These and many other fascinating findings are from Verizon’s State of the Market: Internet of Things 2017, Making way for the enterprise (16 pp., PDF, free, opt-in). The Verizon study found that the Internet of Things (IoT) gained significant momentum in 2016, with 2017 IoT investments accelerating. The majority of investments today are in IoT projects that are still in the concept or pilot phase, concentrating on tracking data and sending alerts. While easier to initiate and manage, the majority of pilots aren’t providing the depth of analytics data and insights IoT has the potential to deliver.
Key takeaways from the study include the following:
- Manufacturing-based IoT connections grew 84% between 2016 and 2017, followed by energy & utilities (41%). Transportation and distribution (40%), smart cities and communities (19%) and healthcare and pharma (11%)
- Manufacturing is predicted to lead IoT spending in 2017 with $183B invested this year.
- The IoT platform market is expected to grow 35% per year to $1.16B by 2020.
- Improving the customer experience and excel at customer service by gaining greater insights using IoT leaders enterprises’ investment priorities.
- IoT has the potential to revolutionize pharmaceutical supply chains by drastically reducing drug counterfeiting globally.
Read this article originally published on Forbes here.