New Bain & Co report forecasts global Internet of Things market, including hardware, software, systems integration, data and telecom services, to grow to $520 billion in 2021, more than doubling the $235 billion spent in 2017. Although some concerns about IoT adoption remain, enterprise and industrial customers are running more proofs of concept than they were two years ago, and more customers are considering trying out new use cases (60% in 2018, compared with less than 40% in 2016).
Another recent survey by Forbes Insights reports that about half of business executives feel they are making progress with their IoT efforts. About 700 decision makers were questioned, and almost all have implemented or are piloting IoT technologies in their companies. Pioneer IoT leaders – organizations that integrated IoT-driven data and insights into all aspects of their operations and processes – are appreciating measurable results.
For many enterprises, the value comes from data that is no longer trapped in silos and is thus capable of being shared across the enterprise. This leads to improved control over operating environments and assets, greater efficiency and productivity, enhanced energy management, a better ability to meet compliance requirements.