There is no second thought in the fact that future belongs to Internet of Things, which is likely to cover over 22 billion devices by 2020. To discuss IoT’s importance in present business context, and shed more lights on different IoT technologies, major investors in IoT sector and lessons learnt by IoT-based companies to survive in the market, TCS conducted an in-depth study. Here are key highlights of the study:
- Of all the major companies available out there, 79% use IoT in one way or another to track their customers, business growth, products and supply chain. All the companies that took part in this survey are likely to invest $86 million or 0.4% of their total revenue on IoT. They expect to raise this budget to 20% by 2018.
- Businesses offering most expensive products are the ones that’ll spend the most money on Internet of Things. The study unveils that businesses with average product price of $10 million are likely to spend about $335 million whereas businesses with average products priced at or below $1 million will spend around $39 million or one-eighth of the revenue on IoT.
- Maximum use of IoT is used in mobile apps to track market performance or customers in day to day life.
- In terms of adapting IoT, North American and European companies are way ahead than Latin American and Asian companies.
- In most of the companies using IoT, it has already started putting a great impact on business model customization, products, revenue and customer service.
You can read this report in detail here.