Why three quarters of executives are researching and launching IoT projects in 2017
By Louis Columbus
04 October 2017
- Manufacturing-based IoT connections grew 84% between 2016 and 2017, followed by energy & utilities (41%).
- 73% of executives are either researching or currently launching IoT projects.
- The IoT platform market is expected to grow 35% per year to $1.16B by 2020.
- B2B uses can generate nearly 70% of the potential value enabled by IoT.
These and many other fascinating findings are from Verizon’s State of the Market: Internet of Things 2017, Making way for the enterprise (16 pp., PDF, free, opt-in). The Verizon study found that the Internet of Things (IoT) gained significant momentum in 2016, with 2017 IoT investments accelerating. The majority of investments today are in IoT projects that are still in the concept or pilot phase, concentrating on tracking data and sending alerts. While easier to initiate and manage, the majority of pilots aren’t providing the depth of analytics data and insights IoT has the potential to deliver.
Key takeaways from the study include the following:
Manufacturing-based IoT connections grew 84% between 2016 and 2017, followed by energy & utilities (41%)
Transportation and distribution (40%), smart cities and communities (19%) and healthcare and pharma (11%) are the remaining three industries tracked in the study who had positive growth in the number of IoT connections. The following graphic compares year-over-year growth by industry for the 2016 to 2017 timeframe.
Manufacturing is predicted to lead IoT spending in 2017 with $183bn invested this year
Verizon’s study predicts that transportation and utilities will have the second and third-largest capital expenses in IoT this year. Insurance, consumer and cross-industry IoT investments including connected vehicles and smart buildings will see the fastest overall growth in 2017.
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