IoT market growing exponentially to $1.29trn : IoT endpoints to exceed 30bn by 2020, say IDC and Aeris
The disruptive impact of digital technologies and the transformation they bring is being felt across organisations and industries worldwide, leading to the emergence of the “Digital Economy.” Key amongst this is the Internet of Things (IoT).
IoT is poised to transform the way businesses generate and consume data while providing insights previously unavailable due to various constraints.
IDC’s technology spotlight, sponsored by Aeris, highlights the key factors business leaders should consider when selecting an IoT solution. The IoT market continues to see strong growth and IDC predicts that the worldwide IoT market spend will grow from $625.2 billion (€531.66 billion) in 2015 to $1.29 trillion (€1.10 trillion) in 2020, with a compound annual growth rate (CAGR) of 15.6%. The installed base of IoT endpoints will grow from 12.1 billion at the end of 2015 to more than 30 billion by 2020.
A key factor driving adoption of IoT is the increasing realisation of the value that IoT brings along with improving customer experience. Most businesses today are either at a starting point in their IoT journey or are in some stage of considering an IoT deployment.
IDC’s technology spotlight assesses the Aeris® IoT Services platform, a comprehensive, patented and end-to-end IoT enabler for enterprises, original equipment manufacturers and service providers around the world. IDC outlines the current enterprise trends, with appropriate use cases, to help business leaders make informed decisions about offerings, such as Aeris and its IoT platform that addresses enterprises’ needs for a reliable, mobile, flexible, secure and cost-effective IoT solution.
Dr. Rishi Bhatnagar, president of Aeris in India comments,“When you are talking about enhancing the customer lifetime value, smoothening customer onboarding or even making it easier for businesses to deliver sophisticated customer experiences, IoT technologies lead the way.
Today, IoT has gone way beyond tagging and tracking and has entered diverse domains and is enabling a range of business benefits. Aeris is at the forefront of driving IoT adoption through a unique blend of offerings that help unlock the true enterprise value of IoT.”
Arjun Vishwanathan, associate director for Emerging Technologies, IDC India says,“As CIOs, IT, and business leaders move toward transforming their enterprises and expanding their digital footprint, the role of IoT will be a lynchpin for causing disruption and driving transformation. There is broad consensus across industries and roles on IoT playing a major role in delivering better efficiencies, productivity and customer experience.”