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The Internet of Things: Leveraging IoT Data to Drive Innovation and Business Value

The Internet Of Things: Leveraging Iot Data To Drive Innovation And Business Value

IoT predictions for 2018

The Internet of Things (IoT) is creating a connected network of people, businesses, and devices. Embedded sensors in objects connect to the internet and generate information, all the while collecting and exchanging data. These connected devices include basically every “thing” that people use to connect to the internet. By 2020, Cisco estimates that there will be 3.4 connected devices per person.

IoT is in connected cars, wearable devices, smart home technology, healthcare diagnostic tools, manufacturing equipment, smart city technology, and any other object embedded with sensor technology.

IoT significantly impacts business operations and processes, and the large volumes of IoT-generated data can help businesses learn where to innovate. When IoT is combined with other technologies and processes, like data intelligence, analytics, machine learning, and artificial intelligence, it can help businesses better utilize real-time information, create insights that can be applied towards the development of intelligent business strategies, and respond to customer needs, services, and product issues more swiftly.

Gartner predicts that the number of connected devices will grow to 20.4 billion by 2020, up from approximately 8.4 billion connected things in use in 2017. This indicates a continued need to utilize IoT platforms, which allow businesses to effectively leverage collected data and tie it to their business processes by connecting sensor data to data centers using backend applications. IoT platforms are generally available from the big names in IT services, including Microsoft Azure, IBM Watson, Cisco IoT Cloud Connect, and Oracle Integrated Cloud.

Software outsourcing is providing organizations with the opportunity to outsource IoT software development and testing to a third-party company that already has the expertise, systems, software, hardware, and resources needed to support IoT growth possibilities in 2018.

The Internet of Things: Leveraging IoT Data to Drive Innovation and Business Value photo 1

The Internet of Things: Leveraging IoT Data to Drive Innovation and Business Value photo 1

IoT security challenges

The vast network of IoT poses some security complications and challenges for businesses:

          • Many IoT devices don’t feature basic security requirements.
          • IoT devices can be vulnerable to hacking, and the steady increase in connected devices means more entry points for hackers.
          • At the manufacturing level, securing network connections and devices is vital.

Forrester Research states that there should be an emphasis on IoT network security, IoT authentication, IoT encryption, IoT security analytics, and IoT API security to protect against potential privacy breaches.

2018 IoT forecasts

In 2018, the continuing growth of connected devices is going to spurn corresponding growth in IoT related technologies:

  • Edge analytics: The substantial growth of connected devices means that organizations need the capabilities to overcome challenges stemming from overtaxed central systems, sluggish network availability, and massive quantities of streaming data. Edge analytics applications enable companies to perform real-time analytics wherever data is generated, increasing their responsiveness.
  • Video analytics: The rapid growth of video data from IoT-connected devices, such as security cameras, smartphones, and tablets, is causing a corresponding rise in video analytics. Digital technologies, such as AI and deep learning, are giving businesses the ability to analyze large volumes of streaming video data in real-time. This will fuel faster communication across business systems for rapid decision making and predictive capabilities.
  • Quantum IoT: It reduces computing time, enabling faster problem solving capabilities than has been previously utilized in IT and offers more computing power and lower energy consumption, which enhances the value of IoT. Quantum IoT also enables businesses to transform streaming data from Edge sensor sources, such as manufacturing equipment and production lines, into insights. Security is strengthened due to supercomputing capabilities, which makes encryption impossible to break.

Nearshore IoT solutions

The Latin American IoT market is forecasted to grow to upwards of $438 million by 2021, which means that nearshoring will continue to serve as a viable, conveniently located source for IoT related software as a service (SaaS) outsourcing solutions for numerous organizations.

For dependable nearshore services, businesses are looking to the software development expertise at Perficient Latin America. Agile software engineering deployments, enhanced by advanced technologies, including machine learning, big data, and DevOps, allow Perficient Latin America to extend high quality solutions to augment IoT business strategies across industries and sectors.

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