The EY IoT Competence Center has highlighted data monetisation, revival of network edge processing, and convergence of disruptive technologies such as IoT, blockchain and AI, among some of the key IoT trends that will be in the mainstream in 2018.
Among the key IoT trends that will be prevalent in this year is data monetisation. The team of IoT professionals said that business models that are based on IoT capabilities are very conventional and the anticipated benefits are just circled around the ways to attain incremental value (which created value islands). However, an increasing number of decision-makers have started realising the disruptive potential of IoT. This group is likely to augment its current value stream (toward value ecosystems) and more effectively use and monetise the data collected.
Although industry veterans anticipated the shifting of the IoT data processing to the network edge in the initial days of its development, their expectations did not turn out to be a reality for several factors including slump connectivity costs. However, declining prices and the rising processing power of edge devices have revived this trend back towards network edge.
With an increase in convergence of disruptive technologies such as IoT, blockchain, AI and robotic process automation (RPA) under one digital disruption umbrella, it is expected by the EY IoT Competence Center that in H1/2018, suppliers will start shifting toward full integration of IT systems supporting business processes and automation solutions to build fully integrated ‘Intelligent Automation’ solutions.