Horizons are shortening for organizations with the new rapid pace of digital change.

Organizations must begin to imagine what an imminent world will look like and make investments for the future. Corporate innovation has become essential for survival. The non-linear growth path of digital adoption will give companies differentiated insights they haven’t had before – with IoT driving the way.

How will IoT be shaping business by 2024? Arrow Electronics gives us their insights.

The Edge

By 2022 40% of initial IoT data analysis will be occurring at the Edge. Organizations will invest more in gateways to aggregate and analyze edge data.

With the burden of analysis shifted from the cloud to locally at the Edge, organizations stand to reduce latency issues, better privatize data and reduce connectivity costs.

Blockchain

IoT related blockchain spend will lag.

Blockchain applications have vast potential to fix challenges currently plaguing IoT. Enhanced data privacy, resilience to cybersecurity threats, reduced storage needs, and autonomous decisions are promised results for a blockchain – IoT pairing.

But, that’s not to say this exciting combination isn’t without its problems.

Blockchain’s limitations in processing vast numbers of IoT transactions in real time will limit IoT integration into blockchain.

Until issues of scalability and processing time and power are addressed, just 5% of overall blockchain spend will be IoT related.

Platform

By 2020, 70% of organizations will leverage commercial IoT platforms to develop and deploy IoT applications. A platform can help connect sensors and devices, facilitate communication protocols, manage data and provide security.

The right platform leveraged correctly can lower costs and increase time to market. Cloud-based IoT platforms and suites provided by tech giants like Amazon Web Services, Google Cloud, and Microsoft Azure are commonplace, but can require high levels of customization.

Going forward more than 50% of organizations will use multivendor IoT platform environments.

Video

Security will get smarter.

45% of video surveillance content will be used to provide context to data from IoT endpoints in public safety scenarios. Transportation hub and campus monitoring are also prime use cases.

IoT applications allow for remote monitoring, analytics in real-time and heightened visibility – benefiting human safety and loss management efforts.

Data Deluge

With significant increases in industrial IoT applications, enormous amounts of data are being made available. Questions of how these large stores of data will be managed arise for industrial manufacturers.

While we often hear that data is currency, if it isn’t aggregated and rationalized, it’s value will be capped.

By 2022, problems deriving actionable insight from sensor and device data will force 20% of large manufacturers to insist on Original Equipment Manufacturer (OEM) data being reconciled in IoT data exchanges.