The Internet of Things (IoT) is growing rapidly, with a forecast of 50 billion connected devices by 2020, according to Cisco. Gartner forecasts over $300 billion in revenues, just to IoT suppliers. And, within five years, they estimate one million devices coming online – every hour.
As IoT innovation accelerates and permeates our daily lives, it will have a profound impact on business.
- Innovation will spur new ways to provide customer value, improve service and increase sales
- New revenue and cost savings opportunities will open new markets and reinvigorate old ones
- Competitive disruption will provide threats and advantages to many industries and economies
- Innovative companies will leapfrog others and enter adjacent markets against unsuspecting participants who will get ‘Amazoned’
- Industries and business models will change as more and more hardware products become software-oriented services as ‘Software eats the World’
Whether you’re a software company, a developer of hardware devices or a services business, now is the time to decide how to build and monetize a sustainable business around your technology, IP and IoT innovations.
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