Although the Internet of Things is often regarded as a technology that is yet to really burst into life, a recent study reveals that it is already proving hugely profitable.
An industry survey conducted by Progress and Harbor Research has found that 65 per cent of IoT apps are generating revenue, with this figure expected to hit 80 per cent by 2018.
Looking at 675 application developers across the US, UK, Sweden, Germany, France, India and the Netherlands, the study found that 45 per cent of developers are currently building some form of IoT app. The industries currently leading the Internet of Things development race include smart homes, automobiles, wearables and fitness. The public sector was deemed the least important industry for the Internet of Things, being mentioned by just 4 per cent of respondents.
However, other industries are expected to become major players in the IoT market over the next five years, with healthcare and smart city projects predicted to generate more app revenue.
In terms of development, the report from Progress reveals that 29 per cent of developers believe that Android is the best operating system for creating Internet of Things apps, with Windows cited by 24 per cent, Linux 21 per cent and iOS just 16 per cent.
Mark Armstrong, vice president and managing director for EMEA at Progress, believes that developer tools will have a big impact on the future of the IoT industry.
“Our research shows developers put their long-term bet on industry and infrastructure IoT apps as the foundation for revenue generation,” he said. “They just need the right technology tools to gather, analyse, use and manage contextual IoT data to maximise this opportunity, from both a creative and revenue perspective. With the right approach, developers can turn their big ideas into business reality, helping define the IoT and its future.”
Although the number of IoT products being used commercially is limited, technology giants like Apple and Google are keen to establish themselves in the industry before revenue figures begin to escalate.