|By Esmeralda Swartz||
|July 30, 2015 11:45 AM EDT||
APIs, Marketplaces, and Services to Unlock $11 Trillion IoT Value
Last week's #IoTuesday Twitter chat focused on the impact of the API economy on Internet of Things (IoT) as it transforms from Connected Devices to Connected Marketplaces. And IoT in turn creates the API economy. We had great participation from respected industry visionaries who share a view that APIs and API management, standards and interoperability play a critical role in the creation of IoT marketplaces.
These days, there is not an industry or a consumer that is not familiar with the concept of IoT, whether from their view of the clichéd smart fridge to the impact of the Industrial Internet. It doesn't matter what your business does or which industry you are serving. It also does not matter if you are a startup or an established enterprise with years of experience and a customer base in the 100s or 1000s. You should be asking yourself:
"How can I contribute technology or provide a service that will transform my industry, make me better than my competition and transform the experience and interaction with my customers and partners?"
To solve the challenges that still exist to transform IoT to the mainstream and move it from a vertical silo to a horizontal marketplace requires agility in customer and partner-facing software and a robust and open application development environment.
According to a new McKinsey report on IoT, the economic impact will reach $11 trillion a year by 2025.
And just as much of our #IoTuesday discussion focused on what we as an industry need to do to realize the value and unleash the potential of IoT, McKinsey concluded that certain obstacles need to be removed notably, technical, organizational and regulatory. Some findings from the report include:
- Today, most IoT data is not used. For example, on an oil rig with 30,000 sensors, only 1 percent of the data is examined. That's because this information is used mostly to detect and control anomalies - not for optimization and prediction, which is where the greatest value lies in IoT.
- Business-to-business (B2B) applications will likely capture more value - nearly 70 percent of it - than consumer uses, although consumer applications, such as fitness monitors and self-driving cars, attract the most attention and can create significant value, too.
A lot of the discussion in our Twitter session and across the industry is around the need for interoperability between IoT systems, and with over 400 competing standards we have a ways to go. This is a current condition that must be overcome to enable individual applications or services to contribute to making the entire ecosystem more performant and more impactful. The industry has to move to open standards to reap the rewards. In addition, often missing is the "I" in IoT, global interconnectivity.
Software that is open, interoperable and benefits from rich and robust APIs solves a few critical areas: making customers happy (by making things simpler, faster, and more enjoyable), driving down the price of a service and delivering differentiation. This is the foundation that must be in place to enable companies to win in the market and retain and grow a customer base.
APIs, Applications and Marketplaces are the Backbone of the IoT
In order to improve the customer experience, drive personalization and simplicity for a service, and ultimately scale a service through a sharing economy, this requires RESTful APIs that are developer friendly, more efficient API management, and service enablement and monetization across the marketplace where all who participate and add value benefit. Standards and APIs democratize IoT and extend the reach of a product or service from vertical silo to a horizontal solution.
Applications including those contributed by other parties can be the lifeblood of a business and turn innovation on its head. You no longer have to rely on your own development team to build value; you can turn to other ISVs or partners for innovation. And in return for their contribution, they will be compensated accordingly in the value chain.
Every business should ask itself every day, "How can I delight my customers and how can I become better than my competition?" After the initial discussion on cost reduction (the first major benefit of IoT for example in the Industrial Internet), you must quickly move to answer the innovation question that will turn "Good" to "Great."
Check out the entire chat below and be sure to add next month's chat to your calendar now. Add the August 18 Twitter Chat to my Outlook calendar now.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 24, 2017 07:30 AM EST Reads: 1,833
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Feb. 24, 2017 06:15 AM EST Reads: 5,454
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Feb. 24, 2017 04:00 AM EST Reads: 3,800
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Feb. 24, 2017 03:00 AM EST Reads: 1,826
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 24, 2017 02:15 AM EST Reads: 13,204
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Ca...
Feb. 24, 2017 01:45 AM EST Reads: 9,542
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Feb. 24, 2017 01:00 AM EST Reads: 1,902
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Feb. 23, 2017 11:30 PM EST Reads: 6,310
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Feb. 23, 2017 11:00 PM EST Reads: 7,025
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
Feb. 23, 2017 10:00 PM EST Reads: 4,620
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Feb. 23, 2017 09:15 PM EST Reads: 1,539
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 23, 2017 08:45 PM EST Reads: 1,310
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 23, 2017 08:30 PM EST Reads: 1,466
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Feb. 23, 2017 07:45 PM EST Reads: 3,410
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Feb. 23, 2017 06:45 PM EST Reads: 1,466
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Feb. 23, 2017 06:30 PM EST Reads: 6,302
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
Feb. 23, 2017 06:30 PM EST Reads: 1,732
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Feb. 23, 2017 06:00 PM EST Reads: 13,074
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Feb. 23, 2017 06:00 PM EST Reads: 1,526
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Feb. 23, 2017 05:45 PM EST Reads: 1,240