Reality starts to bite! The costs of maintaining networks of connected devices are significant. To be viable the marginal revenues of connecting devices must exceed the marginal costs.
This restricts IoT to suitable use cases which this report highlights.
The going could be tough for new players entering the space though, as the report found that 40 percent of IoT customers prefer to get their IoT services and applications through traditional and well-established companies. The top three things they look for in an IoT vendor are functionality, reliability and integration. End-to-end solutions are key and security vital- the potential weak spot of connected devices.
“There is no such thing as ‘the’ Internet of Things; today’s market is heavily driven by specific use case scenarios,” said the report. “With this in mind, we identified a wide range of use cases for IoT. From this long list, we pinpointed ten IoT use cases that are poised to mature rapidly and experience widespread adoption (in a B2B context) through 2020.” According to the report, the 10 IoT use cases that show the most promise are: Predictive maintenance Remote patient monitoring Inventory management Smart meters Self-optimizing production Fleet management Connected cars Track and trace Distributed generation and storage Demand response