IIoT revenue to cross $1 trillion by 2027, projects Navigant Research

A new Navigant Research report has projected that the combined cumulative revenue for Industrial Internet of Things (IIoT) devices, software and services throughout the world will cross the $ 1 trillion mark by 2027.

The trend will be driven by an increasing number of enterprises as they start realising the benefits of IIoT leading to lower costs and increased equipment maintenance, the research firm added.

The report, titled “Industrial Internet of Things”, analysed the overall emerging IIoT market and highlighted the key market drivers and technologies as well as the regulatory frameworks. According to the report, in the beginning IIoT solutions can appear to be a little complex to administrators who are not aware about hardware, software, and service choices.

Neil Strother, principal research analyst with Navigant Research, said: “We are starting to see more and more companies across the spectrum adopt IIoT strategies, deploying hardware and software platforms to help lower operational spend, and to serve as a competitive differentiator that can help them sell products and services at lower costs.”

Elsewhere, a Technavio report on smart farming practices using IoT held that the future of agriculture is being shaped by IoT resulting in increased crop yields, real-time plant and filed monitoring and enhanced supply chain management.

According to the report, the global IoT market in smart farming will grow at a CAGR of almost 11% from 2017-2021. The report has highlighted three drivers that are responsible for the growth of the IoT market in smart farming worldwide viz a decline in the rates of sensors; boost in IoT solutions for remote monitoring; and lack of arable land and a swell in population.

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One in four consumers expects driverless cars to be dominant form of transport by 2027

A quarter of UK respondents believe driverless cars will be the main form of transport in 10 years’ time, according to a new study from Gemalto.

The report, conducted by YouGov and featuring more than 2,000 respondents, aimed to assess the expectations of consumers from connected cars. When asked about their top three priorities while taking a connected car on lease, 34% of the consumers that they said would look for cost efficiency, 31% would seek ease in manoeuvring the vehicle and 28% would want a secure Wi-Fi access.

Many advanced features such as automotive grade secure wireless module can be installed in the cars, allowing communication with traffic management and road infrastructure systems. These systems provide consumers with information on live traffic updates, road tolls, road safety or emergencies and also suggestion on parking places. Apart from these features, 59% were interested in getting real-time traffic updates.

Other important features respondents are looking for includes theft protection (58%), receiving parking space information (54%), access to accurate maps (49%), biometric authentication to unlock their car (33%) and personalisation and enhancements in car features through software updates (25%).

In spite of these benefits, 64% of consumers are wary of their safety in driverless cars. 34% of consumers are apprehensive of their cars getting hacked, losing control and causing accidents. Moreover, for 9% of consumers, data privacy is of major concern. They want their car manufacturers to handle their data collected via connected cars to be secured.

Car manufacturers, in order to gain consumers’ trust must embrace a multi-layer security-by-design approach, Gemalto added. PKI infrastructure, key management services and identity issuance should be utilised to secure the car, its firmware and software applications, while high-speed data encryption technology needs to be used at all times to put to rest data privacy concerns.

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What Will The Internet Of Things Look Like In 2027? 7 Predictions

Recently I was asked: Where do you see the Internet of Things in 10 years?

It is an interesting question to ponder. To frame it properly, it helps to think back to what the world was like 10 years ago and how far we have come since then.
iPhone launch 2007

Ten years ago, in 2007 Apple launched the iPhone. This was the first real smartphone, and it changed completely how we interact with information.

And if you think back to that first iPhone—with its 2.5G connectivity, lack of front-facing camera, and 3.5-inch diagonal 163ppi screen—and compare it to today’s iPhones, that is the level of change we are talking about in 10 years.

In 2027 the term Internet of Things will be redundant. Just as we no longer say Internet-connected smartphone or interactive website because the connectedness and interactivity are now a given, in 10 years all the things will be connected and the term Internet of Things will be superfluous.

While the term may become meaningless, however, that is only because the technologies will be pervasive—and that will change everything.

With significant progress in low-cost connectivity, sensors, cloud-based services, and analytics, in 10 years we will see the following trends and developments:

  • Connected agriculture will move to vertical and in-vitro food production. This will enable higher yields from crops, lower inputs required to produce them, including a significantly reduced land footprint, and the return of unused farmland to increase biodiversity and carbon sequestration in forests
  • Connected transportation will enable tremendous efficiencies and safety improvements as we transition to predictive maintenance of transportation fleets, vehicles become autonomous and vehicle-to-vehicle communication protocols become the norm, and insurance premiums start to favor autonomous driving modes (Tesla cars have 40% fewer crashes when in autopilot mode, according to the NHTSA)
  • Connected healthcare will move from reactive to predictive, with sensors alerting patients and providers of irregularities before significant incidents occur, and the ability to schedule and 3D-print “spare parts”
  • Connected manufacturing will transition to manufacturing as a service, with distributed manufacturing (3D printing) enabling mass customization, with batch sizes of one very much the norm
  • Connected energy, with the sources of demand able to “listen” to supply signals from generators, will move to a system in which demand more closely matches supply (with cheaper storage, low carbon generation, and end-to-end connectivity). This will stabilise the the grid and eliminate the fluctuations introduced by increasing the percentage of variable generators (such as solar and wind) in the system, thereby reducing electricity generation’s carbon footprint
  • Human-computer interfaces will migrate from today’s text- and touch-based systems toward augmented and mixed reality (AR and MR) systems, with voice- and gesture-enabled UIs
  • Finally, we will see the rise of vast business networks. These networks will act like automated B2B marketplaces, facilitating information-sharing among partners, empowering workers with greater contextual knowledge, and augmenting business processes with enhanced information

IoT advancements will also improve and enhance many other areas of our lives and businesses—logistics with complete tracking and traceability all the way through the supply chain is another example of many.

We are only starting our IoT journey. The dramatic advances we’ve seen since the introduction of the smartphone—such as Apple’s open-sourced ResearchKit being used to monitor the health of pregnant women—foretell innovations and advancements that we can only start to imagine. The increasing pace of innovation, falling component prices, and powerful networking capabilities reinforce this bright future, even if we no longer use the term Internet of Things.

For a shorter-term view of the IoT, see 20 Technology Predictions To Keep Your Eye On In 2017.

Photo: Garry Knight on Flickr

Originally posted on my TomRaftery.com blog


Internet of Things – Digitalist Magazine