It seems that the IoT space is permeating into every facet of our lives these days – from cars and homes, to robots and wearables. Nonetheless, unless you are a tech geek like us, you probably didn’t know the industry just wrapped up the world’s largest IoT event in Santa Clara, CA last week. The Internet of Things World conference kicked off its third annual event and did not disappoint, with many new innovative startups breaking into the scene alongside some of the world’s biggest names in attendance: Uber, Lyft, Apple, Intel, Samsung Microsoft, Mercedes, Adobe, Salesforce and more, coming together to share ideas and grow the IoT ecosystem.
If you’re feeling a bit sad you missed out on the party, have no fear because PAN Communications had a front row seat and below are several takeaways from the show.
- The IoT space is growing, but is it growing too fast? Research firm IDC estimates that global spending on IoT devices and services will rise from $656 billion in 2014 to $1.7 trillion in 2020. IoT is quickly becoming an integrated part of our daily lives, and this year’s IoT World could not offer more proof as the largest attendance the conference has ever had. Entrepreneurs are capitalizing on the IoT trend spanning across all verticals of our lives, and this year’s event saw hundreds of startups competing in the now very crowded space. One key takeaway from the show is that the IoT startup space will be an interesting one to watch. Everyone can’t be unicorns and most likely 9 out of 10 startups fail. While it’s too soon to make predictions, the space could look very different in just a few short years as some startups pull ahead of their competitors, get acquired by bigger companies like Microsoft, Google or Facebook or simply get lost in the crowded market. Stay tuned – it should be a tight race to watch unfold!
- The connected car: Will we be driving like the Jetsons before we know it? While it may be a stretch to say we will be zipping around in space in car bubbles like the Jetsons do, the connected car space continues to be a leading area in the connected movement. According to BI Intelligence, the connected car market is growing at a five-year compound annual growth rate of 45% — 10 times as fast as the overall car market. And by 2020, estimates suggest that 75% of cars shipped globally will be built with the necessary hardware to connect to the internet. From autonomous driving to V2X and predictive intelligence, this year’s IoT World had a huge focus on connected car applications with major players such as Lyft, Uber and Mercedes making appearances at the show.
- Security is one of the biggest challenges facing the IoT world: There is no doubt that IoT and the many connected devices hold the potential to dramatically improve our daily lives, but they also carry equal potential to expose cybersecurity risks to data and systems that enable this hyper connectivity. The biggest risk lies in the generation of massive data that can be accessed and exploited, as well as the creation of a vast information system.IoT risks are closer to us than we think: all it takes is for a hacker to intercept the communications of a Bluetooth connection to our device, and many vendors do not have enough security measures put in place to combat these risks.