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5 Quick Facts About Why Internet of Things (IoT) Matters to Your Business

by Dreamer on ‎01-18-2016 08:58 PM

Your workplace is changing, and that is forcing an evolution into how products and services are being created, then deployed to customers. The explosive increase in the Internet of Things (IoT) is something that must be rolled out in a careful, calculated manner.  It’s a trend that you’re going to hear more about in the future, with IoT connectivity spreading to greater impact our lives. How is IoT shaking up business and the world we live in? Number of Connected Devices Expected to Skyrocket IoT isn’t just some tech fad that is going to fade from prominence.  Actually, IoT is going to increase, an estimated 30 percent from 2015 up to 6.4 billion in 2016, according to Gartner.  There will be 5.5 million new connected things in 2016. That number will balloon up to 20.8 billion by 2020, as more devices receive connectivity.  Companies want to make sure any person, our electronic devices, objects, and even animals are able to transfer and receive information powered by IoT. IoT Spending Expected to Increase IoT spending will increase from $698.6 billion in 2015 up to an estimated $1.3 trillion in 2019, according to IDC.  In addition, GE believes the “Industrial Internet” will generate $10 to $15 trillion to global GDP over the next 20 years. In a previous blog post late last year, we highlighted the importance of proper ALM-PLM integration, and how this can help identify and resolve problems missed when hardware and software product development are addressed separately. IoT Connectivity is All Around You Smart homes and smart commercial buildings are under construction all over the world – and smart commercial buildings will have 518 million connected things in 2016, according to Gartner. However, it’s difficult to envision how IoT is changing the design and development process, with organizations ready to cash in on new possible revenue streams. More Industries are Taking Notice of IoT Manufacturing ($165.6B spending) and transportation ($78.7B) are the leading verticals for IoT deployments, with insurance, healthcare, and consumer spending expected to see larger investments.    Factory floors of many industries have already worked to adopt IoT, leading to the rise of “Industry 4.0”.  To learn more, we published a white paper highlighting growing IoT and I4.0 industry trends (available here). In addition to increased research and development, IoT adoption is being driven due to saving costs, with reductions in expenses in the office and manufacturing facilities. Challenges Aplenty Rapid adoption of emerging technologies helps accelerate markets, but threatens security, risk management, test management, and other important factors.  Your business must ensure its product developers and system engineers are ready to address growing standard and compliance problems that may need to be addressed. The use of Polarion QA allows you to design, coordinate, and track test management activities using a single and collaborative QA market. Final Thoughts IoT is growing rapidly, your customers rely on products to be tested and effective - if they aren’t, you may get lost in the crowd. IoT adoption will continue to mold how organizations conduct daily business operations, along with increase new functionality for customers.  Testing IoT software requires dedicated staff able to cope with changing software development needs.  Software is becoming increasingly important for new products and services, and there is little room for overlooked and unexpected errors. Additional Reading and Viewing: White paper: Testing the Internet of Things White paper: IoT and I4.0 Predictions Webinar: Internet of Things (IoT) and Good Software