5 IoT insights preparing you for 2019
December 12, 2018
It is no surprise by now that the IoT is here to stay. The network of connected devices is expanding at an exponential rate, and new advancements are introduced every day. Estimations predict that the number of connected devices installed worldwide will exceed 26.5 billion in 2019.
It is highly evident that we are in the middle of a significant period for the IoT as the world is becoming more and more connected. In the next couple of years, we will experience heightened investments in the IoT - especially in Smart Homes and Smart Cities. Not only will the investments increase, but the adoption of IoT devices among the public will also increase continuously, making the IoT more and more mainstream. With this development, it is crucial to keep up and make sure that you are not outpaced by competitors who are fulfilling the immense business potential offered by the IoT.
To help you get a share of the IoT cake or enlarge your piece, here are 5 insights, which will prepare you for 2019 and help you succeed in the IoT industry for years to come.
1. Add-on IoT services open new revenue streams
Entering the IoT industry opens great business opportunities worldwide. One option is to build a business around the IoT. Another option is to use the IoT to add services to an existing business, opening new revenue streams.
A tendency across the globe right now is that more and more businesses are searching for cross-selling opportunities. For instance, in the energy industry, the introduction of dynamic pricing has resulted in more and more utilities realizing the potential of providing smart home services together with the metering read-out. With the add-on smart home services, the utilities do not only add revenue streams, they also gain a competitive advantage.
2. Focus on the users
The technological advancements that see the day at the moment are extraordinary. As more and more advanced devices become reality and offer endless possibilities, keeping the users in focus is paramount.
For a solution provider to succeed in the IoT industry, the users must adopt the solution. Providing a unified user experience and a compelling solution, which integrates devices needed by the user, is vital. When designing an IoT solution, a customer centric approach will make sure that the users’ needs are at focus, ensuring adoption among the target group.
3. Interoperability is the future
With the rapidly growing number of IoT devices brought to the market, connectivity is established in more and more ways. In this process, new wireless technologies are developing, and existing ones are maturing. Keeping track of the different wireless technology and their benefits might seem difficult.
In relation to this, an important decision is how to ensure that a solution offers a high level of interoperability. Settling on only one wireless technology might reduce the possibility of adjusting the solution according to the demands of the target group. The current tendency in the IoT industry indicates that proprietary solutions will experience great competition from open platforms capable of creating a connection across devices and brands. The decision to use an open platform including multiple wireless technologies will highly affect the future success of IoT solutions.
4. Get your brand on the market – without starting from scratch
While interoperability is key in the IoT world right now, it is also important to get your own brand on the market. In order to have an IoT solution tailored to your needs and with your own brand, your initial instinct might be to make the complete solution from scratch.
The process of building an end-to-end solution often becomes overwhelming and costly for businesses entering the industry. Even though the intention seems reasonable, the question is; why spend a vast amount of resources outside of the core competencies of your business and make mistakes, which others have already mastered? When building a solution from scratch, the process also becomes time-consuming, and as the world of IoT is evolving rapidly and competition increases minute by minute, time is a vital factor.
Instead of starting from scratch with the entire solution, an option is to use white label products. With the ready-to-use products, businesses can provide their customers with a complete IoT solution before their competitors. They will also avoid the common pitfalls related to the development and testing of the devices. Last, but not least, they can add their brand to the devices ensuring that the customers associate the solution with their brand.
5. Combine software and hardware security
The fact that security is crucial for the IoT is not new knowledge. However, with the current growth in the number of connected devices, it is even more important now to stress that keeping user data private by preventing unauthorized intrusion needs to be a key priority of IoT solution providers.
Using only software to enhance security in IoT solutions is not the only option. With chips designed to resist attackers, hardware-based security provides a solid foundation for secure data transfer within IoT solutions. The hardware chips offer features such as physical tamper resistance and strong authentication, protecting the data against intruders.
It is evident that the IoT offers great business opportunities for virtually every market. At Develco Products, we are excited to experience an increasing interest in our IoT platform and wide range of white label products. By keeping the 5 IoT insights in mind, even more businesses will succeed in the IoT industry not only in 2019, but also in many more years to come.
Are you ready to realize your IoT ideas? Here is how you can get started right now.