Within the increasingly competitive technology landscape, data is an essential commodity. It is so valuable because, when managed and analyzed properly, it provides the insights that businesses need to innovate and grow. Thanks to the internet of things (IoT), higher-quality data can now be captured more quickly and in greater volumes, presenting organizations with new opportunities to transform and improve their business models. What could the IoT’s new possibilities mean for your business?
The main drivers for IoT spending are currently IT-focused projects, including data center management, surveillance and security monitoring. However, as companies become more familiar with the technology, 451 Research projects that IoT applications will spread further into the enterprise.
What’s behind this rapid spread is new advancements in key technologies that have enhanced the IoT’s capacities and usefulness within enterprises and supported growth through digital transformation. If you understand the ecosystem of forces driving the IoT, unprecedented opportunities exist for business growth.
IoT Growth More than 65 percent of IT and IoT decision makers plan to increase their IoT spending in the next 12 months, with an average spending increase totaling nearly 18 percent. While the majority of current use cases are focused on IT applications, future projects are predicted to focus on industrial applications. Some of the biggest industrial enterprises, including GE, Siemens and Schneider, are investing billions in their IoT platforms.
The “digital vortex” of rapid change within the marketplace makes tech products and services in particular vulnerable. The ability to scale and quickly adopt and adapt new technologies will determine longevity.
Many factors are enhancing the utility of IoT and ultimately driving its growth, according to a report by PricewaterhouseCoopers:
The convergence of IT and OT:Now that operational and information technology have begun to interconnect, mountains of previously unavailable data are being generated and captured. The coming together of these historically siloed departments means more informed decisions, reduced operational costs and improved production processes for the manufacturing industry.
Artificial intelligence:Data is only useful if its insights can be acted upon. Artificial intelligence helps make data actionable, supporting enhanced IoT applications that enable predictive, prescriptive and adaptive analytics. Artificial intelligence will continue to heighten productivity and expand business opportunities beyond anything previously possible.
Explosion of Connected Devices: There will be 80 billion internet-connected devices by 2025, according to IDC’s forecast. These devices will generate 180 zettabytes of data per year, in contrast to 4.4 zettabytes in 2013 and 44 zettabytes in 2020.
