|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.
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