While public bodies law-make, private companies build, and academics research, one thing that could speed up IoT development in the next couple of years is if manufacturers reach a consensus on interoperability. The greatest tech companies and transport manufacturers can pioneer to their heart’s content, but the Internet of Things is a system, multiple systems even, and the individual parts need to play well with the other parts for the most gain.
It’s possible we may have an IoT version of Betamax vs VHS – or for a more modern reference Blu Ray vs HD-DVD (but no doubt more complicated than that) – where several communication standards develop in conjunction with each other. Through a combination of mergers and acquisitions, significant marketing budgets and – most probably – a triumph of good user experience, one protocol could eventually rise to the top. As this report from McKinsey lays out, the economic value of the IoT – a possible $11Tn by 2025 – is reliant on successful interoperability standards by as much as 40%.