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Internet of Things Set to Soar in the Enterprise

The Internet of Things (IoT) is preparing to boost enterprises, according to a survey conducted by IDC, with businesses expected to begin deploying IoT solutions within the next year. Almost 73% of around 2,500 respondents to the IoT Decision Maker Survey said they had already deployed IoT solutions or were planning on doing so within the next 12 months.

IoT is powering wireless technology and connecting us to the internet, further accelerating mobile opportunities and transforming how we interact with day to day tools. Before, it was your fridge and boiler but now IoT is having a major impact on the enterprise.

The healthcare industry in particular appears to be preparing for a strong shift in regards to IoT. 72% of healthcare industry respondents considered it a strategic initiative. Other strong responses saw 67% of transportation sector respondents identifying their needs for an IoT solution and 66% of manufacturing respondents also expressing a similar view.

Despite security being a predominant concern when it comes to IoT, it surprisingly didn’t top the list of concerns for respondents. It was costs that narrowly beat it in first place. So how will the Internet of Things have such a big impact on the enterprise anyway?

IoT in the Enterprise

Nearly 30% of businesses worldwide have begun implementing IoT strategies, ranging from small and medium sized businesses to large enterprises.

The world will see 25 billion Internet-connected things by 2020, and Gartner estimates that the IoT will produce close to $2 trillion of economic benefit globally. These things are not general purpose devices such as smartphones and PCs, but dedicated objects, such as vending machines and jet engines.

It’s essential for enterprises to understand how IoT has the ability to transform their business and industry. Leveraging an IoT solution will revolutionise business operations and lead to some much bigger opportunities within organisations.

If you’re struggling to find your place in the IoT landscape, it’s vital you develop an innovative business case before the deployment of an IoT solution can take place.

The Facts

A recent report by BI Intelligence examined which businesses are already using IoT systems and what barriers might stand in the way of IoT upgrades:

  • Enterprise IoT software providers will earn far more than those who provide IoT hardware. Enterprise-focused IoT software and services sales will reach $43.9 billion by year-end, while hardware will account for about $2.3 billion in revenue, according to our estimates.
  • The manufacturing, transportation and warehousing, and information sectors will invest the most in IoT systems and devices in the next five years, it is estimated.
  • The primary barriers to installing the IoT within businesses include the high costs for installation and increasing vulnerability to a cyber-attack.

This article was written by Andrew Floyd, Head of communication & content at B60 and originally published here:

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