Internet of Things

Internet Of Things (IoT) Predictions From Forrester, Machina Research, WEF, Gartner, IDC

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Scoring a hat trick of domination at this year’s CES was the buzz world ‘Internet of things’ or ‘IoT’ as it is popularly known. Out of the total 3,800 companies present at the show, 900 showcased Internet of Things products. While some experts think, the trend is all ready to spread in the jungle like wild fire and has the potential to solidify from being just a marketing dream to full on marketing channel. Others, on the other hand, aren’t very impressed with the speed with which the technology is developing and feel the same things are being tried again and again since the coinage of the term.

In order to make our avid readers understand about the present and future of IoT, we at IndianWeb2 have decided to summarise the data and predictions from Forrester, Machina Research, WEF, Gartner, IDC for IoT.

Forrester

Forrester, in a new TechRadar report stated that, according to it, Internet of things technologies are too diverse and immature. The report highlights 19 IoT technologies, most of which are currently in a growth and survival phase. Further, the key to their success is development of standards and robust security.

It further identifies IoT as a business-led trend, which 23% of enterprises are already using and another 29% planning to do the same within 12 months. IoT is being used by these enterprises in order to transform their business models by switching from one-time product transactions to ongoing product-as-a-service relationships, optimize utilisation of financial and physical assets, and in order to create new forms of customer engagement.

Its 2016 predictions for 2016 are as follows:

1) According to them, the year 2016 will see IoT create massive volumes of time-series data and IoT analytics become a specialized category and discipline in itself.

2) About 10 percent of the world’s drivers will start making use of new auto “appcessories”—smartphone-enabled devices for cars.

3) Someone will surely train the Wall Street investors on how to follow their evolution from product to service revenues, just as Adobe and Microsoft did when they decided to make the move from selling perpetual licenses to selling software-as-a-service.

4) Home insurance companies could start broadly promoting smart home discounts.

5) Enterprise customers and consumers can be expected to automatically ask the product sellers about the sensor capabilities in the mobile application for a new machine tool.

Machina Research

The Machina Research forecast for IoT 2016 are as follows:

1) The year will finally see the need for an IoT push from a C-level executive getting fulfilled as at least one of the Fortune 500 company can be expected to appoint a Chief IoT Officer for itself.

2) This could be a great year for Chinese IoT players. They will increase their market share by a significant amount across areas like software platforms, smart cities deployments, semiconductors and especially the integrated solutions.

3) At least one of the current major IoT player is most likely to face significant regulatory issues.

4) The world is likely to feel the first pulse of the new and booming IoT economy and a major shift from selling products to providing services. This would be achieved as at least one of the Fortune 500 company is most likely to fundamentally change the way it values or trades assets based on the data provided to it by IoT.

5) Finally Corrective analytics, which is a security option to apply automated corrective measures based on actual real-time outcomes rather than the prescriptive or predicted actions will see the day of light as an approach which is fail-safe across a range of sectors.

6) There will be a massive increase in the popularity of digital twins and digital avatars. Virtualising the real world will become really popular, and augmented reality can be expected to move out of its niches and see much wider adoption and acceptance in 2016.

World Economic Forum (WEF)

About 800 leaders were surveyed by the WEF on 21 crucial points—moments when some specific technological shifts will hit the society—expected to be enabled by IoT by the year 2025:

1) 92.1 percentage of the 800 people surveyed believed that 10 percent of people can be expected to wear clothes connected to the Net.

2) 89.2 percentage of the people surveyed believed that 1 trillion sensors will be connected to the Internet by 2025.

3) 85.5 percentage believed that 10 percent of reading glasses will be connected to the Net.

4) 69.9 percentage of the surveyed people believed that over 50 percent of internet traffic to homes will be attributed to appliances and devices.

Gartner

The Gartner predictions for IoT are as follows:

1) Spending on IoT will see a 22 percent jump from the year 2015. It can be expected to touch the figure $235 billion this year.

2) A black market selling fake sensor and video data for enabling criminal activity and protecting personal privacy can be expected to be existing in another 4 years. Its worth could be more than $5 billion.

3) As far as hardware spending is concerned, spending on consumer applications will reach a total of $546 billion. Further, the use of connected things in the enterprise will most probably reach $868 billion this year.

4) The year 2016 could see 5.5 million new things getting connected every day.

5) Through the year 2018, 75 percentage of the IoT projects will take up to twice as long as planned.

6) At 6.4 billion, the percentage of connected things in use worldwide will see a 30 percent jump from the year 2015. This figure can be expected to reach 20.8 billion by 2020.

IDC

1) 2016 is the year the IoT developers were waiting for. Some 250,000 unique IoT applications are expected to be developed by the year 2020.

2) The year would see local public safety organizations shelling out some $20.7 billion on IoT-enabled solutions.

3) Worldwide spending on the Internet of things can be expected to grow at a compound annual growth rate (CAGR) of 17% from the $698.6 billion figure in the year 2015 to nearly $1.3 trillion in the next three years.

4) In another two years, there will be a total of 22 billion IoT devices installed, spearheading the development of over 200,000 new IoT applications and services worldwide.

5) The Asia/Pacific region contributed to 40% of the worldwide total IoT spending in the year 2015.

6) By the year 2020, 10 percent of all the attacks will be directed at IoT systems.

7) By 2018, 16% of the total world population will be Millennials and be accelerating its IoT adoption due to the reality of being part of a connected world.

8) 2016 will see the worldwide wearable device market reaching a whopping figure of 111.1 million units shipped. This figure would be a 44.4% up from the 80 million units shipped in the year 2015. By the year 2019, the total shipments can be expected to reach the magic 214.6 million units figure, at a 5 CAGR of 28 percent.

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Kirti Sharma
She is a fun loving girl who's always scouting for innovative startups and fun entrepreneurs to write about. When not writing, you can find her perched in the corner of her room with her laptop running a serial marathon of her favorite sitcoms.

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