Monetization of data among key trends in Internet of Things in 2018

Disruptive technologies converge as businesses fully integrate IT systems. Security and privacy are top issues preventing Internet of Things (IoT) adoption. Monetization of data collected from networked IoT devices, the convergence of multiple disruptive technologies and standards, and network edge processing are among the key trends for 2018 according to the EY IoT Competence Center, a global team of IoT professionals. The IoT industry has grown considerably over the recent years; however, it remains an area that varies greatly in technologies, systems and disparate standards of operation. Business and operational models based on IoT capabilities are still very traditional and the anticipated benefits have primarily focused around how to achieve incremental value (which created value islands) through increased productivity, process automation, and maintenance cost reduction for example. However, more and more decision-makers are realizing the disruptive potential of IoT and are likely to increase its current value stream (toward value ecosystems) and more effectively use and monetize the data collected.