Power of the IoT
There are now more than a billion connected devices and machines in use today as the opportunity for Internet of Things-enabled transformation has grown massively in the last couple of years. That’s down to the falling cost of sensors, connectivity and data processing power making the ROI equations for IoT projects look more appealing. Plus, while the economic outlook is still uncertain, investor and consumer confidence has grown, making businesses more receptive to investing in new tech. Also, the number of installed machine-to-machine connections continues to grow, according to The Internet of Things 2015 report from Verizon.
A Verizon study commissioned from ABI Research shows that the IoT market is likely to experience strong growth, rising to 5.4 billion connections across the globe by 2020, counting mobile, fixed line, satellite and short-range wireless connections, up from 1.2 billion devices today.
And while just 10% of enterprises have adopted IoT, plenty more will, and to powerful effect. “We predict that by 2025, organisations that adopt IoT extensively will be at least 10% more profitable than competitors that don’t,” says the report bullishly.
“The range of things that can be part of an IoT solution is practically unlimited. From the small and simple to the large and complex, the possibilities are enormous.”