Unlocking real value from connected devices requires more than blind investments in the technology.
Organisations are now investing billions in the Internet of Things (IoT) to create business efficiencies and improve productivity. Gartner claims that over a third (37 per cent) of the 8.4 billion connected “things” in use globally will be implemented inside companies.
Last year, we undertook research among IT leaders in the UK, US, Sweden and Denmark to find out their views on the IoT, including the challenges and barriers, opportunities and benefits. While those in the Oil & Gas and Utility sectors are leading the way in terms of IoT projects, there are clearly some roadblocks. To stay ahead of the competition, they must focus on technologies that offer maximum security and performance alongside support for open interoperable standards.
The research looked at IoT in relation to smart cities, utilities and industrial IoT (IIoT). The IoT utilities sector could be worth as much as $15bn by 2024 while in smart cities, it is predicted to reach a staggering $147bn by 2020, and IIoT projects could hit $195bn by 2022. Over half of the IT leaders investing in IoT already have a fully implemented strategy, while a third are rolling one out.
With a long track record of using SCADA and ICS platforms to drive business and operational efficiency, Oil & Gas firms are most eager to embrace IoT, with 88 per cent considering enablement as a priority.
Utilities are not far behind, while over three-quarters of firms investing in IoT say it is a top priority. The fact that it plays into several other key areas, such as IT automation, data analytics and organisational connectivity, could be the reason for this. While power providers see it as a great way not only to improve safety and quality of life for citizens, but also to improve efficiencies and service reliability.
Take Oklahoma Gas & Electric, which has deployed a robust IoT network, helping to reduce operational costs, lower emissions, minimise the number of service vehicles on the roads and empower consumers to manage their own energy supply. The beauty of the firm’s expandable IoT network is that it had also been used to connect 250,000 LED street lights — improving service levels, reducing energy consumption and accelerating resolution of outages.
Such initiatives are not just confined to the US: smart lighting projects, for example, can be found all over the world, in cities including Glasgow, Paris, Copenhagen and London.
The post Focus on security and standards to reap IoT rewards appeared first on Statii News.
source http://news.statii.co.uk/focus-on-security-and-standards-to-reap-iot-rewards/
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