The Internet of Things (IoT) provides one of the strongest chances for business growth for companies over the next few years. This is specifically true for B2B players as the market grows. The market size is expected to more than double by 2021 from the present figure of US$ 235 billion to US$ 520 billion according to marketing research firm Gartner. While the adoption rate has admittedly increased, the mood has dampened somewhat thanks to overtly bullish predictions previously made. Some CSPs (Cloud Service Providers) such as AWS (Amazon Web Services) and Microsoft Azure have emerged as influential vendors. These CSPs are able to provide more holistic solutions due to their deep expertise in business analytics. Bain and Company has conducted a study to understand the key challenges in IoT’s mass adoption by companies and cyber security has emerged as top priority. For all IoT vendors, three themes have emerged that they must follow to get their business strategy right. First of all, they must focus on getting a few industries right before a wider onslaught. The solutions developed must be end-to-end as no company would want to work with multiple partners. The barriers to adoption need be slowly removed to ensure increasing scaling up.

Source:https://www.bain.com/insights/unlocking-opportunities-in-the-internet-of-things/

Uploaded Date:13 September 2018