When I hear “Internet of Things,” (IoT) I usually think about teapots talking to refrigerators, and I wonder to myself, “What’s the point of that?” But actually, IoT can be quite useful in personal life and at work. A recent Deloitte study found that in 2015, 1 billion wireless devices will be shipped, a 60 percent year-over-year increase. Meanwhile, the installed base devices is forecasted to reach 2.8 billion this year.
IoT hardware itself may likely be worth $10 billion, while the associated services enabled by these devices may be worth up to $70 billion this year, Deloitte added. What are these services, you ask? Well, some examples include connecting a digital or smartphone device to a device that has not traditionally been wireless-compatible, such as a thermostat. That way, we can all turn the central air on without getting off the couch, and make ourselves even fatter. Just sayin.’
Actually, I’m being facetious. The truth is, it’s likely that IoT technology will change everyday products and services for the better. Here are six IoT predictions for 2015:
1. Data is sovereign in the digital age:
Everyone and their dog is talking about data these days, partly because it’s driving innovation into nearly every facet of life and business. Whether it’s customer data or end-user information, IoT benefits from data because it optimizes the connectivity between two devices. For instance, going back to the thermostat example, if you like your home’s temperature to be set at 65 degrees during the day when you’re not there, you can wirelessly connect and change the temperature on demand. IoT infrastructure can gather this information and use it to make smarter and predictive decisions based on your habits.
2. Millennials are into IoT technology:
Younger people are often the first adopters of new technology, so it shouldn’t come as much of a surprise that they’re going to embrace new IoT innovation as it becomes readily available. A recent IDC study found by 2018, 16 percent of the population will be millennials who will be accelerating IoT adoption because they want to live in a connected world. New technology and Gen Y are a perfect match for each other, and it’s likely young adults lead the charge in embracing new IoT technology as it continues to mature this year.
3. Health care will lead IoT development:
With insurance companies looking to get patients out of hospitals more quickly and back to work, (and off of insurance) the healthcare industry will likely invest in IoT infrastructure this year. Connected IoT services allow healthcare providers to offer a reliable, secure, and flexible home monitoring system that can dramatically extend the hospital’s care and oversight during the recovery period.
4. Business will lean on IoT:
Not only will health care integrate IoT technology this year, enterprises will also begin to dip their toes into the IoT pool as well. According to Deloitte, 60 percent of all wireless devices will be paid for and used by enterprises this year. Another 90 percent of the services revenue will be enterprise-driven as well. As companies begin to see the advantage IoT technology brings to their operation, they will continue to ramp up investments in and leverage wireless devices. It’s likely that wearables and smartphones will offer more robust connections to anything with sensors or controllers.
5. Wearables will grow in popularity:
Since enterprises are helping drive IoT growth, and wearables may be a part of that maturation,t these gadgets will likely grow in use this year. Citing an industry study, InformationWeek reported that 68 percent of respondents said wearables are a priority for their companies this year. Another 51 percent called it a moderate, high or critical priority. While it may take some time for the everyday consumer to find value in wearables, corporate environments may find them more useful due to growing investment in IoT infrastructure and the need to move quickly with fluid market demands. For example, businesses across industries can provide real-time, customized onboarding and job training to workers equipped with wearable devices like displays or smart badges. In retail, watches or badges could potentially turn each employee into a mobile sales terminal and improve in-store collaboration, a recent PricewaterhouseCoopers study said.
6. The Apple Watch will be a smashing success:
Do we need to remind anyone that the Apple Watch goes on sale in April? Part fashion statement, part wearable smartphone, and 100 percent a Thing in the IoT, this will surely cause a frenzy of buying when it comes out — I know I will be lining up to pay $349 (and up) for my chance to wear an Apple logo on my wrist.
Clearly I’m not quitting my day job to become a technology psychic. That’s the first occupation on my wish list, but since I’m not getting there anytime soon, you’re going to have to settle with these far-from-Earth-shattering predictions that even my four-legged Spot could spot. But if you have any other IoT predictions to add, please do so in the comments below.