The Internet of Things (IoT) in Asia is set to grow exponentially in the upcoming years, according to a newly released report by Software AG.
In its prediction for the top trends for the Internet of Things , the company has emphasised the need for better regulation and security for widespread adoption.
"The Internet of Things in Asia will continue to experience exponential growth in the upcoming years. From pay-as-you-go-things, virtual assistant to smart cities are only some of the trends of IoT that we have identified," said June Lee, VP Software AG, Asia. "Organisations will have to redefine their big data analysis and usage to ensure that they can lead the competitive market."
Globally, people and organisations will treat untrustworthy things like gamblers in a casino, and analytics will reside closer to the Things being analyzed as intelligence on the Internet of Things becomes critical to decision-making.
Thanks to IoT, worldwide consumers will be able to adopt a "virtual assistant," which will act in a semi-autonomous manner in the home. This assistant will be able to monitor sensor-enabled things to perform tasks such as replenishing light bulbs, ordering prescription medicines or buying groceries online.
In the coming years, The Internet of Things will accelerate the pay-as-you-go model for products and all products will be sold with something "smart" embedded within them.
Suddenly there will be an increase in demand for mathematics teachers and the market will headhunt math teachers and professors out of schools and universities.
Regulation will evolve as regulators will learn that security attacks can come from any point in an IoT system and in unexpected ways.
Growth of IoT will drive municipal governments to enact new regulation to ensure adequate risk management.
95% of companies expect to experience benefits due to the emergence of IoT in the next two years. 65% find analyzing big data in real time to be very difficult to achieve. About 75% are struggling to get proper analytics from their current data flow.
"IoT is a real-time challenge; it is Big Data analysis in a pressure cooker. Old products will be re-invented and whole new ventures will emerge overnight to focus on the analysis part, and define service on top of it," said Bart Schouw, director of IBO Solutions for Software AG. "Innovators and market leaders that are in the midst of this digital transformation will come out as the winners."
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