IoT key trends for 2017: a leap of faith

This is the beginning of a new year and a right time to think about what to expect in the Industrial IoT markets this year. Here are some key trends to consider in 2017, identified by market research firms: 

• Rapid growth: IoT is exploding into every market verticals, and everyone from industries to cities and investors are demanding more solutions. 45% of IT budgets will be dedicated to IoT by 2020, and 69% of enterprises (80% in manufacturing) intend on collecting more data through smart devices versus conventional means. 
• IoT & IT: It’s tempting to “start fresh” with IoT, but the fact is many traditional IT practices (as well as legacy systems depending on your company’s size) still work… well. The best approach is to seamlessly incorporate the old and the new. 70% of short-term IoT budgets will be spent on legacy integrations to make the transition smoother on the system side and on from the human perspective. 
• Preventive Maintenance: Machines break down, especially if they are not properly maintained. Many companies have gone out of business due to products failing in the field and/orinadequate maintenance. Even for a viable business, lack of maintenance can result in a huge total cost of ownership for both end users and companies having to fulfill warranty obligations.  

79% of manufacturers surveyed said predictive maintenance was their No. 1 reason for adopting IoT, and enterprises in all industries said preventive & pre-emptive maintenance via IoT offered the best opportunities for growth.

Not only does it provide better maintain and support for equipment, but it also opens the doors for selling and providing new services. 

• Ever-increasing wireless connectivity: Many IIoT solutions will focus on connecting the un-connected (eg: fire exit signs, manhole covers, shopping trolleys, pets, water meters,...), because until now, trying to do it, was too hard (no power, no internet connectivity) or too expensive. LPWAN (low power, low cost, long range connectivity) technology makes it feasible in a simple and economical way. LPWAN nationwide coverage opens the door for wirelessly connecting anything anywhere as long it provides valuable data. The cost of acquiring data is now lower than the value of that data and this is a big paradigm shift that triggers an explosion of demand for IoT based devices and services.
• New Service demands: The data overload IoT creates is requiring all-new levels of data analytics, support and service to ensure companies benefit from that data in near real time. And since the majority of enterprises don’t have the expertise, they are actively engaging third-party IoT system integrators & service providers for solutions. But they are not that many skilled people on the market at this stage that can fill this gap.

So, the key to turning these trends into your competitive advantage is having the right foundation. Thinxtra provides that IoT infrastructure by building the first nationwide LPWAN (based on Sigfox technology) in Australia, New Zealand and Hong Kong. Thinxtra is currently covering 75% of the population in ANZ and committed to cover 95% of population before end of 2017. But Thinxtra is not just a network builder, Thinxtra is an IoT power house, empowering a full local ecosystem of creative and engaged device makers, platform suppliers, and system integrators to provide simple and low cost solutions, to industrial customers that need innovation to remain competitive, and, to cities that want to become smarter to benefit their community. 

If you’re interested in learning how our ecosystem of partners can help you, please contact us at [email protected].