Connected technology is the lifeblood of the Internet of Things (IoT), or so say the new predictions from market data company Forrester Research.
The company has put together a list of IoT predictions for 2018, highlighting the increasing impact that connected technology is having upon businesses. The new findings come in a report titled “Predictions 2018: IoT Moves From Experimentation To Business Scale.”
According to a recent McKinsey report, the economic benefits of the IoT are expected to reach between $3.9 trillion and $11.1 trillion within the next decade. The effects of the IoT will be across all industries, and industry leaders will need to understand where their resources can be properly allocated in order to gain the benefits of this transformative tech.
IoT platforms to get more specific
Forrester predicts that IoT platform offerings will start to specialize in “design” and “operate” scenarios.
“Design” use, Smart2Zero interprets, refers to case scenarios that involve creating connected offerings or with environments to engage with customers. In contrast, “operate” use cases are set to enhance processes, creating new efficiencies or enhancing customer experiences.
In line with a growing number of commentators, the Forrester report indicates that there will be a shift away from platforms that are general, like the Microsoft Azure IoT Suite or the General Electric Predix, and towards smaller companies offering specialized IoT services.
The kinds of specific offerings that enterprises could pilot and roll out include voice-based services to consumers and Infrastructure as a Service (IaaS) services.
B2B opportunities and cybersecurity risks
“IoT is re-shaping how businesses are organized, including the roles and responsibilities of individuals — and how they work together” said Christopher Voce, Vice President, Research Director at Forrester. “Capturing the promise of any of these scenarios requires organizations to collaborate in new ways.”
Forrester’s research predicts there will also be more exchanges of data and insights between firms. This will lead to more B2B opportunities for companies commercializing data analysis.
Of course, as Forrester’s report points out, this new connected technology comes with well-documented risks. Implementing IoT solutions in businesses currently comes with a large amount of security risk. This could lead to an increase of IoT-related cyberattacks next year and beyond.
According to a study by consulting firm Altman Vilandrie & Company, 48 percent of participating companies have suffered at least one IoT security incident. And almost half of the businesses featured in the study with annual revenues over $2 billion estimated the potential cost of an IoT breach at more than $20 million.
