Skip to main content

Why Industrial IoT and New Public Services will Blossom

As more sensors become connected to the internet, they're provided a unique digital identity. As the complex relationship between these M2M connected units evolve, space and time should be considered as key factors when analyzing data.

The number of connected Internet of Things (IoT) devices, sensors and actuators will reach over 46 billion in 2021, according to the latest worldwide market study by Juniper Research. This 200 percent increase in growth from 2016 will likely be driven by a reduction in the unit costs of hardware.

Juniper says that costs will average close to the $1 sensor device objective throughout the forecast period.

IoT Applications Market Development

Their latest global study found that industrial and public services will post the highest IoT device growth over the forecast period, averaging over 24 percent annually.

However, the analyst's assessment cautioned that both service providers and end-users will face tremendous challenges when considering IoT deployments at scale.

"The platform landscape is flourishing," said Steffen Sorrell, senior analyst at Juniper Research. "However, analytics and database systems are, for the most part, not architected to handle the Big Data 2.0 era that the IoT brings."


To that end, Juniper identified key areas where disruption is needed -- such as spatiotemporal analytics and intelligent systems able to run on less powerful machines (i.e. network routers).

They've predicted that, without changes in attitude from some telecom service providers, getting an IoT project off the ground would be too difficult for customers that are not tech-savvy or self-sufficient.

Juniper analysts now believe that initiatives such as the Exosite IoT Alliance and Rubicon Labs flexible business models (i.e. pricing according to the value of the data in question) would be fundamental in driving market development.

Additionally, their latest research found that the IoT security threat landscape is widening.

Outlook for IoT Security Solutions

IoT  distributed denial-of-service (DDoS) botnet attacks have become infamous in 2016 -- although in the medium-term, personal data theft, corporate data theft and physical asset damage will become the primary targets for IoT hackers.

Enterprise and industry are investing heavily in security for IoT projects. However, the consumer market landscape is unprepared, with lax attitudes typified by the 'do nothing' Mirai Worm advice given to TalkTalk customers in the UK market.

Moreover, the Juniper study also uncovered that greater government regulatory, corporate and media collaboration would be required, in order to improve the overall IoT threat landscape going forward.

Popular posts from this blog

How a Digital-First CEO Leads Transformation

Some leaders reject the notion that "wait and see" is the best response to disruptive change. Savvy senior executives are already driving digital business transformation throughout their organization in an effort to gain a bold strategic advantage. According to the latest market study by International Data Corp (IDC), Digital-First CEOs plan to drive at least half of their income from digital business products, services, and experiences by 2027 -- that's ahead of the market average of 39 percent. Driven by their response to the COVID-19 pandemic, these business leaders have changed how they think about the relationship between business and technology, and how they approach the next digital transformation era -- from scaling digital technology to guiding a viable digital business. Digital Business Market Development IDC defines digital business as value creation based on technology, which entails: 1) Automated customer-facing processes and internal operations; 2) Provision

Digital Solutions for Industrial & Manufacturing Firms

Executive leaders of fast-moving consumer goods (FMCG) are seeking guidance on how to apply new business technology in their manufacturing operations. CIOs and CTOs are tasked with gaining insight into the best solutions for digital transformation. ABI Research evaluated the impact politics, regulation, the economy, supply chain, ESG, and technology are having on FMCG, pharma, producers of steel, chemicals, pulp and paper -- as well as the mining and oil & gas sectors. Digital Transformation Market Development "Our assessment found that the FMCG sector is under pressure from all sides," says Michael Larner, industrial & manufacturing research director at ABI Research . Securing raw materials is challenging considering lockdowns in China and limited grain supplies from Ukraine. Supply shocks are raising input costs, and operating costs are rising with higher energy costs coupled with the pressure to pay higher wages and work sustainably. "We all hoped that with th

Retail Transformation Gains New Momentum

Forward-thinking retailers now have a bright future. In contrast, those that failed to enhance their business model via digital transformation have struggled, declined, and their assets were eventually liquidated. The key difference between these two business outcomes is applied strategic foresight. Even as the world continues to emerge from a global pandemic, retail is growing at levels not seen in the last two decades. Retail sales grew by 7 percent in 2020 and by over 14 percent in 2021, which is in stark contrast to the 3.7 percent annual growth between 2010 and 2019. The increased demand for retail has put a strain on supply chains and retail operations worldwide. As a result, retailers and stakeholders are turning to automation solutions such as mobile robotics for operational ease. Retail Transformation Market Development According to the latest market study by ABI Research, worldwide commercial robot revenue in retail stores will have a Compounded Annual Growth Rate (CAGR) of o