What’s trending in the IoT space
From techcrunch.com Moon CRUNCH
NETWORK CONTRIBUTOR
Bernard Moon is a co-founder and general partner at SparkLabs
Global Ventures.
How to join the network
Our team has been active as investors in the Internet of Things and
hardware space over the past two years. We have read pitches from hundreds of
companies, met with dozens, read hundreds of research reports and spoken with
various experts. We have invested in six IoT/hardware companies from our
global seed fund and seven from our startup accelerator.
With this accumulated knowledge, we decided to create an
easy to read overview for others to get up to speed on this trending space of
IoT. Here is our full report;
the following is a summary of what we learned.
Our view is that there are five major battlegrounds for IoT
and hardware innovation and market growth in the consumer space: connected
homes, wearables, healthcare, robotics and drones and transportation. For this
article, I’ll cover three sectors (two consumer and one industrial): connected
homes, healthcare and industrial IoT.
In
the home
Within the connected home, we have identified three primary
entry points to influence consumers and control the connected home: security,
central appliances and home hubs. These are the current battlegrounds between
incumbent corporates, new corporate entrants and startups.
ADT is the leader of the
fragmented home security market. This $6.7 billion market cap company with $3.5
billion in revenues has 25 percent of the residential market and 13 percent of
the SMB market. Comcast has been working to penetrate this market since they
have such a huge installed base with over 54 million homes. From startups
and former startups, there are low-cost solutions such as Google’s Dropcam, August (Smart
Lock),Canary and Notion.
In central appliances, whether Nest’s thermostat
or LG’s smart refrigerators,
these companies are seeking to bring the conveniences of online
connectivity to daily household tasks or functions. Simplicity and ease of use
is important for these plays to build trust and expand their presence into
other parts of the household. Other targeted areas are sprinkler systems, washers,
lighting, power meters and others.
We believe it is an exciting time to be an investor and
entrepreneur in the Internet of Things and hardware sector.
There are various approaches to the home hub
market, with focus ranging from audio features to advanced home
controls. With the shut down of Quirky/Wink and the slow uptake of other
options, it seems most consumers still do not have a compelling reason to
purchase such advanced devices. SmartThings, acquired by Samsung, has the
benefit of being housed now with a larger entity since this is long-term battle
for the home. We’ll see how this market develops in 2016.
The
IoT in health
With the emergence of IoT devices, the healthcare industry
will benefit from always-on connectivity, increased data and information and
decreased unnecessary interactions between healthcare professionals and
patients.
Complementing the rise of IoT in healthcare, the Food and
Drug Administration (FDA) reported that approximately 500 million smartphone
users around the world will be using a mobile medical app this year. This
number is expected to grow to 1.7 billion smartphone and tablet users by 2018.
From hospitals testing “smart beds” to connected electrocardiograms and
connected patient badges, there are endless efficiencies that theInternet of Things can
provide to hospitals, doctors and many other players in the healthcare
ecosystem.
We believe it is too early in the innovation cycle to choose
or rank the greatest impact that the Internet of Things will
have on the healthcare industry, so here are just a few of the areas we
have identified:
Telemedicine and patient monitoring. Even
though the promise of tele-medicine has been discussed since the first Internet boom
20 years ago, we really believe it is here. No, really.
Where IoT can really make an impact is improved patient
monitoring, especially remote patients, because single in-patient costs can be
more than $1,800 per day. IoT can dramatically reduce these costs.
Better drug delivery and management. From
supply chain management of drugs to consumer safety to “smart pills,” there are
many areas where IoT can eliminate fraud and waste and improve the lives of
patients.
New data and discoveries. With
increased connectivity of glucose monitors, heart monitors and so many other
tracking devices, there are bound to be new discoveries from the data we
collect, analyze and benchmark against patients around the world. We only
expect the amazing to occur when IoT in healthcare is ubiquitous.
Related Articles
In
the industry
Industrial IoT has the potential to be bigger than the
consumer space. With more than 13 billion connected devices in the world and
millions more coming online every week, the amount of data we are collecting is
amazing. From street signals to manufacturing plants to construction cranes to
jet engines, the aggregate data companies collect will be overwhelming and
exciting as they try to figure out what to do with it and how best to analyze
and apply the knowledge gained.
There are three current areas of innovation and growth in
the industrial IoT space:
Artificial intelligence and machine learning. This might be the most
critical aspect of industrial IoT because gathering all the data from millions
or billions of sensors is useless without insights and learning.
Security. Most of the IoT space is relatively
unsecured, so this is a high priority for private and public sector leaders.
From Jeep hacks to baby monitors, people have been shown how
unsecure connected devices really are.
Sensor-driven computing. While
very early, the potential of sensor-driven computing is enormous. Think Google
Now for manufacturers, industrial robots and smart cities. It could be an
automated world beyond our current imagination.
Overall, we believe it is an exciting time to be an investor
and entrepreneur in the Internet of Things and hardware
sector. From improving our homes to improving healthcare to making our
jobs more efficient, these are areas that will truly improve the quality of our
lives.
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