WELCOME TO The THE INTERNET OF THINGS REPORT
The IoT Guide: MOBILE WORLD CONGRESS 2018
| January 8, 2018
Ambarella designs imaging and video semiconductors for a wide range of internet connected cameras, providing chips for products from GoPro, Comcast and others.
Article | February 14, 2020
Technology drives innovation, and for most retail companies, the “Transform or Die” motto still rings true. Retailers are always experimenting with the latest tech innovations to reshape the customer experience to alter their expectations both in physical stores and online. But simply following every hot trend in the industry because of the fear of missing out (FOMO) is one of the most common mistakes retailers make when adopting emerging technologies. The retailers who thrive in their respective markets are the ones who learn how to implement technologies that deliver the highest return on investment (ROI) from Gartner’s hype cycle for emerging technologies.
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.
Artificial intelligence (AI) has existed in the public consciousness for decades. The (mostly) sentient machines playing the villains in Hollywood movies have never been realistic depictions of the technology, but they have left an impression, nonetheless. AI has proved as exciting to the layman as it is to the expert. Usually based in remote data centers, AI is capable of collecting and examining immense volumes of data, generating insights based on analytical algorithms. With varying degrees of autonomy, these capabilities have been put to use streamlining decision-making processes. While AI is often thought of as a product in its own right, it is increasingly intersecting with other parallel trends. Chief among these is the Internet of things (IoT), which enables previously isolated machines to “talk” to one another and, at the same time, generate data that makes new modes of operation a possibility.
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.
Keep me plugged in with the best
Join thousands of your peers and receive our weekly newsletter with the latest news, industry events, customer insights, and market intelligence.
Put your news, events, company, and promotional content in front of thousands of your peers and potential customers.
Not a member yet? Not a problem, Sign Up
Sign up to contribute and publish your news, events, brand, and content with the community for FREE