In 2016 the IoT experienced incredible growth and, year upon year, the industry is evolving. Ten years ago, we were perplexed by playing movies from something that looked like a CD and now we have fridges with WiFi connectivity! Each year, companies reveal products and services that were once a figment of our imagination, so what is in store for 2017?
Cash Injection for IoT
With experts predicting that the global population will spend around £1 trillion on IOT-related devices by 2019, many companies are starting to consider the IoT as a new market to break into. Projections suggest that the world population in 2020 is going to be around 8 billion and, with an estimated two to three smart devices per citizen, that is an anticipated 21 billion devices in circulation. With growth forecast to skyrocket over the years, the industry is likely to see sizeable investment throughout 2017.
As more and more cash is directed into the tech industry it is likely that devices will become cheaper and more widely available as production becomes more efficient. As the cost for what were once deemed very expensive products goes down, the demand will grow exponentially.
However, as products become affordable, older tech will become obsolete. Once upon a time flip and slide mobile phones dominated the market and, due to advancements, you will rarely see these today. The same is likely to happen to technology that we still deem relatively new.
Focus on Security
Over the past few years, the IoT world has been subject to scrutiny. There have been a number of vulnerabilities in regards to security and, understandably, this has put IOT manufacturers and service providers on edge. No company wants to make front-page news due to data breaches and security failings. Therefore, it is expected that many corporations will focus intently on enhancing protection and security on new products and services.
Concentration on Different Industries
The majority of IoT devices created in recent times have been for the home and, whilst the majority have been incredibly popular, companies have decided that 2017 will see a shift in focus. Understandably, the consumer goods sector will continue to grow, but some corporations are dedicating resources to expanding energy, agriculture, transportation, home monitoring, and healthcare industries.
What Do Industry Leaders Predict?
Top industry and analysts and business leaders are well positioned to comment on the developments for 2017 and the coming years. See what they have to say below:
- “The number of IoT devices online will soon dwarf the number of IT devices. Since both share common networking and security resources, by 2020 IT and IoT will effectively merge.” Michael Tennefoss, VP of Strategic Partnerships.
- “By 2020, two-thirds of companies that have adopted IoT will utilise an IoT platform suite – up from one-third today.” Gartner.
- “IoT is no longer a question. Don’t be left out in the cold, waiting for the Internet of Things to happen – it’s happening now, so become a part of it!” Rainer Kallenbach, CEO of Bosch Software Innovations.
- “In 2017, IoT moves from connecting devices to driving insights from data.” Maribel Lopez, Principal Analyst, Lopes Research.
- “Cars will become intelligent things, communicating with their ecosystems in real time.” Swen Postels, Strategist.
- “Everything we do will change when IoT is fully leveraged – we will drive to the office in a connected car, work in a connected building, etc. For the general end user, the biggest benefit of IOT comes from the improved user experience.” Vinay Anany, VP and GM, ClearPass Security.