Are we effectively harnessing the power of today’s biggest technologies?
As companies of all sizes consider the value of integrating powerful new technological systems into their organization, one issue seems to persist. Whether it’s cloud computing, artificial intelligence, big data or the Internet of Things (IoT), investment in great innovations is likely wasted if there isn’t a strong tech infrastructure and network in place to support them.
According to Machina Research, it is estimated that IoT will generate over two zettabytes of data and grow to around 27 billion connections by 2025. For IoT alone, significant bandwidth and IT oversight is required to effectively support the immense amount of data generated from the hundreds of connected devices. It’s clear that the burden of IoT data could pose significant capacity problems for organizations seeking to best leverage its value.
State of the Market: the Internet of Things
Verizon’s own 2017 “State of the Market: Internet of Things” report showed that the IoT is at the core of digital transformation, with 73 percent of executives either researching or currently deploying IoT in 2017. Manufacturing, transportation and utilities make up the largest percent of investments, while insurance and consumers represent the fastest areas of spending growth. Most importantly, the report showed that the economics of IoT are increasingly compelling - and the B2B space will benefit first, generating nearly 70 percent of potential value enabled by IoT.
However, while organizations continue to develop and pilot use cases to provide real-time visibility into data around assets, equipment, power management and public safety – everything from construction industries employing drones for site inspections to government municipalities creating "smart" communities - hesitancies related to IoT still remain. As Verizon's report highlights, four key concerns stand out for over 50 percent of business executives when exploring IoT:
These uncertainties, along with apprehension around scalability and simplicity, are holding businesses back from full IoT deployment, with many still in proof-of-concept or pilot phase. Early adopters seem largely focused on proving out simple use cases to track data and send status alerts, just starting to realize the full value IoT has to offer in driving growth and efficiencies across business.
But the good news is that the barriers are eroding. New network technology, changing consumer behaviors as they relate to the new sharing economy; and changing regulatory requirements are just a few of the driving factors of IoT adoption and advancement.
Using tech infrastructure to support the IoT revolution.
The rising complexity of innovations like IoT has intensified the need for wholesale data services, and increased demand for flexible and scalable solutions that can handle the technological requirements needed to support the business trends of today, as well as in the future.
With the IoT market evolution already accelerating in 2018, wholesale telecoms companies are beginning to increase the scale and scope of their portfolios. They are looking to provide more value-adds beyond standard network solutions by launching new services that best fit their customers’ capabilities and infrastructures. These wide-ranging suites seek to further enhance orchestration and connectivity across platforms and networks.
The Internet of Things, supported by a strong infrastructure of technology, can have a significant and immediate value impact on the organizations that choose to invest the time, money and resources required for successful implementation.
To learn more about this topic, be sure to catch my ITW 2018 panel discussion, titled ‘Understanding the Carrier Role in the IoT Boom’, on May 8 from 2-3:30 p.m.