Peggy asks: Are services really that important to growth? Simply, yes. She goes on to explain that IoT global spending will reach more than $772 billion in 2018—up about 14.5%. Even more, by 2021, services spending is expected to nearly equal hardware spending. She dives into vertical markets, saying in 2018 the industries that stand out in terms of the most money spent in IoT will include manufacturing, transportation, and utilities. In all three, asset management will be an important driver of IoT spending. She also takes a look at servitization in action, pointing to an example from Rolls-Royce and its Nor Lines. Servitization requires companies to think differently and step outside the box, she explains.
Peggy talks about how servitization can open the door to new revenue streams. She explains that if you are in business today, you are in it to make money. Using IoT (Internet of Things) and data to sell services that complement a product portfolio is just smart business. She talks about how to go on the journey toward servitization—and make it a profitable one. She points to research that shows that companies that are further along in their servitization journey also report higher profitability.
Peggy says one beacon of hope for people who hate sitting in traffic is connectivity. She says autonomous vehicles will be a part of our lives and it will reduce traffic and road accidents and fatalities. V2V (vehicle-to-vehicle) communication enables the sharing of data, giving the ability to see around corners and through other vehicles. Someday these vehicles will react to the data, she says, rather than relying on the people to react. V2X (vehicle-to-everything) technology is going to play a huge role in helping drivers, and eventually vehicles, react to crash situations before it is too late.
Peggy says we have some challenges to solve if the IoT (Internet of Things) can be as widely adopted as it could be. She talks about Operation Prowli and how it had been spreading malware and malicious code to servers and Websites. She also points to the example of Adidas, which announced that an unauthorized party may have gained access to certain customers’ data. She adds that it is distressing to see the number of cyberattacks on the rise and that they are not going down. She concludes, explaining that we need highly secure systems to help protect infrastructure from physical security breaches.
Peggy says IoT (Internet of Things) solutions are allowing oil and gas pipeline operators to analyze flow and events in near-realtime. She explains IoT systems can integrate with other systems in the enterprise to improve efficiencies. She continues that oil theft is a multibillion-dollar problem, and remote monitoring can help tackle the issue. Drones can also pinpoint leaks, she says, which is a safer, more efficient, and more cost-effective method.
Peggy avoids the political landmines, but highlights the controversy surrounding pipeline infrastructure. She says in 2017, the amount of energy produced was about 87.5 quadrillion BTU (British Thermal units). Also, the amount of energy produced in 2017 was equal to about 90% of the U.S.’s energy consumption. She explains that there has been a significant shift in the source-and-use balance, and this has turned the sector on its head. She says we can put the IoT (Internet of Things) to work to build pipeline infrastructure.
Peggy kicks off a new month, looking at the topic of infrastructure. She says today many systems are not modern, as they don’t leverage technology to maximize efficiency. IoT (Internet of Things) technology can help by catching breaks before they even occur. She also explains that sensor systems and predictive analytics need to be applied to manage and maintain our infrastructure.
Peggy asks: Do health apps really work? She explains that health apps in general aren’t as effective as they could be, and there are just too many different people looking to self-manage their health and each of these individuals have unique needs. She adds that health apps have incredible potential, but only if patients can access them, figure out how to use them, and find the effort worth their while.
Peggy says there is a culture around the futuristic robotic movies and television, showing the impact of AI (artificial intelligence). She explains that AI could open the door for more accessible healthcare that relies on relevant accessible data. Going forward, technology can help reinvent the healthcare industry by helping humans automate repetitive tasks, which will also improve patient outcomes, she continues.
Peggy says connected devices can collect data about a person’s health and monitor a person’s activities, connecting older adults to other people. She explains that smart-home systems can make it easier for adults to age in place and are making home care possible. She continues that devices can keep an eye on vitals, which are life changing and we will see a shift in the next 12 months of what the means.