#5 Consumers could soon be awash with IoT-based products and services—even if they may not realize it

Over the next few years the IoT is expected to have the biggest impact on customer service and products and services. Current activity should mean that a strong pipeline of IoT based products and services will soon begin reaching the market. This should raise consumer awareness; the majority of respondents believe that low awareness levels are depressing demand for IoT products and services. Still, this should not prove a major hindrance for businesses because many consumers will use IoT-related products and services without knowing it.

#6 Businesses should be prepared for an explosion of IoT generated data

Fitting sensors and tags to products will generate even more data than are currently being created and captured. Companies feel confident in their ability to handle this explosion of information, but prior experience of storing and analyzing large amounts of “big data” may lead them to underestimate the additional talent and skills needed to spot new uses and revenue streams emerging from it. Data security and privacy are also likely to grow in significance as more consumers engage with IoT-based products. Beyond storing, securing and analyzing these data, companies should also consider how they manage the commercial sharing of the data as the IoT becomes a platform for trading information.

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