Gartner defines the ‘Internet of Things’ as the network of physical objects that contain embedded technology to communicate and interact with their internal states or the external environment.
IoT worldwide spending will reach $1.29 trillion by 2020.
The rapid growth of IoT is being driven by the tangible results that businesses of all sizes and from all industries are seeing as a result of IoT projects. By using embedded SIMs, connected devices can engage in two-way communications with central systems: either transmitting real-time data from sensors or receiving instructions on how to act. This opens unlimited possibilities for companies such as achieving higher efficiency, launching new connected services and business models, improving customer success management or gathering advanced business intelligence. IDC forecasts that worldwide spending on IoT will reach $1.29 trillion by 2020.
Why is it happening now?
IoT is the result of the coming together of mature mobile network technologies and globalization. Recent years have seen digital technology act as the catalyst for globalization: as a result, enterprises no longer operate as local entities but serve an increasingly multinational customer base.
Together, mobile technology and infrastructure have evolved to a point that they have the reliability, ubiquity, and performance to provide consistent communications all over the world.
As enterprises become ever more interconnected, this offers a cost-effective way to work across multiple regions. The consolidation of the data generated then allows businesses to understand both their customers and operations, to generate efficiencies and enhance their business models.
Over the next five years, large organizations will drive the growth of the IoT market. Enterprises – and even networks – should start working with specialized agencies to deliver IoT connectivity that is tailor-made to suit the needs of enterprises rolling out global projects.
Companies are often concerned that their employees lack IoT skills and knowledge, along with senior managers lacking knowledge of, and a commitment to, the required technologies to succeed with an IoT strategy. The Internet of Things is new and often a very nebulous idea. In fact, 70% of companies often look to outside consultants or IoT companies for help or try to learn from early movers in similar markets.
When companies look to secure outside help they tend to be more successful and reach the market faster. Consultants have often seen the pitfalls and can help identify issues early because of the experience they already had with launching IoT based projects.
Let Echolo help you with you next or ongoing IoT project today!