Solutions Related to Technologies in the IoT Field

Solutions Related to Technologies in the IoT Field

In our last blog-post we’ve discussed about the Challenges Related to Technologies in the IoT Field. As the challenges of IoT are numerous, their solutions should and must be developed and support to provide better services that are trusted by all parties such as users, companies, and so on. Some of the solutions include standard encryption technologies that comply with IoT. Since the devices are mobile, the encryption technologies that are going to be used must be faster and less energy consuming because energy consumption is another problem of IoT devices. Using authentication and authorization structures for controlling access level to view the data is also another solution that should be considered while designing IoT applications.

 

Some of the solutions put regarding the problems discussed, in our previous post, include:

 

Having Uniform Shared Standards/Structures:

 

The lack of uniform standards for the Internet of Things is a huge problem that IOT organizations are facing. Having uniform standards is helpful in a way that having a standard protocols or structures makes vendors to follow this structure and will not create a problem when there is a need to integrate the different parts developed by different organizations. For example, if hardware and sensor device designers, network service providers and application developers all follow some standard for IoT, it will greatly reduce the problem that will arise due to integration problem and compatibility issues.

 

Address privacy and security risks throughout the IoT device life cycle:

 
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Addressing IoT privacy and security challenges from start to end-of-life, including every change in maintenance ownership, can help prevent general vulnerabilities. Organizations must have a set of security guidelines, standards and best practices that all or their solutions must comply with. Strong privacy policy towards IoT on how to collect and use individual data in a transparent way to the user increases the trust of the user for the service, make him/her aware how it is used and how to control it. This means that the user should be made the center to decide on what personal information goes where and how it is used.

 

Using Anonymization: 

 

IoT devices are capable of capturing physiological measures, location and activity information, therefore sharing sensed data can lead to privacy implications. Data anonymization provides solution to this problem. Anonymization is a method of modifying personal data so that nothing is known about the individual. It does not only include de- identification by removing certain attributes but has to also be linkable because a large volume of data is being produced each time a device is connected. Methods such as K- anonymity can be used. K-anonymity is a key concept that is introduced by Latanya Sweeney, to address the risk of re-identification of anonymized data through linkage to other datasets.

 

Robust storage systems:

 

For many IoT applications, it has become critical for data to be screened and analyzed where it is generated. I.e. from sensors in a car, surveillance cameras, drones, personal devices, robots, gateways, etc. As the data produced from IoT devices is large volume data, it is needed to have fast and powerful storage mechanisms which can handle very large data even more than it is needed currently. The ability to deliver real-time analytics at the network’s edge can improve operational efficiencies, provide safer driving, create more secure environments, foresee upcoming maintenance, identify customer buying behaviors, and enable a world of opportunities.

Internet of Objects Will Reach €250 Billion in 2020

BCG expects that by 2020, € 250 billion will be devoted to IoT technologies, products and services. Among the studies examining the adoption of new technologies and investments in the IoT sector, the recent market analysis of the Boston Consulting Group offers a whole new vision.

The total number of IOT connections is expected to grow from 6 billion in 2015 to 27 billion in 2025, an annual growth rate of 16%, according to Machina Research’s annual report.

The B2B market for the Internet of Things (IoT) is increasing day by day. Software-Hardware vendors, Service providers are all in competition to get the biggest market share. And to get the biggest piece of cake, every IOT provider’s concern is to know where are the growth opportunities?

 

Annual growth of at least 20% in the overall market

 

The two main sources of growth in the IoT market will be investment in services and applications. Here are the main points raised in the new BCG market study. Between 2015 and 2020, BCG expects revenues from all IoT sectors to grow at an annual rate of at least 20%. B2B customers are more focused on services, IoT analysis and applications, making them the fastest in terms of growth. By 2020, these layers will have captured more than 60% of the IoT growth. Moreover, each of these layers is expected to generate 60 billion euros of expenditure by 2020.

SERVICE AND IOT APPLICATIONS

 

The ten most valuable business cases for business leaders

 

To spend €250 billion in IoT,  companies need to know which IoT applications have the potential to deliver more value.

Study reveals that predictive maintenance, production optimaization and automatic inventory management are the three most commonly used cases that will drive the IoT market by 2020. Business leaders are wondering how the IoT can help their businesses increase customer satisfaction, improve service quality, support new business models and reduce costs.

With those above mentioned use cases, BCG conducted a thorough analysis. They found another ten most valuable uses include the ability to use sensors to predict when machines will need to be repaired, Self Optimising Production, Automated Inventory Management, Remote Patient Monitoring , Smart Meters, Activity Trackers, Distributed Generation and Storage, Fleet management, Connected Cars and Response to Demand. The following chart compares the ten use cases by expected level of spending until maturity.

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IOT SPENDING 2020

 

A more common digital transformation in companies that do not use technologies

 

By 2020, 50% of expenditures will be related to manufacturing, transportation, logistics and utilities. BCG predicts that IoT will have an even more transformative effect on non-technology-based industries. The success of this transformation depends heavily on secure, scalable, and reliable integration solutions, encompassing cloud systems and platforms.

Among the businesses to be monitored in this area, there is also more and more customers using real-time integration to connect existing ERPs, on-premises systems to cloud applications and platforms. This configuration allows for faster and more reliable operational performance.

IOT SPENDING BY INDUSTRY

 

Tech companies are becoming IoT suppliers

 

According to the BCG study, 40% of customers prefer to use traditional, existing and already well established software to implement their IoT solutions. This represents a challenge for large industrial companies whose future depends on their ability to transit to IoT suppliers. For example, General Electric’s Predix platform is an end-to-end industrial operating system to help its customers increase their operational efficiency. GE has made it clear that it is considering becoming a world leader in industrial IoT (IIoT) and being a major supplier to the IoT market.

Siemens is positioning itself in a similar strategy with its MindSphere platform. Azure IoT Suite from Microsoft, SAP Cloud HANA, Cloud IBM Watson and Cisco IoT System are examples of companies that redefine their business models as IoT providers. Device manufacturers such as Bosch and Intel are reinforcing to offer complementary hardware and operating systems to consolidate the IoT ecosystem of customers.

Today’s IoT customers are looking for end-to-end solutions. IOT vendors can only be successful if the connected things, communications, backbone, and security layers work seamlessly with the top layers. IoT providers don’t necessarily have to master all the components within the technology stack, but it is essential to takes into account the customer’s desire for an end-to-end solution.

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