The Internet of Things: Where It’s headed now and which industries are the most profitable

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The concept of building smart houses, smart cities and generally smart ‘everything’ has become one of the most popular in the world of business and technology.

High-speed wireless networks are a key growth catalyst for IoT, which is why Samsung, Qualcomm, LG, Huawei, and Intel all are vying to establish product leadership with patents.

These top five patent holders together control over 13,300 IoT patents today. 

Not long ago, The H&M flagship store in New York have installed a voice interactive mirror developed with the support of Microsoft, Ombori and Swedish designers from Visual Art.

Customers can make selfies that are converted into magazine covers. It also offers the customer the opportunity to sign up for the H&M newsletter, as well as coupons that can be used towards in-store purchases.

At first glance it might seem unserious, but the results say otherwise. Business Insider reported that 86% of customers who took a selfie also ended up scanning the QR code and 10% of also registered for the newsletter.

Connected… cows?

Smart technologies now playing an important role not just in in retail, but in other fields of economy too. Another Microsoft project ‘Connected cows’ was developed for the agriculture sector.

The solution based on the Internet of Things uses Windows Embedded software and Microsoft Azure cloud technology. This cow-monitoring system gives farmers insights that can boost milk production, smooth the calving process and ensure healthier cows — all while saving time.

This is a great example how connecting more “things” to the Internet has the potential to reduce waste and fuel economic growth.

from ideas to action

According to the International Data Corporation the industries that are expected to spend the most on IoT solutions in Central and Eastern Europe in 2018 are:

  • manufacturing ($2.2 billion),
  • transportation ($1.6 billion),
  • utilities ($1.2 billion).
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Despite the forward momentum, a new study conducted by Cisco shows that 60 percent of IoT initiatives stall at the Proof of Concept (PoC) stage and only 26 percent of companies have had an IoT initiative that they considered a complete success. Even worse: a third of all completed projects were not considered a success.

So, is it worthy to launch an IoT startup now? No expert gives you the definitive answer without analyzing your portfolio. One of the most popular causes of startup failure is presenting a service or product for non-existing problems. Rephrasing, a successful IoT startup has an offer that adds value to target customers’ lives.

If you are truly interested in this field, we also recommend to acquaint yourselves with the list of 20 of Europe’s most innovative hardware and IoT start-ups prepared by Irish leading source for technology news.

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