucial issue yet to be addressed. However, they provide supreme advantages to the public. Several governments are taking this action in order to safeguard the future of technology organizations inside the IoT.
9. Increased Vertical Application
Home appliances and thermostats seem to be doing a good job like IoT Apps. This is because the target customers’ recognize the value these products add. They can actually see the places where it is best suited in their lives. Hence, the inclination gives the impression to be going in the direction of addition niche industries like climate control, smart cars and home security.
Investigate on the techniques your industry can get involved in IoT and check if there is a marketable quality to an IoT product or not. If you are concerned about IoT or presently creating an Internet of things solution, emphasis must be on what industries are probably undertaking a more speedy adoption.
10. Companies Require Developers for IoT Platforms
Majority of the people who are presenting at the conferences poured light to open their Application Programming Interfaces (APIs) to try to trap the developers.
11. Big Data Goes the Way of IoT
IoT analytics is one of the biggest verticals getting all the attention this year. Big data combined with cloud platforms is now on people’s minds, these days. IoT devices serve as storage facilities that actually keep a significant amount of data.
This data, in turn, can be nourished into IoT analytics set of rules to convey in-depth analysis into businesses’ prospective customers. By doing this, detailed patterns have a chance of emerging. This is another technique via which small businesses can gain advantage from analytics that has served large companies, previously.
12. Amalgamation of Machine Learning
Machine learning progresses itself, however, IoT can quickly fast-track its ability to associate different devices to digest and share huge amounts of data at once. By linking different devices, the perceptive IoT ability can investigate more profound and come back more context and patterns for input than ever before.
The link to artificial intelligence simply takes to the advance or next level, tied to the above towards improved analytics.
Conclusion
From connected cars and connected homes to smart transportation and smart building, each phase of our lives will be affected by the increasing ability of businesses, governments, and consumers to link to and control all the things around them.
With so wide range of startups and companies working on different IoT apps, 2017 will probably point in adoption of this technology. This is because; more businesses and consumers look at the advantages of interacting with various tasks and phases of their lives.
Ray Parker is an entrepreneur and internet marketer with over 9 years of experience in Search Engine Optimization, Creative Writer and Digital Marketing. He has worked with several clients from all over the globe to offer his services in various domains with a proven track record of success.
