A new report published by Verizon Enterprise Solutions entitled “State of the Market: The Internet of Things (IoT) 2015: Discover How IoT is Transforming Business Results” reveals how the adoption of the Internet of Things (IoT) by companies is starting to pick up the speed. The study highlights the main points of the increase adoption of IoT and provides some guidance for companies and government agencies interested in developing a IoT strategy.
According to the Verizon report, the IoT is powered by technological, political and social factors and why more and more organizations to adopt IoT-enabled solutions. For example, the use of social media and mobile technology has transformed the expectations of consumers and citizens. In addition, the decrease in the cost of sensors, connectivity and computing power has made IoT increasingly attractive to a broader range of organizations, as well as impacted the changes to the legislation introduced in a number of economic sectors.
If you look at the site, IoT includes multiple solutions ranging from wearable devices to remote monitoring device power management to improve safety and efficiency in the transportation industry. New use cases are created every day, but the business case for the IoT and the adoption by companies are often overlooked. In the last year, thanks to the economic recovery, we have seen a number of new players who have started using ‘IoT as a roadmap to improve the customer experience, accelerate growth and create new business models that promote social innovation’.
The report highlights how IoT standardized solutions are beginning to appear more often in place of highly customized solutions that have historically characterized numerous implementations of IoT in companies. Verizon highlights how digital certificates can then help to resolve the concerns of both the heads of the companies, general public, and at the same time, regulatory requirements regarding IoT and security.
The report found that the number of business-to-business IoT connections set to quadruple in the period 2014-2020, reaching 5.4 billion globally. Verizon show that in the automotive industry, 14 producers holding 80% of the world market are working on the “connected car” strategy. The research points out that by 2018, companies will introduce in the workplace more than 13 million devices for tracking the state of health and fitness. Verizon experts predict that by 2025 companies will evaluate where to invest and open new activities carefully considering the potential of smart city, considering the operating costs and availability of talent.
Despite the recent growth of M2M connections and global attention to the IoT-enabled solutions, Verizon experts believe that the spread between the companies is currently limited. Also, it is estimated that only 10% of companies have so far adopted IoT technologies extensively, noting that many companies are still in an experimental stage, waiting for feedback from the early adopters.
The continued spread of machine-to-machine technology and the presence of millions of connected endpoints will change the way we look at cybersecurity and privacy. The report concludes that off-the-shelf IoT solutions can replace the highly customized solutions that have previously characterized for enterprise.