IIoT revenue to cross $1 trillion by 2027, projects Navigant Research

A new Navigant Research report has projected that the combined cumulative revenue for Industrial Internet of Things (IIoT) devices, software and services throughout the world will cross the $ 1 trillion mark by 2027.

The trend will be driven by an increasing number of enterprises as they start realising the benefits of IIoT leading to lower costs and increased equipment maintenance, the research firm added.

The report, titled “Industrial Internet of Things”, analysed the overall emerging IIoT market and highlighted the key market drivers and technologies as well as the regulatory frameworks. According to the report, in the beginning IIoT solutions can appear to be a little complex to administrators who are not aware about hardware, software, and service choices.

Neil Strother, principal research analyst with Navigant Research, said: “We are starting to see more and more companies across the spectrum adopt IIoT strategies, deploying hardware and software platforms to help lower operational spend, and to serve as a competitive differentiator that can help them sell products and services at lower costs.”

Elsewhere, a Technavio report on smart farming practices using IoT held that the future of agriculture is being shaped by IoT resulting in increased crop yields, real-time plant and filed monitoring and enhanced supply chain management.

According to the report, the global IoT market in smart farming will grow at a CAGR of almost 11% from 2017-2021. The report has highlighted three drivers that are responsible for the growth of the IoT market in smart farming worldwide viz a decline in the rates of sensors; boost in IoT solutions for remote monitoring; and lack of arable land and a swell in population.

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Anticipating the Smart World of 2027: A Billion Cameras and AI, Oh My…

Nvidia went to China last week and made a series of interesting announcements having to do with smart cities and autonomous cars. IBM made an announcement on advancements in tying the Weather Channel to its Watson artificial intelligence engine, and improvements in targeted marketing. We also found out about Oculus’ Fall in Love VR project which is kind of like The Bachelor or The Bachelorette, but the significant other is a hot computerized avatar. Intel announced Loihi, a new AI processor that emulates the human brain.
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One in four consumers expects driverless cars to be dominant form of transport by 2027

A quarter of UK respondents believe driverless cars will be the main form of transport in 10 years’ time, according to a new study from Gemalto.

The report, conducted by YouGov and featuring more than 2,000 respondents, aimed to assess the expectations of consumers from connected cars. When asked about their top three priorities while taking a connected car on lease, 34% of the consumers that they said would look for cost efficiency, 31% would seek ease in manoeuvring the vehicle and 28% would want a secure Wi-Fi access.

Many advanced features such as automotive grade secure wireless module can be installed in the cars, allowing communication with traffic management and road infrastructure systems. These systems provide consumers with information on live traffic updates, road tolls, road safety or emergencies and also suggestion on parking places. Apart from these features, 59% were interested in getting real-time traffic updates.

Other important features respondents are looking for includes theft protection (58%), receiving parking space information (54%), access to accurate maps (49%), biometric authentication to unlock their car (33%) and personalisation and enhancements in car features through software updates (25%).

In spite of these benefits, 64% of consumers are wary of their safety in driverless cars. 34% of consumers are apprehensive of their cars getting hacked, losing control and causing accidents. Moreover, for 9% of consumers, data privacy is of major concern. They want their car manufacturers to handle their data collected via connected cars to be secured.

Car manufacturers, in order to gain consumers’ trust must embrace a multi-layer security-by-design approach, Gemalto added. PKI infrastructure, key management services and identity issuance should be utilised to secure the car, its firmware and software applications, while high-speed data encryption technology needs to be used at all times to put to rest data privacy concerns.

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