Guest post from Amdocs
Imagine this: You’ve just walked out the front door without your keys and your smart-door delays locking the door for 30 seconds, giving you the chance to duck back inside to get them. You’ve got an internal heart monitor that detects something isn’t quite right so it sends you a text message to go straight to the hospital and sends a similar message to your doctor so he knows you’re on your way. You’re in the supermarket and your shopping cart, which is connected to your refrigerator, sends you a text that you’re all out of milk.
Completely beyond the realm of any logical thought? Actually, not.
Capitalize on a world of opportunities
Service providers in developed markets continue to experiment, and quite successfully, with machine-to-machine (M2M) and Internet of Things (IoT) services. Many have invested in multiple verticals to ensure better coverage of opportunities. Take, for example, Verizon’s new ‘Virtual Visit’ mobile health program which facilitates direct communications between patients and their healthcare providers. And market research firm Infonetics predicts that the service provider market driving the connected car revolution (no pun intended) will hit $17 billion by 2018.
According to research firm Analysis Mason, the number of M2M device connections worldwide is set to grow from less than 0.5 billion at the end of 2013 to 3.4 billion by 2024. This growth will be driven by demand for connectivity in several sectors such as automotive and transport, security and utilities. Revenue growth will also be substantial – particularly in segments where end-to-end services provide a premium over pure connectivity services.
It’s time to get connected
There is no one single approach to developing M2M/IoT opportunities that can be identified as the best-practice strategy for service providers to achieve their business objectives. Most of the opportunities currently in M2M/IoT services are within the enterprise market; service providers are focused on B2B2C use cases and most enlist several channel partners for go-to market.
Consumer-focused M2M/IoT service offerings are still in their infancy. But more and more service providers understand that the next huge market transition is going to involve previously unconnected machines, devices and accessories that will clearly demonstrate great potential to get connected.
If you think this sounds like a scene from a science fiction movie and you wouldn’t mind a little help getting it clear in your mind, you’re not the only one. But service providers who don’t capitalize on these new and exciting marketing opportunities will find themselves very alone in a market that is becoming extremely competitive.
For more information on embracing M2M and IoT services strategies, and monetizing Connected-X services, please join us at the Broadband World Forum for our ‘Delivering and Monetising a Global Internet of Things’ session at 14:40 on Wednesday 21st October.
Want to learn more?
Make sure to download this white paper that discusses how communications service providers (CSPs) support the digital economy and their approach to multi-play services.