How is the IoT industry likely to shape up in 2017?


It is still early days for IoT or the internet of things! In a poll conducted by Accenture, across a 100 countries in 2014, at least 87 per cent of respondents had not heard of IoT in their lifetime. In 2016, nearly 19 per cent of global businesses were unaware of this technology and only 18 per cent had any knowledge of this, according to the Internet of Things Institute. The IoT is gradually gaining traction in the industrial arena, however it makes best sense to understand what it is before we analyse the trends for the upcoming year.

The Internet of Things (IoT) is actually a comprehensive system of computing devices, objects, animals, people and mechanical or digital machines that have unique identifiers and can transmit data through a network without the need of human-to-human or human-to-computer interaction. A thing in the IoT, can actually be a person that has a heart implant or a farm animal that has a biochip transponder! These objects are then assigned an IP address and are able to transmit data over a network. The IoT has evolved from being a confluence of wireless technologies, micro-electrical systems, microservices and the Internet. This convergence helped in bringing down the isolated technologies thereby allowing unstructured machine-generated data to be analysed for improvements.

To begin with, IoT’s impact will be gradually felt in the marketing world. With the IoT presenting a single view of data, it becomes a lot easier when you are a B2B or a B2C company. There will be a convergence of the digital and physical worlds in multiple channels that helps create opportunities to measure and manage customer behaviour beyond the traditional purchasing cycles. With the help of sensors and digital capabilities, you can aim to drive a competitive client experience.

There is already a considerable difference in customer-oriented Internet of Things and the rest of IoT, which spans transportation and agriculture and other industries. The industrial applications of IoT are in many ways much developed than consumer-facing applications. This is expected to change in 2017. Next year, at least, industrial machines will be connected and there will be a steady transition toward low power, long range wireless protocol.

There is also a huge difference between the Internet and the IoT. Many fail to see that. There are more Internet based companies around the world than IoT companies that nurture talent. Organizations that launch digitisation projects in IoT and other industrial initiatives face a challenge in recruiting young blood unlike the usual tech and Internet companies.

The IoT market is already flooded with products that rarely stand out as such. Most IoT products need to be tied to the backend and should not be used as a standalone device. Although the technology is developing fast, most start-ups are poised to make a profitable and impactful journey than the big companies. Start ups are leveraging the agility and freshness in IoT products to carve a far bigger share of the market in 2017.

With a glut of competing standards in the IoT industry, it makes interoperability a big challenge. 2017 will be a year where control over standards across domains will be an issue with larger companies exerting more control over consumers.

December 1 , 2016

Digital Aptech

This entry was posted in Mobile Apps

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