"Homes will move from being interconnected to become information- and smart-enabled, with an integrated services environment that not only provides value to the home, but also creates individual-driven ambience," Tratz-Ryan adds.
"The home will become the personal space that provides assistance or personal concierge experiences to the individual."
In addition to residential IoT investments, there are a number of IoT deployments for on-street and off-street parking guidance, road traffic guidance and traffic flow metering.
A quick win within transport is the reduction of traffic congestion.
According to Tratz-Ryan, California and the U.K. are already implementing radio receivers or sensors that are embedded on a section of highway to diagnose traffic conditions in real time - another successful use of IoT in the city is smart parking.
The city of Los Angeles, for example, has been implementing new parking meters, parking space vehicle sensors, real-time parking guidance and a full parking management system to influence demand during peak times.
"Electric mobility, charging stations and embedded IoT will generate additional IoT opportunities in smart cities," Tratz-Ryan adds.
"This could be, for example, IoT in vehicles, or vehicle batteries sensing and communicating with the driver, or the next charging station to negotiate charging terms."
New and transformative business environments and ecosystems will emerge.
For instance, automobile companies are investing in streetlights with charging stations embedded in the post to reduce the infrastructure investment for automobile charging stations.
Sensors allow these companies to identify vacant charge-parking spaces for their customers, communicated via mobile applications and on-board systems - they will also be the facilitators of the payment and transaction for ease of use.
While investment in IoT hardware is fundamental for smart cities, the real revenue opportunity for TSPs is in the services and analytics sector.
"We expect that by 2020, many IoT TSPs will have grown their hardware revenues through services and software by more than 50 percent," Tratz-Ryan adds.
"Gartner also estimates that smart-home security and safety will represent the second-largest service market by revenue in 2017, and that by 2020, the smart healthcare and fitness market will have grown to nearly $38 billion.
"We expect commercial IoT implementations to be used across multiple industries, such as smart energy, environmental service or journey planning, which will offer TSPs the opportunity to monetize IoT by building IoT-related service models.
"Significant value contribution will come from information and data analytics of IoT, which connect services to third-party transactions and billing records, as well as enabling subscriptions or on-demand services.
"This enables a multidimensional value chain with different partners."