As businesses in all corners of the world grapple with the Fourth Industrial Revolution and digital transformation, it’s clear the Internet of Things (IoT) will continue to play a fundamental role. However, IoT is still maturing and, while initial trials and pilot projects are proving the value IoT apps can add, more needs to be done to enable better IoT business models and to achieve optimized monetization.
This new report by IoT Now with support from Flexera explores the challenges that enterprises face in developing business and monetization models for IoT. Many industries, including telecommunications, medical, manufacturing, retail and transportation are undertaking IoT initiatives to capture their share of the trillion dollar IoT market. Some IoT deployments are moving beyond initial trials to implementation and some are just getting started. The challenge now, is how businesses can generate revenue from these IoT initiatives.
Revenue in this case encompasses efficiency gains, cost savings and net new IoT profits. The vendor landscape is also transforming. Traditional hardware manufacturers that are looking to become IoT providers and offer hardware, software, connectivity and services to enterprise organizations will be presented with a series of monetization challenges. There is much to consider and several different business models and approaches are emerging to take organizations into the profitable world of largescale IoT offerings.