Businesses are now taking necessary steps to gain a deeper understanding of IoT and its overall value. Let us look at this infographic, which talks about the challenges, and scope of IoT.

1. IoT is collecting data from “things” or uniquely identifiable endpoints, and using such data in
new ways to drive businesses.
Investors are jumping into the IoT bandwagon.
IDC estimates IoT market is worth $2.3 trillion industry today, a leap from $1.9
trillion in 2013, and expects volumes to touch $7.1 trillion by 2020.
Is IoT a
top technology
investment today?
?
Industrial / Business IoT
Consumer IoT
Consumer IoT
Energy / Oil and Gas Mobility Manufacturing
There are anywhere between 6-14 billion IoT powered autonomous connected devices today.
Cisco and Ericsson foresee about 50 billion such connected devices by 2020.
The revenue opportunities for companies from IoT are larger than combined revenues of
Apple, Google, and Facebook today.
IoT growth potential is maximum in:
Business applications
(around 55%)
Consumer applications
(around 45%)
Healthcare
(5% and 15%)
The Industrial Internet of Things (IIoT) market was valued at USD 93.99 billion in
2014, and is expected to reach USD 151.01 billion by 2020.
IIoT is growing at a CAGR of 8.03% between 2015 and 2020.
Consumer Electronics
OnWorld predicts 100 million internet connected LED lights by 2020, up from 2
million in 2015.
Juniper predicts that the number of wearable devices shipped to touch 140 million
by 2018, a ten-fold increase from what it was in 2014
IHS Automotive predicts 152 million cars to be connected to the internet by 2020, for
remote monitoring of tire pressure, fuel level, and vehicle load.
Navigant research predicts worldwide smart meter shipments to generate revenues
of $7.4 billion by 2018, up from $4.4 billion in 2013.
The market for first generation IoT devices, such as wearable, smart TVs, connected
cars and the smart home have started to mature, and gain traction.
The top areas of growth in consumer IoT segment are:
IoT integrates into many areas of the business.
With greater adoption, prices are expected to drop, fuelling even greater demand.
Trends which make IoT
a compelling preposition
Scope for IoT
Solution Providers
The top areas of growth in Industrial IoT are:
Businesses are now taking necessary steps to gain
a deeper understanding of IoT and its overall value.
The IoT Market
78%
74%
56%55%
38%
32%
Security
mobile
Networking
cloud
bigdata
socialmedia
The Potential
for IoT Vendors
As such, more than 80% of companies are yet to
embrace IoT, offering tremendous scope for new business.
25% are evaluating scalable data analytics solutions, but have not increased the
quantum of data collected.
11% are planning to roll out new sensors, and are evaluating analytic solution providers
10% have begun to implement sensors, and have chosen a solution to analyze the data.
Of the companies adopting IoT
Enabling IoT is not a plug-and-play operation.
Following are the key enterprise-level challenges
faced by companies when trying to implement IoT:
Joep van Beurden, the chief executive at CSR notes that about 10 percent of the financial
value to be captured from the Internet of Thinis trend is likely to be in the “things”; the rest is
likely to be in how these things are connected to the internet.
of companies are
actively researching
on IoT
56%56% of companies
have no plans to
implement IoT
26%26% are in the pilot
phase with regards
to IoT solutions
13%13% of companies
have already
installed IoT
6%6%
32%
26%
of companies opine IoT
will be a top technology
investment in the next year.
32% of companies expect IoT
to drive additional
spender
26%
Key Challenges of
IoT integration
System integration
Choosing best architecture
for variety of use cases
44%
40% Data sharing
33%
Delivering ease of use
for end users
37%
Data control
40%
IP management
31%
Lack of
connectivity standards
31%
Lack of shared
infrastructure
29%
Joep van Beurden, the chief executive at CSR notes that about 10 percent of the
financial value to be captured from the Internet of Things trend is likely to be in the “things”;
the rest is likely to be in how these things are connected to the internet.
Reference:
http://cloudtweaks.com/2015/06/iot-top-technology-investment/
http://iot-analytics.com/wp/wp-content/uploads/2015/03/2015-March-Whitepaper-IoT-Market-analysis-Sizing-the-opportunity.pdf
http://www.marketwatch.com/story/the-internet-of-things-moves-beyond-the-buzz-worldwide-market-forecast-to-exceed-7-trillion-by-2020-idc-says-2014-06-03
http://www.marketsandmarkets.com/Market-Reports/industrial-internet-of-things-market-129733727.html
http://www.mckinsey.com/industries/high-tech/our-insights/the-internet-of-things-sizing-up-the-opportunity