The Internet of Things promises to be the next big disruptive technology as it is expected to augment products and services across industries in ways yet to be discovered. According to forecasters, by 2020 there will be more than 20 billion connected devices, generating annually over 5 trillion gigabytes of data and creating a whopping $300 billion in opportunities.
For the past several weeks we have been collecting answers to our Enterprise IoT survey to get a sense of market readiness for take-off this year. As promised, here are the results along with some insights into the near future of the connected world.
The first question we asked was whether the Enterprise IoT market will take-off significantly this year. Not surprisingly, most of the respondents answered affirmatively (87%), while 13% disagreed with that statement.
Although there is huge potential across almost every market, we were interested to find out which ones our respondents thought were primed for take-off this year. According to our results, implementation of Enterprise IoT for the Industrial & Factory sector is far and away the leading candidate – garnering almost double the support compared to the retail, transportation, building automation and medical markets.
This comes as no surprise to us as the Industrial market has had the most concerted effort around driving IoT adoption and the creation of “Smart Factories” such as the German-led Industry 4.0 initiative and the Make in China policy.
Most businesses realize that future growth depends on the successful implementation of IoT in their products and services. However, as with any disruptive technology, the market needs time to understand, integrate and adjust its way of doing business before the full benefits can be realized. According to our survey respondents, the biggest hurdle or barrier to entry for Enterprise IoT success is the integration with existing ecosystems (33%), followed by security concerns, protocol standardization and lack of commercial-grade platforms.
While the future is bright, the perception of Enterprise IoT as one emerging market over-simplifies the complexity involved in matching the myriad different technologies available to satisfy specific application requirements. The increasingly complex balance of hardware, software and cloud integration demands a collaborative approach, combining multiple areas of domain expertise to meet the rapidly-changing market needs.
A future shaped by IoT might feel overwhelming, but the potential rewards far exceed the risk of staying behind. We are here to help you seize the opportunity and face the rapidly changing markets with confidence as our co-creation stories can attest to. Contact us today for more details.
Thank you to all who participated in our Enterprise IoT questionnaire and congratulations to Liu Jianfeng, the lucky winner of a VIA AMOS-820!