Commercialisation of narrowband IoT technology is widening growth opportunities, finds Frost & Sullivan’s Digital Transformation team...
Growth in the Internet of Things (IoT) market, as evinced by increasing launches, investments and partnerships, will accelerate in 2017 with the commercialisation of narrowband IoT (NB-IoT).
This cellular communications technology uses licensed spectrum and offers a standardised low-power, wide-area network (LPWAN) that can capture previously untapped segments of the market. Further, machine learning and block chain technologies are being integrated with different industries, such as financial services and energy.
In Europe, IoT connections are set to exceed 9 billion by 2021.
“IoT applications integrate the consumer into the wider connected system to reflect a truly intelligent society,” said Digital Transformation Research Analyst Yiru Zhong.
“Significant funding in the last 18 months suggests that the IoT market is poised for another shift. The next evolution will be from using data to react to events, to using sentient tools and cognition or ‘predictive computing. IoT 2.0 will thus eventually enable self-healing events in a connected system.”
European Internet of Things Market Outlook, 2017, new research from Frost & Sullivan’s Connected Industries Growth Partnership Service, summarises the IoT landscape in 2016 in terms of adoption, applications and key market players, and forecasts development areas. The study examines enterprise attitudes to IoT adoption and offers eight market predictions for IoT in 2017 and beyond.
IoT 2.0 will thus eventually enable self-healing events in a connected system.”
Five emerging growth areas for IoT identified by the research are:
“Q3 2016 witnessed a surge of large industry participants coming together to establish partnerships for promotion of the IoT ecosystem,” noted Zhong.
With it's impact on the field service industry rapidly shifting from huge potential to huge reality such conversations around IoT 2.0 and it's alliance to sentient tools is a vital focus for the evolution of our industry.