IoT Drives Consumer, Enterprise, and Industrial Market Transformation
The Internet of Things (IoT) is poised to transform Consumer, Enterprise, and Industrial market segments in terms of technologies, processes, procedures, products, services, and more.
Consumer IoT will fundamentally change how consumers related to products and interact with companies.
The Connected Home business in particular is accelerating rapidly, with the markets for hardware and software solution developers looking very promising through 2022 and beyond. Connected Home covers automation and connection of home electronics and appliances, utility meters, thermostats and sensors within the home using remote access from the Internet. Connected homes also include intelligent home that controls lighting, air conditioning, and security systems such as door locks and safety locks.
Global markets for connected home will reach $133 billion by 2022. This is a massive market opportunity for hardware and software developers
IoT in Connected Homes will help usher into existence and entire new capability set for Smart Products. By definition, Smart Products are connected (through the Internet and by means of various local wireless communications, self-discovering process with a gateway, and various authentication and authorization protocols) to the product manufacturing and/or distributor.
Enterprise IoT will disrupt supply chains, further reducing the need for intermediaries. In some cases, IoT systems are connecting directly with suppliers, bypassing corporate procurement systems altogether. Leading Enterprise Resource Planning (ERP) solution providers are adding IoT capabilities into ERP systems to generate meaningful insights for businesses.
ERP systems are coupling sensors and other IoT devices to transmit data into ERP system on real-time basis without human intervention.
Among the 15 industry verticals (covered in the Mind Commerce IoT in ERP report), leading industry verticals for IoT enabled ERP marketplace will be manufacturing, smart cities, and healthcare respectively generating 16%, 13%, and 11% market revenue.
Industrial IoT (IIoT) will act as a major catalyst to drive further evolution of process intensive industries such as manufacturing. Part of this evolution will involve a convergence of technologies including artificial intelligence, broadband wireless, cloud computing, and data analytics.
This convergence will facilitate smarter industrial infrastructure and improved capabilities to leverage data for product improvements and greater customer intimacy.
IIoT will make products smarter, which will fundamentally change the relationship between products and suppliers as well as products and consumers. These Smart Products will change the concept of Product Lifecycle Management (PLM), which is largely creation-to-sale today, to design-to-destruction, meaning that there will be much more data about products from “cradle to grave” so-to-speak.
As products become services (through cloud computing), and producers gain increasingly more intelligence about product/service usage (through IoT), customer intimacy greatly increases
This will change the relationship between consumers and producers wherein the former has more impact on the latter through an increasingly interactive relationship after the sale. This will have a profound impact on the manufacturer to consumer relationship as well as form a bridge between consumer IoT and IIoT over time as the perceived time and distance between end-user and producer becomes minimal.
Consumer IoT, Enterprise IoT, and Industrial IoT Market Outlook 2017 to 2022
Mind Commerce offers a comprehensive IoT report portfolio. These IoT reports are critical to identifying opportunities for R&D, technology integration, and development of new solutions and applications across industry segments.
Our findings, insights, data and forecasts are also a key part of capitalizing upon the market for new and enhanced hardware, software, platforms, and services for emerging IoT networks and systems.
Internet of Things (IoT) Technologies, Solutions, and Market Opportunities 2017 – 2022 represents the most comprehensive selection of reports available addressing the market for IoT in industry verticals as well as IoT driven solutions, services, and applications across segments. This portfolio of reports also provides extensive coverage of IoT technology driven hardware, software, and platform integration as well as convergence of IoT with other emerging ICT technologies such as 5G, Artificial Intelligence, Cloud Computing, and Data Analytics.