Fast Facts: Enterprises Can No Longer Ignore IoT
In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchanges publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.
Welcome to 2018, the year when Internet of Things (IoT) officially becomes a built in piece of enterprise operations rather than a buzzword many IT administrators – all the way up to the c-suite – have spent a few years misunderstanding.
The predictions have been fast and furious in recent years, with conservative estimates claiming 20 billion connected “things” globally by 2020. Some forecasts show that figure could hit 50 billion. No matter the prediction, all tech pundits agree: IoT is on the rise, whether businesses are ready or not.
Forecasts for 2020 once seemed so far away, and now it’s less than 24 months out. According to research firm Gartner, two-thirds of enterprises will adopt IoT products by decade’s end, up from 30% in 2017. Interestingly, there’ll be a road block in the way of well-versed data scientists, which will “inhibit 75% of organizations from achieving the full potential of IoT.”
On the economic side, financial and value predictions are also driving the push behind IoT, with predictions saying IoT’s market will grow from $157 billion in 2016 to $457 billion in 2020, boasting a CAGR of 28.5%.
The reason IoT has a place in the enterprise and is able to be adopted so swiftly is its inherent base – as long as an organization is employing Internet usage, mobility, sensors, or any current technology, IoT is a natural progression toward innovative workplaces. Practitioners pushing IoT aside would do well to change their mindsets before 2020, which will be here before we know it.
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