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IoT platform market set to soar to $1,6-billion by 2020

According to Verizon’s report, State of the Market: Internet of things 2017, the global internet of things (IoT) platform market is set to explode by 35% per year, reaching an impressive $1,6-billion by 2020. IoT.nxt has spoken of the exponential growth curve ahead for industrial applications of IoT, and has noted that enterprises the world over are fast including IoT in their company strategies.

The Economic Times quoted Mark Bartolomeo, VP of IoT Connected Solutions at Verizon, as saying that businesses across sectors are deploying IoT in their organisations as they seek to drive value in their enterprises, and that what we have seen so far is just the “tip of the iceberg” in terms “driving economic value across the board”. (Click here to read the full Economic Times story.)

According to the report, up to 73% of executives are either researching or deploying IoT technology. The article goes on to state: “With 8.4-billion connected ‘things’ in use in 2017, up 31% from 2016, and network technology, cost reductions and regulatory pressures driving adoption, business leaders are not only paying attention, they’re getting in the game.”

This ties in perfectly with IoT.nxt’s industry experience, both in South Africa and abroad.

IoT.nxt CEO Nico Steyn says:
“Business leaders know that using IoT strategies will unlock greater efficiencies and cost-savings, and provide decision-makers with real-time information about all aspects of their businesses. Not including IoT in a strategy denies companies these benefits and will, over time, diminish their competitiveness in the industries in which they operate.”
The best gauge as to understand business decision-makers and their readiness for IoT deployment, is in actual interactions with executives across all industries.Chief Sales Officer of IoT.nxt Andre Strauss said earlier this week that big business has accepted that IoT needs to be part of their digital transformation roadmap. And it has happened fast.

 “The market has significantly matured over the past year and it is generally accepted that IoT is a key underpin to unlocking the value of digital transformation,”

“From our engagement with C-level executives in big business over the past couple of months, we see a definite step change in terms of digital transformation.”

Chief Sales Officer Andre Strauss. PICTURE: Jeremy Glyn, IoT.nxt

Of course, there have been obstacles to mass deployment. According to the Verizon report, standards, security and interoperability make up at least 50% of business concerns around IoT deployment. This certainly speaks to the same obstacle Jim Fletcher, of IBM Watson, highlighted about legacy systems and a difficulty with true interoperability. This has seen many executives lean toward simple use cases within particular segments of their enterprises, to track data and send status alerts.

The IoT industry is inhibited by an inability to create interconnectivity

According to Steyn, correctly designed and engineered edge technology enables edge interoperability and, more importantly, the ability to retrofit into legacy systems. This forms the core of IoT.nxt’s solution to the problems many others in the IIoT industry are grappling with.

“Legacy systems, to a large extent, were disregarded, with current players relying on the ‘rip and replace’ mentality. This mentality of winner-takes-all is not congruent with the idea of a connected world and certainly does not embrace the concept of true scalability.”

“Our solution is technology-agnostic and is quick to implement as it is overlaid onto existing infrastructure. It is able to be retrofitted onto both new and existing equipment immediately, and as organisations grow. The result is complete interconnectivity and intelligence at the edge, something other players are grappling with.”

IoT.nxt CEO Nico Steyn. PICTURE: Jeremy Glyn, IoT.nxt

Click here to read more about Verizon’s State of the Market: Internet of things 2017 report.

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