The Internet of Things (IoT) will continue to grow and expand in 2017 and beyond.
According to IDC’s 2016 Global IoT Decision Maker Survey, 31.4% of organizations have already launched IoT solutions, and another 43% are looking to adopt IoT solutions within 12 months. In addition, 55% of respondents reported IoT as a key factor in being able to compete effectively.
With more IoT devices and solutions being introduced into the market every year, exponential change across industries, countries and consumer segments will continue. Keeping this holistic view in mind, we’ve chosen five key trends in IoT to highlight based on their impact across the board in 2017:
1. AI & Machine Learning Capabilities
From self-driving cars to chatbots, there has been much talk about the endless applications of AI and machine learning capabilities. While there’s still a long road ahead before successful deployment of many of these technologies, 2017 will move us closer to an AI-driven reality.
According to Deloitte Global, over 300 million smartphones will have machine learning capabilities in 2017. Features like Siri will become further learning-enabled. Adding capacity for devices to self-learn and be more context-aware indicates a significant shift in how we’ll interact with these devices.
And, while fully autonomous cars won’t hit the market in a big way until a few years into the future, automobile manufacturers like Toyota have already started to include automatic emergency braking features in cars. Deloitte Global predicts that by 2022, a sixth of US cars will be equipped with automatic emergency braking, reducing annual motor vehicle deaths by 6,000. While fully automated cars may still be a way’s off, standardizing AI-enabled safety features will take us one step closer to secure roads.
By 2022, a sixth of US cars will be equipped with automatic emergency braking, reducing annual motor vehicle deaths by 6,000. – Deloitte Global
2. Security & Privacy for IoT Networks
2017 will see an increased awareness around establishing security policy for IoT enabled devices and industries. With the DDoS (Distributed Denial of Service) attacks last October that took down digital giants like Twitter and Netflix, the security threat posed by IoT enabled devices is massive.
Deloitte Global predicts that in the current operating environment, we will see 10 million cyber attacks in 2017, as well as a similar large security breach. With more connected devices than ever before, increasing network speeds, and the instructions to create attack bots readily available to hackers over the internet, it has never been easier for cyber criminals to leverage the digital landscape for attacks.
Deloitte Global Predicts that we will see an increased number of cyber attacks in 2017, estimated at over 10 million.
3. Industrial IoT Ecosystem
IoT has become an invaluable part of the operating strategy for enterprises and cities relying on robust, mission critical systems. According to research conducted by Frost & Sullivan on mega trends, we’ll likely see more companies set up shop to provide industrial IoT solutions, creating further refined customer and service segments in 2017.
For example, in the past companies have employed methods of ‘predictive maintenance’ involving multiple checks and balances between people and process to ensure large scale machines and systems are kept in top performing order. Advances in IoT continue to create safer and more efficient ways of solving these large-scale maintenance issues, offering a prime opportunity in market growth for those providing manufacturing or industrial solutions.
31.4% of organizations have already launched IoT solutions, and another 43% are looking to adopt IoT solutions within 12 months. – IDC 2016 Global Decision Maker Survey
4. Further Adoption of IoT Consumer Solutions
With the market for wearables well established, additional IoT-enabled consumer services will gain further traction in 2017. Solutions satisfying a real need or problem rather than just being a cool or novelty product, will be the ones to stick around.
According to Deloitte’s mobile consumer survey, IoT-enabled smart home solutions have garnered more interest among consumers, with purchase interest rates rising 12 percent since last year. Deloitte’s survey also cites that consumer willingness to pay has risen for smart home monitoring tools. With the launch of Apple’s Homekit and Google’s Nest, users can monitor lights, security and room temperature among other home elements. As we see more devices added to the market, we’ll see further movement towards having well integrated tools, and greater consumer adoption as a result.
Consumer willingness to pay has risen for smart home monitoring tools. – Deloitte Mobile Consumer Survey
5. Market Disruption of the Age of Digital Transformation
Across the board, IoT continues to disrupt and transform the operating landscape. According to Forbes, IoT is the #1 technology trend that will dominate markets in 2017. The proliferation of IoT in our economy marks the breakdown of traditional process and silos across many industries. With IoT enabling innovative, peer to peer services and platforms such as Uber, business and consumers are set to collaborate more, as well as see more custom, on-demand solutions.
IoT is the #1 technology trend that will dominate markets in 2017. – Forbes
The Bottom Line?
Business models and consumer expectations will continue to be transformed by IoT in 2017 and beyond. This year, we’ll see further convergence of IoT into more aspects of our day to day lives, along with many enterprises adopting IoT solutions who strive to lead with competitive advantage.
Looking to improve your competitive advantage and accelerate the digital transformation of your business?
Wavefront’s 2017 IoT Summit is the leading Canadian forum for enterprise Internet of Things (IoT) stakeholders to come together, explore the latest trends, share best practices and create connections. Register today and take advantage of our Early Bird ticket pricing (only until January 31, 2017).