How will IoT drive the connected economy?

The Internet of Things (IoT), a giant network of connected things and people, is transforming many industries across the globe and creating value for both businesses and their customers. Telenor Connexion, a fully-owned subsidiary of Telenor and a dedicated and specialized IoT unit, has released a new report highlighting five major trends and challenges related to IoT and digital transformation in 2019.

The report titled 'Five Predictions for IoT' was prepared in collaboration with analysts from Stockholm-based consulting firm Northstream. The five predictions of the report are analysed below:

• Innovative collaborations between businesses will uncover the hidden value of IoT data - aggregated, non-personal data coming from “things” in the IoT will be the “hotbed” of the emerging data trading industry.
• IoT newcomers will “leapfrog” the early complexity of digitalisation faced by first movers - The development of web services will allow IoT newcomers to quickly deploy the infrastructure needed for digital applications, with considerably less effort, time and resources than their predecessors.
• Connectivity must be considered from the beginning of the product development process - To enable new digital products and experiences, considerations related to connectivity technology, technical competence and commercial models will be important to consider at the very beginning of the product development process.

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• Connectivity technologies will be one of the main forces driving eCommerce forward - Increased integration of connectivity and logistics, combined with other technologies such as AI, will continue to bring highly advanced products and services to the logistics field.
• Managed connectivity will be critical to success with connected products - Reliable, managed connectivity solutions will become crucial to all types of businesses, requiring businesses to partner with connectivity service providers who can guarantee technical support and quality of service, including coverage, security, latency and reliability.

“The business landscape is changing rapidly, which means all types of companies need to consider where they fit into new digital business processes,” said Bengt Nordström, CEO at Northstream.

“Beyond simply connecting products, Telenor Connexion is dedicated to helping our customers identify the business value in connectivity. This report is part of that commitment, designed to help enterprises find their way in an evolving business landscape," Mats Lundquist, CEO at Telenor Connexion commented.

(With inputs from Telenor Connexion press release)