B2B space reaping lion's share when it comes to IoT: Report

IANS
Tuesday, September 12, 2017

With 8.4 billion connected "things" in use in 2017 -- up 31 per cent from 2016 -- the Internet of Things (IoT) is at the core of digital transformation globally in 2017, with 73 per cent of executives either researching or currently deploying IoT, a new report said on Tuesday.

Manufacturing, transportation and utilities make up the largest percent of investments, while insurance and consumers represent the fastest areas of spending growth, said the "State of the Market: Internet of Things 2017" report by the US wireless communications service provider Verizon.

The economics of IoT are increasingly compelling and the B2B space will benefit first, generating nearly 70 per cent of potential value enabled by IoT.

"With network technology, cost reductions and regulatory pressures driving adoption, business leaders are not only paying attention, they're getting in the game," the report said.

While enterprises across industries continue to develop and pilot use cases, hesitancies related to IoT still remain.

There are four key concerns for over 50 percent of business executives when exploring IoT:
Standards, Security, Interoperability and Cost.

These uncertainties, along with apprehension around scalability and simplicity, are holding businesses back from full IoT deployment, with many still in proof-of-concept or pilot phase.

Early adopters seem largely focused on proving out simple use cases to track data and send status alerts, just starting to realise the full value IoT has to offer in driving growth and efficiencies across business, the Verizon report noted.

"Over the past year, industry innovators in energy, healthcare, construction, government, agtech and beyond have not only piloted, but in many cases, deployed IoT technology to improve business efficiencies, track and manage assets to drive value to the bottom line," said said Mark Bartolomeo, Vice President of IoT Connected Solutions at Verizon, in a statement.


Express your comment on this article

Submit your comments...
     
Disclaimer: The views expressed here are strictly personal and IndiansinKuwait.com does not hold any responsibility on them. We shall endeavour to upload/publish as many of the comments that are submitted as possible within a reasonable span of time, but we do not guarantee that all comments that are submitted will be uploaded/published. Messages that harass, abuse or threaten other members; have obscene, unlawful, defamatory, libellous, hateful, or otherwise objectionable content; or have spam, commercial or advertising content or links are liable to be removed by the editors. We also reserve the right to edit the comments that do get published. Please do not post any private information unless you want it to be available publicly.
Image

Teamwork Makes The Dream Work! – Nomaan Sidiq Budroo, Captain of Kuwait U-19 Cricket Team

Kuwait Cricket’s National U 19 team returned home after their best ever performance in the ICC U 19

Image

A Walk in the Garden…

Our garden in Salmiya is an exciting learning-place… Every walk in it, teaches something every time

Image

Take Thoughts Outside Box

"Where are the songs of spring? Ay, where are they?’’ I sighed, when others were busy with Keats, S

Image

‘Be what you are, Do what you can’, a self-confident go getter, N.K. Ramachandran Menon

He believes, ‘No one can influence anyone’. He believes, ‘I can only be me and it is true for ever

Image

How to carry out a winning scientific project?

I have been involved in judging scientific projects in schools and colleges for the past three deca

Image

Extraordinary artist of ribbon work – Mrs Poornima

Hand Embroidery is one of the most beautiful artworks. There are variety of Embroideries which uses

Image

Work hard, but enjoy your job – Ravi Varrier spending 40 years in a company!

Spending long working years with a company may not be a big deal if you are a sincere employee. But

Image

Smart Investing - Diversification is the Mantra: Don’t keep all the eggs in one basket

Investment is an activity which everyone should be involved once they start earning. But where to i

Image

They are disconnecting…

“Why do I need to learn about India? After all, I am going to live here—in Kuwait—all my life… I wa

Image

I Learn Anew Every Day - Kevin Mathew

Kevin Mathew was the youngest (and only Indian) TEDx speaker at TEDxAlShuwaikh, Kuwait, on Septembe

Image

New Menu at Zafran Puts Contemporary Spin on the Traditional

Fans of Zafran can rejoice as the popular Indian bistro launches a new menu this week. The front

Image

A nostalgic and delicious train journey in Kuwait at Kerala Express Restaurant

A train journey during our annual vacation in India is definitely a nostalgic experience for many o

Image

Mughal Mahal Exotica - An aromatic and exotic twist to Indian food

When it comes to Indian food in Kuwait, no doubt ‘Mughal Mahal’ set an example among the residents

Image

Experience Indian Corner Tandoori Nights at Al Manshar Rotana Hotel

Al Manshar Rotana Hotel at Fahaheel, Kuwait launched an authentic Tandoori Night with an Indian cor

Image

Maharashtra Mandal Kuwait Cricket Premier League and Photography Contest Kicked-Off

Maharashtra Mandal Kuwait is organizing “MMK Cricket Premier League 2018 Season- 3”. The event wi

Image

United Goans Centre Interschool Under-15 Football Tournament 2018

The United Goans Centre (UGC) held its Inter-school under-15 football tournament on 3rd February 2

Image

BOUBYAN bank Crowned Champions in the Cup Finals KFH Grabs the Plate Trophy

On the weekend of 27th January, Kuwait Cricket held the grand finals upon the completion of all the

Image

Saina Nehwal, P.V. Sindhu and the men's doubles pair

Saina Nehwal, P.V. Sindhu and the men's doubles pair of Satwiksairaj Rankireddy and Chirag Shetty a

Image

Prannoy, Saurabh guide Ahmedabad to PBL-3 semis

H.S. Prannoy powered Ahmedabad Smash Masters to a brilliant 4-1 victory over Mumbai Rockets, to adv