Few disagree that the Internet of Things is accelerating at rapid speed. Gartner Inc. predicts there’ll be more than 25 billion connected devices in the world by 2020, generating revenues of more than $300 billion for those who catch the wave. But even with this massive amount of growth being forecast, most enterprises fail to understand the opportunity and are not invested in the IoT. Consulting firm Bain & Company Inc. believes a big reason for this is that the definition of the “Internet of Things” is still being misrepresented.To try and add some clarity to the issue, Bain & Company recently published a new report that focuses on “the major emerging battlegrounds” in the IoT that enterprises need to be aware of.
Intelligent devices and their ever-growing network encompassing our daily lives have emerged as a Utopian idea for our tech-savvy generation. As predicted by research firm IDC, by 2020 there will be over 28 billion objects with data exchange capabilities. Internet of Things (IoT) is already on its way to become the next big tech trend. Its enormous growth rate can be understood from a report by Gartner Inc. indicating that the use of IoT devices in 2015 was up by 30% from 2014.Furthermore, according to IDC predictions, the IoT market will hit $7.1 trillion by 2020.
The Internet of Things (IoT) is gaining popularity among Indian enterprises, government, and consumers, but security concerns and the lack of relevant business cases may limit adoption in the shorter term, according to analysts at Gartner Inc.