The possibilities of technology are extending to connected mobility with cars and planes, connected cities with smart parking, connected homes with residential gateways, connected healthcare, virtual and augmented reality, public safety and many more.
The IoT ecosystem is projected to be worth $484 billion in 2025, with applications, analytics and end-user services accounting for 90% of that total according to Machina Research. This represents significant opportunity for new business models in devices, sensors and connections. What does an enterprise need to consider in developing its own IoT innovations?
#1 What is the end goal?
As with any project or product, the starting point is the envisioned end. Enterprises need to understand what goals they have for IoT connectivity. Does the product provide actionable real-time data? Does it to help automate a service? Is the goal further securing a network? Understanding the application involved will also help companies to make decisions regarding power and performance requirements.
#2 How will the product communicate?
The IoT is all about connectivity. Organizations need to determine what the new innovation will connect to and communicate with as part of the initial development process. This goes to interoperability, but also must consider whether there are compliance and functionality considerations that need to be addressed in development.
#3 What architecture will support this data?
IoT innovations introduce several factors into consideration — such as device sensors, connectivity needs, device management platforms, data storage needs, analytic opportunities. Developers, then, need to fully evaluate the architecture that will be deployed to support this new strategy.
#4 What about security?
Connecting billions of devices, means managing even more data. Whatever targeted use enterprises have in mind for their product, IoT security must be considered in design including the encryption, passwords and other security protocols that will be put in place to make this device secure as an entity and also end-to-end.