The world of IoT is past the hype and into widespread adoption. Companies that got a head start in 2017 will now reap the benefits of a growing market in 2018.
The buildup is over—we are now officially in the age of IoT adoption. BSquare, a research firm, recently conducted the “Industrial Internet of Things Maturity Study” to determine how companies are adopting IIoT systems. Over 300 companies from the three major industry sectors of manufacturing, transportation, and oil & gas took part in the study.
Specifically, 86% of respondents are currently adopting IIoT applications. Most are in construction and transportation (93%), closely followed by oil & gas (89%), and lastly manufacturing (77%). Roughly 84% of them believe the projects are effective, and 95% state that the IIoT projects are having a significant impact on their business. The majority of the projects (78%) focus on connecting devices and machines, either via Ethernet or cloud services, and 83% of the projects involve data visualization.
Companies that have adopted IoT technology as an essential part of their business model are leading the way when it comes to digital transformation initiatives. According to Vodafone’s IoT Barometer 2017/18, 74% of companies agree that digital transformation is impossible without IoT adoption. The businesses that implemented IoT systems in 2017 or earlier have gotten a head start and maintain a clear advantage over their competitors when it comes to developing digital capabilities in 2018.
As many industries head toward IoT adoption and implementation, here are seven predictions to watch for in the IoT world in 2018:
1. The industrial space has passed the IoT hype hurdle and is into mainstream adoption. Companies are now looking for return of investment in all IoT applications.
2. The IoT cloud platform market will surge and the major players will come forward.
3. IoT systems architecture will evolve from data collection and analytics to an intelligent situation-driven solution for end users.
4. The ability of edge devices and fog computing will bring about distributed intelligence.
5. The use of “digital twins” will help companies evolve concepts from digital blueprints to real-world implementation.
6. Despite advances in open standards, integration will remain challenging.
7. Security and privacy will remain key concerns.