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New devices are increasingly being designed and built with the Internet of Things (IoT) in mind. Within two years time, Gartner predicts that IoT technology will be built into most electronics, including wearables and medical devices. The sensors and communication capabilities of these new devices will create a network of constant data flow.
An IDC report finds that total IoT spending will reach $1.2 trillion by 2022 and that it is already at $745 billion. Carrie MacGillivray, vice president at IDC, said that “Adoption of IoT is happening across industries, in governments, and in consumers’ daily lives. We are increasingly observing how data generated by connected devices is helping businesses run more efficiently, gain insight into business processes, and make real-time decisions. For consumers, access to data is changing how they are informed about the status of households, vehicles, and family members as well as their own health and fitness.”
The IoT space isn’t all about hardware though. IDC estimates that hardware will account for only about 35 percent. More than 50 percent of the spend will be on software, services and “as-a-service” products.
MacGillivray said that “software creates the foundation upon which IoT applications and use cases can be realized. However, it is the services that help bring all the technology elements together to create a comprehensive solution that will benefit organizations and help them achieve a quicker time to value.”