Is IoT becoming a make or break issue for enterprise success?
Internet of Things (IoT)

Is IoT becoming a make or break issue for enterprise success?

Over the past decade, the Internet of Things (IoT) has increasingly driven a wealth of value for organisations who have had a desire to digitally transform their businesses. IoT benefits are varied and wide-reaching but generally come down to lowered costs, greater data wealth, increased productivity or safety and even additional streams of revenue. The rise of IoT has gone hand in hand with things like cloud computing, big data analytics and AI to produce highly effective digital profiles for organisations from just about every industry, helping to pave the way for the digital transformation and the connected enterprise.

IoT has especially picked up a lot of steam in recent years. IDC has forecast that international spending on IoT will hit $745 billion in 2019, representing an increase of 15.4% over the previous year. The analyst also says that the market will continue to grow at double digits throughout the entire period of 2017 - 2022, with a mind-boggling $1 trillion expected to be spent in 2022.

Meanwhile, Zebra technologies in their Intelligent Enterprise Index recorded a 4% increase in enterprise spending on IoT projects, with organisations shelling out an average of 4.6 million over the course of last year. All this spending is going to make for massive economic gains in the coming decade as well, according to forecasts from the McKinsey Global Institute, which projects IoT to generate $11.1 trillion in economic value per year by 2025.

With such comprehensive numbers, it would be hard to argue against IoT as a considerable value proposition, especially for larger companies. Although with all this adoption, is it safe to say that - across a huge number of industries - organisations who are not actively advancing their IoT programs will simply fall by the wayside in lieu of more digitally advanced competitors?

If data is, in fact, the new oil as many pundits have professed, IoT surely represents an opportunity too good not to squander. Considering that there are roughly 7 billion connected IoT devices (a number expected to swell to 22 billion by 2025), which are responsible for the transmission and processing of petabytes upon petabytes of data for many institutions, developing a comprehensive and strategic approach to IoT is becoming fundamental for many businesses.

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Pat Martlew

Patrick Martlew is a technology enthusiast and editorial guru that works the digital enterprise beat in London. After making his tech writing debut in Sydney, he has now made his way to the UK where he works to cover the very latest trends and provide top-grade expert analysis.

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