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LIVING IN A SMARTER WORLD: WHY USE AI-ENABLED IOT IN HEALTHCARE
VILMATE | March 12, 2020
EASii IC is a private company based in Grenoble, the French Silicon Valley, specialized in designing electronics and microelectronics, since 2002.
Article | March 11, 2020
Most would agree that the adoption rate of the Internet of Things (IoT) has fallen well short of predictions. Given the proven benefits that the IoT can deliver, such as preventative maintenance and real-time asset management, it’s confounding that every company isn’t well on its way to leveraging IoT. There are far more attempts to adopt the IoT than successes, says Terri Foudray, founder and CEO of Rumble, as well as several reasons that the IoT is not meeting or exceeding adoption forecasts. The culprits behind adoption failures include the lack of available talent, the overwhelming and complex volume of prospective vendors, the lack of a solid business case to define success, and the derailing of initiatives caused by unanticipated political and cultural pitfalls that often accompany enterprise-wide technology adoption.
5 years ago, when we forecasted that the IoT platforms market would have a 5-year compound annual growth rate (CAGR) of 35%, we wondered if our growth projection was unrealistically high.
5 years later, it has become apparent that the forecast was actually too low. The IoT Platforms market between 2015 and 2020 grew to be $800 million larger than we forecasted back in early 2016, resulting in a staggering 48% CAGR.
Comparing what we “knew” back in 2016 to what we know today provides some clues as to why the market exceeded expectations so much. 5 years ago, no one really knew what an IoT platform was, let alone how big the market would be, which business models would work, how architectures would evolve, and which companies/industries would adopt them. The only thing that was “known” was that the IoT platforms market was a billion dollar “blue ocean” opportunity ready to be captured by innovative companies.
As consumer demands evolve, fleet managers are turning to IoT to deliver products faster and more efficiently. The progress being made in edge computing represents the full potential of IoT: the power of data on the move. However, operating on the edge also reveals some of IoT’s greatest challenges: maintaining network security as the number of endpoints multiplies; rethinking traditional business models as industries become increasingly interdependent; and, perhaps most importantly, establishing a seamless, reliable network across borders, cultures, and regulatory environments.
ABI Research says cloud vendors are investing in the data and analytics services space as they attempt to get on board the IoT value chain. The researcher forecasts that cloud suppliers will grow their share of IoT data and analytics management revenues from US$6 billion in 2019 to US$56 billion in 2026. Cloud vendor’s revenues come primarily from streaming, storage, and the orchestration of data. Analytics services across cloud vendors, on the other hand, are less differentiated, as reflected in pre-built templates such as AWS Sagemaker and Microsoft Azure Notebooks which leverage the open source Jupyter project. Considering that many cloud vendors are in the early stages of analytics investment, cloud vendors are relying on their partners for addressing more specific advanced analytics and vertical market needs.
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