Industry experts estimate there will be 20+ billion connected products online by 2020, representing an overall IoT market size of $200+ billion. Other studies have predicted much higher growth, suggesting the annual IoT global economic value will exceed the US GDP by 2025. Either way, the number is big and new businesses, business units and products will form and prosper by taking only a fraction of the market share.
However, in order for the IoT industry to live up to the hype, diverse enterprises with complex business models must begin to contribute new, innovative product offerings to the IoT market. Those interested in taking advantage of this face a number of exciting opportunities for growth, differentiation, and discovery that should be identified and fully explored.
To help organizations with identifying their IoT opportunity for growth, we have developed a list of 9 major areas that should be considered when developing an IoT strategy.
- INCREASED REVENUE
- REDUCED OPERATIONAL EXPENSES
- INCREASED DIFFERENTIATION
- DATA DISCOVERY AND INSIGHT
- STREAMLINED CUSTOMER SERVICE
- REDUCED RISK
- INCREASED SECURITY
- REGULATORY COMPLIANCE
- CONNECTED BRAND STRATEGY
For an in-depth analysis of the 9 area's for IoT opportunity listed above, check out our IoT Strategies for Diversified Businesses white paper.
