CLOUDTWEAKS CONTRIBUTOR PROGRAM

Join the CloudTweaks thought leadership contributor program which includes a customized profile, branded identity page, newsletter marketing, social amplification and more... 

The program is currently available to consultants, influencers or executive level contributors.

Iot-Investment-by-industry

73% of Executives Are Researching & Launching IoT Projects

New IoT Projects

  • 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 $183B 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.
  • Improving the customer experience and excel at customer service by gaining greater insights using IoT leaders enterprises’ investment priorities. 33% of enterprises interviewed prioritize using IoT technologies and the insights it’s capable of providing to excel at customer service. 26% intend to use IoT technologies to improve asset management and increase Return on Assets (ROA) and Return on Invested Capital (ROIC). Consistent with how dominant manufacturing’s investment plans are for IoT this year, production and delivery capabilities are the top deployment priority for 25% of all businesses interviewed.
  • IoT has the potential to revolutionize pharmaceutical supply chains by drastically reducing drug counterfeiting globally. It’s estimated that counterfeit drugs cost the industry between $75B to $200B annually. The human costs of treating those who have been sold counterfeit drugs back to health are incalculable. IoT platforms and systems have the potential to drastically reduce the costs of counterfeiting, both on a personal impact and market standpoint. Drug manufacturers operating in the United States have until November 2017 to mark packages with a product identifier, serial number, lot number and expiration date, plus electronically store and transfer all transaction histories, including shipment information, across their distribution supply chains. Pharmaceutical manufacturers have a high level of urgency to make this happen and stay in compliance with the US Drug Supply Chain Security Act. IoT solutions are flourishing in this industry as a result.

By Louis Columbus

Louis Columbus

I am currently serving as Director, Global Cloud Product Management at Ingram Cloud. Previous positions include product marketing at iBASEt, Plex Systems, senior analyst at AMR Research (now Gartner), marketing and business development at Cincom Systems, Ingram Micro, a SaaS start-up and at hardware companies. I am also a member of the Enterprise Irregulars. My background includes marketing, product management, sales and industry analyst roles in the enterprise software and IT industries. My academic background includes an MBA from Pepperdine University and completion of the Strategic Marketing Management Program at the Stanford University Graduate School of Business. I teach MBA courses in international business, global competitive strategies, international market research, and capstone courses in strategic planning and market research. I've taught at California State University, Fullerton: University of California, Irvine; Marymount University, and Webster University. You can reach me on Twitter at @LouisColumbus.

View Website
The Lighter Side Of The Cloud - Bullseye
The Lighter Side Of The Cloud - Name Of The Game
The Lighter Side Of The Cloud - Dark Clouds
The Lighter Side Of The Cloud - Server Management
The Lighter Side Of The Cloud - Cloud Therapy
Why ‘Data Hoarding’ Increases Cybersecurity Risk

Why ‘Data Hoarding’ Increases Cybersecurity Risk

Data Hoarding The proliferation of data and constant growth of content saved on premise, in cloud storage, or a non-integrated ...
CloudTweaks Q&A: How Smart Will Your City Be by 2025?

CloudTweaks Q&A: How Smart Will Your City Be by 2025?

How Smart Will Your City Be by 2025? What role does back end infrastructure play in connecting IoT devices? Probably ...
How prepared are you to overcome the misuse of AI

How prepared are you to overcome the misuse of AI

Overcome the Misuse of AI Have you ever considered that the AI system integrated into your organisation's computing infrastructure could ...
Istio 1.0: Making It Easier To Develop and Deploy Microservices

Istio 1.0: Making It Easier To Develop and Deploy Microservices

With the recent availability of Istio 1.0 it is not surprising that it continues to capture much attention from the ...
Robo-Advisors vs. Financial Advisors: What Do Millennials Prefer?

Robo-Advisors vs. Financial Advisors: What Do Millennials Prefer?

Robo-Advisors vs. Financial Advisors For technology-loving millennials, robo-advisors may seem appealing. With a robo-advisor, a portfolio is managed online by ...
How Blockchain Has Unexpectedly Improved Big Data Integrity

How Blockchain Has Unexpectedly Improved Big Data Integrity

Big Data Integrity Blockchain technology was developed to improve the integrity of bitcoin. However, as bitcoin became more popular, its ...
The Connected Car: The Unknown Hero of Automotive Innovation

The Connected Car: The Unknown Hero of Automotive Innovation

Connected Car Innovation Spanning the last decade, the automotive industry has seen an explosion of technological innovation which has, and ...

CLOUDTWEAKS CONTRIBUTOR PROGRAM

Join the CloudTweaks thought leadership contributor program which includes a customized profile, branded identity page, newsletter marketing, social amplification and more... Stand out as an expert in your field.

The program is currently available to consultants, influencers or executive level contributors.