2021 IoT :A smart outlook for tech integration and investment in the 2nd year of Covid19 pandemic

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The Arab Digital Media Journal, 14th June 2021: Of all emerging technologies the Internet of Things (IoT) was the main focus of governments and companies when executing infrastructure and smart cities projects in the last decade

Now, with Covid19 pandemic in the second year of this decade and the proven failure of tech and apps to bring integration to the fore resulted in cancelling or delaying most of these projects. Governance and wise investments were the keywords for the projects that managed to survive the severe economic repercussions of the pandemic

As world recovery from the pandemic still far from being achieved and new rules for the international economy are being put in place, I would like to cite in this report the role IoT sector played since 2020 addressing the most pressing challenges, new strategies, unique business models, and the future of tech integration in this sector

The internet of things (IoT) market in manufacturing was valued at USD 187.33 billion in 2018 and is expected to reach USD 487.30 billion by 2024, witnessing a CAGR of 18.07% during the forecast period of 2019 -2024. Most of IoT in 2020 losses came mainly from the transportation sector. (IoT) devices worldwide is forecast to almost triple from 8.74 billion in 2020 to more than 25.4 billion IoT devices in 2030

Expected share of spending on Internet of things in the Middle East and North Africa in 2021, by industry

As the demand for traceability and transparency rose in the last two decades, companies have started making the processes involved in the production of their product transparent. Data collection and analysis through IoT devices makes the whole process transparent for manufacturers according to marketwatch.com

What type of investments that are pumped into the IoT sector

Consumer devices such as fitness trackers, connected security cameras, and smart speakers

Sensors, chips, and other hardware that serve the industrial and commercial markets

Software platforms for managing IoT devices

Cloud computing services for the processing power needed to churn through all the data IoT devices generate

UNIQUE STRATEGIES

To ensure the execution of IoT projects and to maintain suitable growth rates during the pandemic, many strategies have emerged to boost Internet of Things projects marketing, and given my interest in the content industry, I chose the third in this link ‘strategy Build Bottom-of-the-Funnel (BoFu) Thought Leadership’ for those who want to establish strong foundations in this field

Top-of-the-funnel (TOFU) content is commonly used as part of a content marketing strategy to target prospects in the awareness stage of their buyer’s journey. But at some point, you also need to explain why your company offers the best product or service

Are you creating content that helps your sales team close deals? It’s striking how little we focus on creating and sharing bottom-of-the-funnel (BOFU) content. At the bottom of the funnel, leads are nearly ready to make a purchase decision

They need some convincing of why your option is the best. Using content types such as case studies, product walk-through videos, and live demonstration webinars, you can show how your product or service solves specific pain points

One key thing to remember is that even though you are trying to inspire a lead to convert, BOFU content should not be a direct sales pitch. You still want to prove that you’re here to help, not to sell

Examples of content for the bottom of the funnel include case studies, testimonials, product demonstrations, live demonstrations, free trials and more are difinite methods of your ideas.

2021 Smart players

Regardless of the presence of large players in the market such as Cisco and others, there are emerging players in the field of Internet of Things that have been able to acquire significant market shares

Samsara

Samsara is one of the leading service providers in IoT. They help you increase the efficiency, safety, and sustainability of the operations that power up your business. This IoT service provider firm offers data solutions that aim to enhance operational safety and efficiency for an array of industries

Vates

Vates offers high-end prototyping services which helps you to ensure that your IOT product is market-ready. This IoT service provider assists you with critical decisions that occur during the design and development of an IoT software

Oxagile

Oxagile offers robust and secure IoT solutions driven by device-generated data and compliance. This IoT service provider has a team of IoT developers who help you with your IoT hardware/software development process and bring value to your business at any stage

Health sector

IoT applications in health insurance rely on patient data collected from sensor-based devices, such as wearables, biosensors and mobile apps. This real-time data helps insurers identify which medical processes might be best for individual patients, minimizing the extent and cost of unneeded exploratory procedures

IoT advances have greatly reduced emergency room wait times. Radio Frequency Identification (RFID) tags, infrared sensors and computer vision collect real-time data about hospital bed availability. This expedites moving patients through the emergency room to be admitted

The same data also helps Emergency Medication Technicians (EMTs) who transport patients to hospitals. If EMTs know one hospital lacks patient beds, they can reroute to another hospital that has capacity

Fintech sector

By 2026, IoT is expected to reach $116.27 billion in the banking, financial services, and insurance industry

Cyber-crimes

Most cyber crimes in IoT sector compromised customer data and safety,; loss of information, financial losses, ..The evolution  of  IoT  represents  multiple categories  of cyber-physical  systems,  integrating  technologies  related  to  smart grids,  smart  homes,  intelligent  transportation,  manufacturing and  supply  chain and  smart  cities,  to  name  a  few 

Such  new technologies  come  with  new  types  of  risks  that  existing  risk assessment/management    methods    are    not    designed    to anticipate  or  predict 

Safeguarding an  IoT  deployment IoT, while simultaneously harnessing  its economic  value,  requires systematic   consideration   of   multiple   factors,   including: privacy,  ethics,  trust,  reliability,  acceptability  and  security. Such a systematic approach would go far to ensure the integrity, confidentiality, and availability of the data contained in   IoT   devices   and   services.   Cyber   security   has been recognized as a critical national policy issue

Smart cities

According to ABI Research, over half of US$135 billion projected total cybersecurity spending will be done on protecting smart cities in 2024. Most blockchain-based smart city projects are still in their infancy and … Therefore, considering that applications can have different … and execute management operations on the DLT

Future Challenges

Lack of mature IoT technologies and business processes. Limited guidance for life cycle maintenance and management of IoT devices. Limited best practices available for IoT developers. There is a lack of standards for authentication and authorization of IoT edge devices. IoT has to be coupled with the ability to make sense of the data captured, and to take meaningful actions

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