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IoT-The Future is here?

Imagine the Future

Giselle receives a message on her phone notifying her that her online shopping package has just arrived and has been dropped off by the kuaidi at the self-pickup box in her compound. She closes her computer, walks out of the office with the elevator already waiting at her floor. She arrives at the parking lot with her bike already unlocked. She speaks out her destination, and her car automatically pulls out the map, picks her favorite route, plays the music of choice based on her current mood analyzed with the data sent from her office computer and her smart watch, then starts driving her home.

She sends an extra command of picking up the package on the way to her parking lot, and her car makes a little detour in her compound. The box opens up as soon as she drives by. Her package delivers itself into her hand from the box, and she receives a message of successfully delivered on her phone. She arrives at her parking lot and gets home with the door opening as she walks in. Welcome home Giselle! says her smart speaker. Her preferred lighting and air temperature already awaits, her favorite playlist is on as she walks into the kitchen with a freshly made dinner just out of the oven. She picks the matching fragrance for relaxing ambiance, she then sits down and enjoys the tasty dinner paired with wine selected by her smart kitchen while listening to the evening news.

The Future is not a Dream

10 years, well, perhaps only 3 years ago, if I were to draw a picture of the future as the above to anyone, they would probably have laughed. It only exits in the movies. They would claim. But today, with technology growing at lightening speed, digital penetration into not only our social but also daily life, IoT becoming reality instead of just a theory or a subject to take in the university, the future is no longer a dream.

Let's talk about numbers

Perhaps we should look at some relevant numbers for the statistics-sensitive readers:

1. Global IoT tech spending to reach $1.2 trillion in 2022

IDC forecasts IoT spending will experience a compound annual growth rate (CAGR) of 13.6% over the 2017-2022 forecast period and reach $1.2 trillion in 2022. The forecast is based on the latest research in the burgeoning IoT technology market, which offers business investment opportunities across a spectrum of industries and illuminated through use case implementations.

2. China among World Leaders in IoT Innovation; Market Reaches 1 Trillion Yuan in 2018

China's IoT market is expected to be worth US$ 121.45 billion by 2022, representing a CAGR of 41.1% between 2016 and 2022. This presents an opportunity for Alibaba and the company is working on establishing itself in this space.

What does it mean for companies

According to a recent Forbes Insights/Hitachi survey of more than 500 global executives, 57% say their current IoT initiatives are either not meeting expectations or aren't yet showing any clear signs of success.

The stages to go through in order to reach an ecosystem maturity level are definitely not an easy staircase to climb:

The Benefits

It won't be an easy task to step back and take a fresh overlook of the value propositions your brand is delivering to your clients, and to know whether they will actually benefit from it or not. With a well-implemented, and cross-channel collaborated IoT ecosystem, the data you can collect will be far more accurate than that you try ever so painstakingly from a variety of sources that are often either inaccurate or incomplete. A strong data analytics system with a well-designed IoT network will give you more reliable information for decision-making and hence improve your value offerings and drive profitability.

What are some Chinese tech Giants doing

The Chinese tech giants are exploring ways to improve the consumer experience in regards to the Internet of Things (IoT), especially smart devices and consumer electronics. The companies will seek to cooperate in a number of areas, including deep learning, voice recognition and conversational AI.

Baidu Inc and Xiaomi are teaming up in order to establish in-depth cooperation in the worlds of artificial intelligence (AI).

Alibaba: Partnering with tech giants to deliver better cloud, IoT and 5G services

Alibaba Group has ambitious plans to turn its YunOS software into an industry standard for the world's emerging smart-devices industry and Internet of Things (IoT) era.

In fact, Alibaba said on September 20th at its Yunqi Cloud Computing Conference 2018 in Hangzhou it's actually strengthening its collaboration with Intel in a range of revolutionary technologies that include hyperscale data centers and network edge deployments.

They’re launching a new Joint Edge Computing Platform for enterprises to build device-to-cloud systems for the internet of things. The idea is to provide a platform for various edge computing scenarios such as industrial manufacturing and smart buildings.

The Joint Edge Computing Platform is based on an open architecture that integrates Intel's chips and AI technologies with Alibaba's cloud services and uses computer vision and other forms of AI to transform edge data into business insights, the companies said. The platform has already been deployed by several Chinese firms.

Tencent collaborates with Intel for IoT blockchain solution

Last year, Tencent and Intel reached an agreement which will see a new R&D lab established in Wuxi, Jiangsu Province, aims to fuse Intel Core technology with the Tencent User Security Infrastructure (TUSI) standard to develop a secure blockchain system for the Internet of Things (IoT).

The effort aims to develop accounts secured by hardware keys and blockchain, so that IoT devices can enjoy unified security capabilities, a local news source states.

What does it mean for us

It's not about simply connecting our computer screens to the TV screens, or having our alarm remotely switched on and off on our phones any more. With all the tech giants painstakingly investing their efforts into the future of IoT, cellphone being the gateway, and the broadening developments on smart city, smart planet, we might need to be prepared for stepping into a whole different era, where there is no crime, everyone works from home or on vacation, no need to lift a finger if we want to get anything or buy anything. No opinions unheard, no questions unanswered, no feelings unnoticed…

Would that not be a nice world to live in?

Now what would be your version of the future of IoT?

*Remember that because IoT is in its infancy in many ways, so find experienced partners who can give you the knowledge you need to develop a sound strategy and help champion implementation.

Come join us to discuss New Retail and the future with us face to face!

Scan below QR code to join our New Retail workshop next Wednesday October 24th.

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