SME Tech

The Changing Face of IoT in the Coming Year

The IoT business processes we know today mostly occur either in on-premises data centre or on cloud. Further developments in this process will give rise to businesses that deploy processes that require a local data analysis connected to devices that enable this process.

We are in the last month of 2017 business year. This year has seen a lot of innovations, transformations and developments in the business world. Internet-of-Things ranked as one of the highest influencers in businesses and have contributed effectively to re-shape the world as we know it. It has touched every aspect of our world and plans on going even further. Internet-of-Things is here to stay and keep evolving the world around us. As we wrap this business year let’s take a look at the possibilities that will open up for IoT in the coming year based on the developments that it has seen till date.

Voice-Based Services for Consumers:

Looking at how voice based services influenced businesses this year it is likely that it will grow in the year 2018. The already available services will double in the coming year. The financial or other industrial services that require authentication for tasks will be seen to lag behind in this context.

Commercialising IoT Data:

Countries who understands the benefit of IoT has already started to commercialise IoT data. However not every country has adopted this process giving rise to an extreme polarity when it comes to assessing the percentage of commercialised IoT data globally. The enterprises that are lagging behind would naturally want to keep pace with the others. This in turn might lead to the European Commission to issue guidelines that would make people want to use advanced technology. This step will work to spark the IoT economy.

   Exploring IoT Opportunity:

The intelligent agents like Amazon’s Alexa or for that matter Google Assistant has already set a benchmark of a business world driven by advanced technology. This is just the basis of what’s to come. In 2018, more and more businesses will explore ways of interacting with customers. The trend of giving out more intimate brand experience will be on the rise. It is possible that businesses will use mobile moment strategy and start to include new interfaces with the help of smart home speakers etc.

A Rise in Deployment of Edge Solutions:

The IoT business processes we know today mostly occur either in on-premises data centre or on cloud. Further developments in this process will give rise to businesses that deploy processes that require a local data analysis connected to devices that enable this process. The advantage of this technology or the edge IoT devices as they are known is that they can

  • Act locally on data that it generates
  • Resort to Cloud for essential features like Security, Configuration, Scalability, deployment and management

Exiting IaaS Business:

Ever since the emergence of IoT it has caught up with businesses globally very fast. The year 2017 has seen that many companies mostly the giant corporations have started to focus on making their IoT specific capabilities available to consumers through cloud providers. These hyper scale providers tends to break through geographical boundaries and acquire evidence for strict regulatory environments. This will help them strengthen their own IoT capabilities. This trend will only be on the rise in the future.

IoT in Design and Operation:

There are product designers who build IoT into products and experiences. One can see an increasing need among these designers to develop capabilities for remote product management and control. These designers or any IoT business operator feels a need to develop an orchestration software that would help them to integrate their diverse IoT business assets into one cohesive whole. This would then help them to focus on doing business smoothly rather than manually while managing every minute IoT part. Given this situation it is possible that IoT platform built to cater to certain professional needs will emerge in the future. 

Precipitation of IoT Platform:

One of the major drawback of IoT is the high data ingestion cost and network latency. An increasing number of enterprises are therefore pushing the processing of data to the edge of the network. Given this trend, IoT platform will need to evolve and go beyond having services only at the core of a network. This need to support both edge and core networks with programming and an analytical model will give rise to an increased expense. This expense in turn will make IoTs reduce their ambition.

Popularity of Device Integration via Public Cloud:

With the evolution of the usage of IoT developers would demand for –

  1. Low Adoption Costs
  2. Quick Deployment for Prototyping
  3. Global Reach
  4. Easy Integration for Record and Engagement Systems
  5. Low Maintenance

These new needs will result in an increased adoption of IoT platforms from public cloud providers.

IoT and Cyberattacks:

The security system of IoT is still developing. It leaves a lot of data exposed for cyber-attacks. The pace of security measures is still lower than that of the adoption of the IoT platform by consumers. This will result in serious cyber-attacks in the future unless of course security measures are deployed at place.

A Rise in Block-chain based IoT Adoption:

This year has seen promising projects that revolve around a development in the Blockchain Technology. A maturation of these two technologies namely Blockchain and IoT if it happens this year will see the business world adopt Blockchain Technology completely in the future.

This had been an interesting business year. The technological developments that made itself manifest has already laid the foundation of more interesting business years to come. The world of business has changed in the last few years.  The coming year will only boost the changes in an already changing business world. Keep yourself up to date and in sync with the possible ventures that might touch your company. IoT and Blockchain technology has revolutionised the way the business world works. It is important for people in business to be aware of the minutest development in these technologies. The year 2018 will see even more developments in the way we understand business technology. It is best to keep your business ready.

About the author

SPI Group

An integrated platform created to serve entrepreneurs and service providers. SPI engages with over 100,000 Entrepreneurs & Senior decision makers through a unique combination of cutting edge business magazines, high profile B2B summits and conferences, strategic alliances with Govt, business associations and government bodies. SPI also leverages the power of digital marketing and social media.

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