How Enterprises are Evolving with IoT

With the arrival of Edge Computing, the coronation of IoT wasn’t far behind. As we’ll likely witness in IDC’s upcoming FutureScape Report and in already-released reports projects concerning the Internet of Things will likely see significant increase in 2018.

Revolutionize Your Business With Generative AI

From product design and software development to virtual agents, content creation, and reporting, GenAI is transforming business. Our AI experts help you unlock GenAI’s full potential and drive growth.

Let’s Get Started

Here are some of the reports we’re seeing:

• IoT Connections are Growing: According to Verizon’s 2017 IoT Report, the Internet of Things (IoT) gained significant momentum in 2016, with 2017 IoT investments accelerating. While many of these projects are still in the pilot phase and still exploring data and alert tracking, the show of investment demonstrates a commitment towards perfecting processes and eventual entry into the market.
• Manufacturing Leads IoT: Verizon’s study predicts that transportation and utilities will have the second and third-largest capital expenses in IoT this year. At the head is manufacturing, which has invested $183 billion so far in IoT-related technologies. As a whole, this is a blip on the radar of an industry expected to see $1.16 billion dollars of investment by 2020.
• Nearly One Third of Organizations Have Adopted IoT: According Vodafone’s 5^th annual IoT report, 29% of organizations have adopted IoT, nearly triple that of 2013. Asia leads IoT adoption at 36% with North America at 27%, so the game is still early.
• IoT Adoption Differs by Industry: Healthcare providers increased the number of IoT connections by 86% in the last twelve months alone while pharmaceuticals continue to explore the area in combating counterfeit drugs, which costs the industry $75-200 billion every year.
• IoT Role Definitions: IoT roles differ within organizations, with 82% indicating an interest in analytics and artificial intelligence. 4% agree that their adoption and use of IoT solutions have grown in the last 12 months and 46% of IoT adoption companies have integrated with their Customer Relationship Management (CRM), Enterprise Resource Planning (ERP) and other core systems their businesses rely on for daily operations. Undoubtedly, applications will evolve as more enterprises announce their entrance into IoT.

With these reports in consideration, IoT innovation is poised to jump next year and open new lines of business for enterprises ahead of the curve. If you’re interested in seeing what’s possible in IoT for your organization, get in touch with us at sales@perficient.com.