The fear of the ‘Thing’ in ‘Internet of…’

Kuruvilla Mathew, chief innovation officer, Ness Digital

According to the McKinsey Global Institute, the Internet of Things (IoT) will have a potential economic impact of $3.9 (£2.8) to $11.1 (£7.7) trillion in 2025, which will amount to approximately 11% of the world economy.

In the midst of this massive growth potential, Gartner also cites that by 2020 more than 25% of identified attacks in enterprises will involve IoT – the “things” in the “internet of” start to loom like shadowy figures in a 1960s Hitchcock movie.

But there’s light at the end of the tunnel. Out of this total economic impact ($11.1 trillion/$7.7 trillion), over half – $9.2 (£6.4) trillion – is expected to positively impact business and worldwide IoT security spending will reach $348 million this year to help prevent attacks, says Kuruvilla Mathew, chief innovation officer at Ness Digital Engineering.

The overriding fear of what these “things” will do creates mystery and uncertainty. It was similar to when the “cloud” first came out. Initially, a lot of people had misconceptions about what it could do and what it meant for businesses, and everything was questioned. This is the phase we’re in with IoT. So, how can businesses beat this fear? How can they understand and realise the value that IoT brings?

Relative to cloud adoption, things are different with IoT as consumers are at the forefront of driving interest in this new technology. The marketplace is buzzing with consumer-facing IoT applications, such as wearable fitness trackers, which seem to be a significant focus of attention.

Consumers themselves seem to understand the value that this connected ecosystem brings, even if they don’t always understand the technicalities behind it. By understanding their end users thoroughly, and looking into their requirements like mapping the customer journey to address gaps in user needs, companies can really start to overcome the fear of the “thing” and understand the IoT’s real value.

Ultimately “simplexity” is what people are searching for from IoT devices and services – a great user experience that is seamless and simple, even though each “thing” has its own nuances that when aggregated with other “things” can lead to a great deal of complexity. These “things” need to deliver convenience, which when delivered will, in turn, help to reduce fear around what this technology means for businesses and consumers.

To work towards this, companies need to look to address common user problems that can have a positive impact on everyday life, such as: “How do I cool down or heat up my house while on my way home?,” and “I’m in a black spot in 4G coverage in my car, and I need to connect to Wi-Fi so my kids can stream YouTube in the back on the long journey.” Companies who focus on consumer needs in this way will see the shadows cast over IoT devices steadily disappear.

To minimise fear, maximising revenue around data monetisation of IoT is key too. Businesses need to marry design (user experience) and software development (engineering) to execute monetisation strategies successfully. A clear example of this is the hyper-personalisation possible through big data analytics. Companies can unleash the power of the data collected via IoT by opening it up to the outside world with APIs versus employing closed systems.

Contextual data gathered through this open system helps to bridge the gap in IoT and opens up new business opportunities. An example from the hotel industry is that contextual data provides a huge potential for up-selling relevant ancillary products and forming partnerships with complementary brands. This can enable seamless booking and billing between devices used in a car, on a plane, while commuting in a taxi, in a restaurant and in a hotel, with priority given to loyal customers too, making them enjoy the customer experience more.

By focusing on the real value of IoT – particularly consumer convenience and data monetisation – businesses can move away from the fear factor. At the end of the day, as Roosevelt said: “There’s nothing to fear but fear itself”.

The author of this blog is Kuruvilla Mathew, chief innovation officer at Ness Digital Engineering

Comment on this article below or via Twitter: @IoTNow_ OR @jcIoTnow


Blackline Safety sets new standard in connected worker safety with launch of G6

Posted on: September 26, 2022

San Diego, United States – Blackline Safety Corp., a global provider in connected safety technology, continues to trailblaze in the industrial worker safety market with the launch of a new connected wearable to transform single-gas detection. The all-new G6 personal gas detector – unveiled at the National Safety Council (NSC) Safety Congress & Expo in San Diego

Read more

Senet expands public LoRaWAN network across New York

Posted on: September 26, 2022

Portsmouth, United States – Senet, Inc., a provider of cloud-based software and services platforms that enable global connectivity and on-demand network build-outs for the Internet of Things (IoT) announced it is has expanded the build out of its public LoRaWAN network across all five boroughs of New York City. Through the combined operation of Senet’s

Read more

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more

What is IoT?

Posted on: July 7, 2019

What is IoT Data as a new oil IoT connectivity What is IoT video So what’s IoT? The phrase ‘Internet of Things’ (IoT) is officially everywhere. It constantly shows up in my Google news feed, the weekend tech supplements are waxing lyrical about it and the volume of marketing emails I receive advertising ‘smart, connected

Read more
IoT Newsletter

Join the IoT Now online community for FREE, to receive: Exclusive offers for entry to all the IoT events that matter, round the world

Free access to a huge selection of the latest IoT analyst reports and industry whitepapers

The latest IoT news, as it breaks, to your inbox