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Internet of Things (IoT): Changing the Way that Businesses and Industries Work
Spending on the Internet of Things (IoT) is expected to see blowout growth according to IDC. Spending is expected to reach $772 billion this year, a 15 percent gain over the amount spent last year. Projections are for IoT spending to top $1 trillion by 2020.
When you think of IoT, a picture of lots of different devices comes to mind, but in reality, more than half of the spending on IoT goes towards software and service intangibles.
Carrie MacGillivray, vice president, Internet of Things and Mobility at IDC, said that “by 2021, more than 55% of spending on IoT projects will be for software and services. 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.”
Sean Culey, Executive Vice President at Manucore, wrote that “IoT will change the way businesses and industries work, helping to break down the system, functional and cross-company silos that have traditionally prevented full operational transparency. This will provide previously unobtainable levels of insight into the efficiency and productivity of the entire end-to-end process, allowing for more cost-effective decisions to be made.”
