{"id":58595,"date":"2018-06-26T08:44:53","date_gmt":"2018-06-26T15:44:53","guid":{"rendered":"https:\/\/www.questionpro.com\/blog\/?p=58595"},"modified":"2018-06-26T08:44:53","modified_gmt":"2018-06-26T15:44:53","slug":"rise-and-fall-of-tech-innovation-2018-technology-failures","status":"publish","type":"post","link":"https:\/\/www.questionpro.com\/blog\/rise-and-fall-of-tech-innovation-2018-technology-failures\/","title":{"rendered":"Rise and Fall of Tech Innovation: 2018 Technology Failures"},"content":{"rendered":"

How Big Data, Internet of Things, and Virtual Reality Rose and Fell<\/b><\/h2>\n

We just love disruption in the digital age. From the iPhone to ridesharing, and everything in between and beyond, consumers are always eager for the next best thing while brands are ready to change the way they do business.<\/p>\n

But not everything that glitters is venture capital gold. Some recent solutions that were lauded as revolutionary seemed to have stalled, and are in danger of ending up like Coke Zero.<\/p>\n

Select your respondents<\/strong><\/a><\/p>\n

The Internet of Things<\/strong><\/h2>\n

Just a few years ago, it looked like every home and business were on their way to being fully connected to the internet. This was the promise of the Internet of Things (IoT). Yet, we\u2019re still waiting for our smart toothbrush and automated grocery stores.<\/p>\n

IoT is still alive and well to some degree. According to the latest statistics and predictions<\/a>, worldwide spending on IoT is forecast to reach $772.5 billion by the end of 2018 \u2013 representing an increase of 15 percent over the previous year. \u00a0The global IoT market will reach $457 billion by 2020, with a yearly annual growth rate of approximately 28.5 percent. Even our own research <\/a>on smart technology reveals that consumers are taking their time adopting new technology.<\/p>\n

All other metrics point to growth.<\/p>\n

The offline devil is in the details, however. According to advisory firm Bain, the biggest competitive areas for IoT will be in the enterprise and industrial\u00a0segments. IoT market share will be dominated by smart cities and industrials, with smart utilities and wearables at the very bottom.<\/p>\n

Basically, this means that unless you\u2019re a cash-rich country like Qatar, ubiquitous smart homes and communities are still a thing of sci-fi.<\/p>\n

Why do consumer applications lag so far behind? The main reasons are scalability and security. North American consumers are just too wary of security issues. In The Failure in the Market for the Internet of\u00a0Things<\/i><\/a>, Yosef Yudborovsky goes into detail about the security dangers of IoT, as well as troubling instances of hacking and privacy breaches. In fact, cyberattacks are increasing from 6.6 million attacks in 2015 to an expected 17.4 million attacks in 2020.<\/p>\n

On the business side, IoT is just as troublesome. A\u00a0recent Cisco study<\/a>\u00a0of 1,845 business and IT decision-makers found that almost 75 percent of IoT projects fail.<\/p>\n

The top five reasons are:<\/p>\n