Everything Connected, Anytime, Anyplace

Michael Lawrence

The opportunities for the Internet of Things are immense with the potential to impact every aspect of life across the globe. From patient care to domestic automation and remote monitoring to in-car entertainment it really could be a new ‘industrial revolution’.

If we are to see potential spend in the trillions and the number of connected devices in the billions then global awareness is going to spread in all different directions. We will see some weird and wonderful, practical and non-practical solutions entering the market. No matter what and how you view this market it will change the way we interconnect with technology and the world going forward.

Today we serve technology tomorrow the ‘Internet of Things’ will serve us

Technology has advanced to a point where it allows you to do pretty much anything if you have the money, people and skills. Some of the standard “Internet of Things” solutions today include transport & logistics, vehicle telematics, smart metering/smart grid, healthcare and wearable devices.

One area of interest is that of the telematics vehicle insurance market. Some believe the market has reached its peak even though a number of market analysts still expect to see growth in the order of CAGR 20%+ over the next few years. It is our opinion these figures are highly conservative.

Would you build a house with no security, no doors or windows?

Security risks associated with ‘The Internet of Things’ are a white paper in their own right - with the potential for malicious hacks or exposing data without understanding what’s being shared. What might be the unintended consequences of opening access to information you might have thought to be private by not checking or indeed checking a little box on a sign up form?

With the Internet of Things you can make it as secure or insecure as you like and there are plenty of organisations out there discussing the security challenge. Would you build a house with little or no security i.e. no locks on your doors or windows? With the Internet of Things it’s the same, and most of the challenge, in our opinion, is about education. Creating a completely open system runs the risk of misuse of data however locking it down completely stops anyone including the consumer from potentially using the system and gaining benefit.

Picking Winners and Losers in the Internet of Things

One thing for sure is the market is changing and changing fast. We have seen insurance companies acquire telematics companies and telematics companies start up insurance companies. Early to market M2M and IoT start-up companies are being purchased by the larger organisations.

With most M2M solutions today being vertical aligned and by country. We will start to see some of the technology being combined. Telematics companies will engage more with manufactures and black boxes will be manufactured into new cars along with sensors. Therefore it’s not clear what role insurance companies will play within the telematics market or who will own the data generated from the devices within vehicles.

Michael Lawrence

A B2B marketing leader and specialist in delivering change, generating value and introducing advanced technologies, Michael heads up the Telecoms practice at BPM. Michael’s career includes Head of Propositions at Everything Everywhere and Head of Corporate Portfolio for Orange, with earlier senior level roles at O2 and BT.