B2B Players Are Paying More Attention To IoT: Study
The Internet of Things is at the core of digital transformation in 2017, with 73 percent of executives either researching or currently deploying IoT, states a study by Verizon. Manufacturing, transportation and utilities make up the largest percent of investments, while insurance and consumers represent the fastest areas of spending growth.
With 8.4 billion connected “things” in use in 2017, up 31 percent from 2016, and network technology, cost reductions and regulatory pressures driving adoption, business leaders are not only paying attention, they are getting in the game said the study. Here are some of the key findings of the study:
Early Adopters get a Head Start:
The economics of IoT are increasingly compelling and the B2B space will benefit first, generating nearly 70 percent of potential value enabled by IoT. And while enterprises across industries continue to develop and pilot use cases to ensure real-time visibility into data around assets, equipment, power management and public safety – everything from construction industries employing drones for site inspections to government municipalities creating “smart” communities - hesitancies related to IoT still remain.
The Barriers are Eroding:
The report highlights new network technology across the industry - most significantly, the introduction of the first nationwide CAT-M1 network by Verizon in 2017, and with it, cost reductions in connectivity plans; changing consumer behaviors as they relate to the new sharing economy; and regulatory requirements spanning healthcare, food, and air space.
Simplicity and integration:
IoT platforms will become even more seamless and streamline the deployment of applications, giving developers simplified access to new tools and resources for IoT use cases. In addition, we’ll see ongoing consolidation of the IoT market space.
“Over the past year, industry innovators in energy, healthcare, construction, government, agtech and beyond have not only piloted, but in many cases, deployed IoT technology to improve business efficiencies, track and manage assets to drive value to the bottom line. In 2017, advancements in technology and standards, coupled with changing consumer behaviors and cost reductions, have made IoT enterprise-grade, and it’s just the tip of the iceberg in driving economic value across the board,” said Mark Bartolomeo, VP of IoT Connected Solutions at Verizon.
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