Top IoT Trends to Watch in 2020
As the internet of things (IoT) permeates homes, cities and office buildings as well as industries like retail and health care, It’s clear that connected devices are changing how people interact with virtually everything around them.
Technologies such as 5G – the next generation of cellular connectivity – and edge computing – an architecture bringing compute closer to the users and devices that need it – have enhanced the capabilities of IoT devices. They have made it possible for wearables devices to convey health data in milliseconds, a fingerprint scan to admit you to a building or a voice command to schedule a meeting. 5G and edge computing technologies have furthered the potential of IoT devices, boosting data transport speed and reducing data latency.
As a result, IoT market growth is predicted to continue to grow apace in 2020 and beyond. International Data Corporation (IDC) estimates that there will be 41.6 billion connected IoT devices, or “things,” generating 79.4 zettabytes of data in 2025.
Despite this growth, and the clear opportunities of IoT in various sectors, successful adoption of IoT technologies faces challenges. In 2017, Microsoft data indicated that 30% of companies’ IoT projects failed at the proof-of-concept phase, and only 26% of projects were deemed successful. That may be because roughly one-half of respondents to a Capgemini study had not identified a clear business case for IoT, and three in five said they struggle to realize value from their initiatives because they lack the analytics capabilities.
As partners consider the growth opportunity in selling IoT services, it’s important to consider how these still-nascent technologies can best succeed. According to recent McKinsey data, many companies report a 10-15% cost savings from IoT projects. While substantial, there is still a distance to go to get ROI from these projects.
We spoke with Jessica Groopman, industry analyst and founding partner at Kaleido Insights, and Bill Pugh, co-founder, managing partner, Smart Connections Consulting, about the top IoT trends for 2020.
Click through the slideshow above to learn more about the top IoT trends in 2020 that you should be watching.