Our “things” are no longer disconnected items. They communicate with each other through the internet to create a network of interconnected devices. They’re smart and we have them all over our homes. Our doors, televisions, thermostats, microwaves and more, are all linked to the Internet of Things (IoT).
In 2010, there were about 5 billion people worldwide compared to roughly 1 billion “things” with identities. By 2020, this ratio is projected to reach 8 billion individuals and nearly 50 billion “things.” Experts predict this gap will become even more pronounced by 2035 when we’ll see a ratio of 1 trillion “things” with identities expanding to 10 billion people. The IoT is here, and the companies that are best equipped to manage those identities will be the ones that thrive.
The surging expansion will lead to an IoT market that’s forecasted to reach $267 billion, according to a recent publication by Boston Consulting Group. IoT companies that offer customer services and applications investments are expected to have the highest revenue growth.
As the IoT becomes more ubiquitous, managing the identities of both consumers and their things will be essential to successfully leveraging the shifting landscape. Let’s look at a specific instance of how a Janrain client has been able to do so.
A major electrical building systems manufacturer recently decided to incorporate the IoT into its products to capitalize on this market opportunity.
This company previously focused solely on B2B manufacturing and sold its products directly to building contractors, but had recently made a substantial investment in the B2C space. With the foresight to move into the IoT sphere, the company began innovating and building the intelligent devices and systems necessary to make homes smarter, with items such as:
The emergence and rapid spread of the IoT, however, made the company realize its relationship with customers didn’t end at the point of sale. These consumers needed a holistic service to handle security, energy management, omnichannel access and more. It quickly realized that it needed an identity management solution to manage both its users and things’ identities.
By using our Customer Identity and Access Management (CIAM) solution, the company has made huge strides in the intelligent home.
To learn more about how this company successfully implemented the Janrain CIAM solution and developed a secure strategy for managing the identity of its consumers and their things, check out our case study, “Building systems company realizes Internet of Things vision with Janrain.”