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What are your expectations for the IoT market?

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posted Jun 21, 2018 by Asma Nooren P

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2 Answers

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In terms of new opportunities, we expect the market to grow around 30% year-over-year. There is a tremendous appetite for adding connectivity in products – for both existing products that are already in use but need to be connected to add new features or services, as well as the new class of emerging products which are serving new roles in our lives.

Of course, this will entail certain challenges, particularly in terms of implementation and how quickly our customers can bring products to market. While the IoT market in general is growing very quickly, manufacturers are often not ramping out products fast enough. There is still a great need for good out-of-the-box solutions. For Murata, this means creating as a high a level of integration as possible into our solutions to enable our customers focus on enabling cellular IoT features to go to mass production much sooner.

answer Jun 22, 2018 by Sonal Salian
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The platform is the key to success – The “things” will get increasingly cheaper, applications will multiply and connectivity will cost pennies. The real value will be created in the horizontal platform that ties it all together – the new OS. This platform will be composed of 3 different layers: management, infrastructure, and data analytics and insights.

The industry will look completely different than it does today – Like in the early days of the Internet, **[IoT][1]** is a greenfield market. New players, with new business models, approaches, and solutions can appear out of nowhere and overtake incumbents.

Business is the key market – While there is lots of talk about wearables and connected homes, the real value and immediate market for IoT is with businesses and enterprises. The adoption of IoT will be much more like the traditional IT diffusion model (businesses to consumers) than the Consumer-led adoption of social media and personal mobility.

It will be about much more than the “things” – The currency of IoT will be “data”. But, this new currency only has value if the masses of data can be translated into insights and information which can be converted into concrete actions that will transform businesses, change people’s lives and effect social change.

The “Connected Car” will be all about the car – There is currently a lot of hype about turning your car into a mobile entertainment center – music, video, social media and all of the apps that we currently enjoy on our smartphones. However, the real value and transformation is in connecting the car operations (e.g., service updates, advanced notifications of failures) and drastically improving safety (e.g., inter-car communications, semi-autonomous driving). These services will most likely be paid for by the manufacturer or through new, alternative business models, rather than directly by the driver.

IoT will force business transformation – Businesses which connected to the Internet saw the real value when they re-designed their businesses models and processes for a connected world, and found new online products and services to offer. Some companies immediately embraced the Dot-Com world, many had false starts and many others took a long time to jump on, or the revolution passed them by completely. The same will be true of IoT. Businesses need to develop strategies and plans for how they can leverage IoT to transform all aspects of their businesses and capture the real value of this revolutionary technology.
answer Jul 10, 2018 by Manohar Parakh