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There are already 20 billion IoT-connected devices, and 8 billion of those are devices used by enterprises, according to a report by Gartner. The impact of the Internet of Things market is potentially $11 trillion by 2025.
The investment in IoT has come primarily from large businesses, but the technology is increasingly available via ‘as-a-service’, making it possible for businesses of all sizes to benefit. The ‘as-a-service’ model reduces the cost of ownership and capital expenditures and makes it easy for small businesses to investigate IoT with smaller up-font investments and less risk.
Frank Della Rosa, research director at IDC, said that “Software as a Service (SaaS) continues to be the most highly deployed cloud segment, representing a commanding 62.4% of the total cloud market revenues.”
Rob Mesirow, PwC’s leader of Connected Solutions and IoT Practice, said that 2020 is shaping up to be a breakout year for IoT. “Combined with cost reductions in chips and sensors, new economics is making it easier for companies to invest and win.”
TechHQ explained the benefits. “IoT-a-a-Service offerings can equip organizations with similarly powerful IoT networks and software, hosted on someone else’s data center, and ultimately run by experts under someone else’s roof and payroll. Upfront and maintenance costs are slashed, and degree of investment is flexible.”