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Internet Of Things: Tech Vendors See Path to Consumer Market
Revenues from technology and services related to the Internet of Things (IoT) is expected to grow 8.8 percent annually from $4.8 trillion in 2012 to $7.3 trillion by 2017. The main areas of growth are with the consumer, discrete manufacturing and government vertical industries. That’s the result of research from IDC on the IoT market.
The report suggests that this is a market that many tech vendors can’t pass up. The report recommends that “as the IoT market starts to coalesce in both concept and solution offering, vendors take the next step and look at this huge IT opportunity in a more realistic and valuable framework.” IDC thinks that many IT vendors that today focus primarily on business customers will be able to become more active in reaching out to consumers. The interconnections of houses and cars will enable these vendors to create B2B2C services.
Mark Zack, global VP of semiconductor product for Digi-Key, said that “innovative suppliers are eyeing new opportunities for new product development strategies, creative partnerships that leverage this disruptive technology to improve how people live and work in a more connected environment.”
Scott Tiazkun, senior research analyst for IDC’s Global Technology, said that “the Internet of things market must be understood in terms of vertical markets because the value of IoT is based on individual use cases across all markets. Successful sales and marketing efforts by vendors will be based on understanding the most lucrative verticals that offer current growth and future potential and then creating solutions for specific use cases that address industry-specific business processes… The IoT market will greatly impact and offer the potential for vertical-aligned businesses to improve both performance and profitability. The IoT solutions space will expand exponentially and will offer every business endless IoT-focused solutions. The initial strategy of businesses should be to avoid choosing IoT-based solutions that will solve only immediate concerns and lack ‘staying power.”
