{"id":578,"date":"2019-07-30T14:33:51","date_gmt":"2019-07-30T09:03:51","guid":{"rendered":"https:\/\/editor.eduplusnow.com\/?p=578"},"modified":"2019-07-30T14:33:51","modified_gmt":"2019-07-30T09:03:51","slug":"internet-of-things-to-reach-usd-520-billion-by-2021-a-research-by-bain-company","status":"publish","type":"post","link":"https:\/\/blog.eduplusnow.com\/blog\/internet-of-things-to-reach-usd-520-billion-by-2021-a-research-by-bain-company\/","title":{"rendered":"Internet of Things to Reach USD 520 Billion by 2021: A Research by Bain and Company"},"content":{"rendered":"

Internet of Things to Reach USD 520 Billion by 2021: A Research by Bain and Company<\/h1>\n
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Research by Bain & Company recently revealed that the Internet of Things market is expected to double by the year 2021. This means that the valuation of this industry will grow to USD 520 billion in just two years.<\/span><\/p>\n

However, since the last time the company released its extensive Internet of Things research, progress in IoT has remained limited. There are several issues that customers still face such as integration to IT structure, operational technology (OT), and security.<\/span><\/p>\n

Despite these impending issues, IoT is expected to achieve success in the coming years. Many leading enterprises are executing a greater number of proofs of concept than what they were executed in 2016. Currently, 60% of the users are willing to explore new verticals of this technology compared to 40% in 2016.<\/span><\/p>\n

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Source<\/span><\/a><\/p>\n

Below we have explained the findings of the report in detail. Dive in and explore fascinating facts about the IoT industry.\u00a0<\/span><\/p>\n

Planning<\/b><\/h2>\n

While the growth across IoT sectors including telecom and data services, system, software, and hardware integrations would double by 2021, it would take longer than anticipated to achieve expected ROI.\u00a0<\/span><\/p>\n

As a response, enterprises are willing to implement less extensive adoptions of IoT by 2020. Although customers want to keep pace, planned and calculated IoT implementations could eventually address demands related to consumable solutions, adoption barriers, and IT and OT integration concerns.<\/span><\/p>\n

Cloud Service Providers<\/b><\/h2>\n

The cloud service providers such as Microsoft Azure and Amazon Web Services are the influential and prominent vendors of the IoT landscape. These CSPs are constantly working towards reducing the complexity of adoption, simplifying scaling, use-case adoption and implementation. This is due to the fact that CSPs have the ability to draw upon their expertise in the area of analytics to expand effective IoT implementations.<\/span><\/p>\n

However, the horizontal services offered by CSPs reduce the scope for the optimization of industry-specific applications. This ends up creating an opportunity for application developers, system integrators, IoT specialists, telcos, and device makers. These technology providers can bridge the gap in customer needs and lack of optimization in industry solutions.\u00a0<\/span><\/p>\n

Barriers\u00a0<\/b><\/h2>\n

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Source<\/span><\/a><\/p>\n