A recent article by Forbes, “Where Internet of Things Initiatives Are Driving Revenue Now” offers several insights from a recent IoT Global Trend Study performed by Tata Consulting Services. The study surveyed 795 industrial manufacturing executives - here are some key takeaways:
- Industrial manufacturers predict IoT initiatives will increase revenue 27.1% from 2015 to 2018.
- 47.7% of market leaders are driving revenue from customer product usage data versus 20% of IoT follower companies.
- Priorities that enterprises are assigning to IoT initiatives:
- Product monitoring (31.1%)
- Customer monitoring (26.6%)
- Supply chain monitoring (23.2%)
- Premises monitoring (19%)
- Top two areas where business models being re-defined by IoT initiatives:
- Increasing the service business (40%)
- Driving revenue with customer product usage data (27%)
- By 2020, IoT initiatives are projected to:
- Increase the services business (40.3%)
- Drive greater revenue with product usage data (28.7%)
- Bypass entities in the distribution channel (22.8%)
How are you planning to capture your share of the IoT market? Share your thoughts with us.
Read more on the Internet of Things:
- Read How Can You Monetize the Internet of Things? 5 Tips to Get You Started eBook
- View Internet of Things Software & Device Use Case Demonstration video
- Read Gartner Emerging Technology Report: Software Licensing and Entitlement Management Is the Key to Monetizing the Internet of Things
- Read Gartner Market Trends: Move Beyond Homegrown Licensing and Entitlement as the IoT Creates New Revenue for Software