Smarter, cheaper, always-connected devices are driving a faster and faster pace of change in technology. Coupled with ever-shifting consumer demands and the need to remain competitive, businesses in every industry are embracing digital transformation. The Internet of Things (IoT) is fueling that transformation, starting with devices that collect and process data at the place where business gets done—where customers engage with a brand, employees are empowered with information and tools to execute their mission, and where operations run at peak performance.
This represents a huge opportunity for enterprises. Industry analysts predict an average $100 million increase in operating revenue for leading enterprises.[i] Major industries are projected to realize gross margin increases of 55%, mostly driven by edge computing with connected devices, applications, and analytics.[ii] Progressive organizations are taking advantage of amazing technological innovation to transform their business and stay on the leading edge of market demands.
It’s a massive opportunity for OEMs and ISVs. Analysts calculate there will be more than 30 billion connected devices by 2020,[iii] creating a $1.7 trillion market for devices and applications.[iv] Gartner predicts spending on IoT hardware will exceed $2.5 million every minute with 1 million devices bought and installed every hour.[v] Capitalizing on this opportunity can be immediate. By building on technologies that customers already have, connecting current devices, unlocking existing intelligence and integrating new smart devices that bring intelligence to the edge, OEM’s and ISV’s can provide customers with access to actionable insights; enabling them to proactively respond to rapidly changing market demands.
In our new whitepaper, The IoT Enterprise Digital Transformation, we offer insights into this once-in-a-generation opportunity for OEMs and ISVs to reinvent their business, products and services. Instead of making one-time devices, they can package their goods with ongoing digital content and services, connecting them with other devices and data to increase their value and create new revenue streams.
Find out how:
- IoT is empowering digital transformation across industries.
- OEMs and ISVs can capture the IoT opportunity by becoming digital transformation experts.
- Pervasive connectivity and smart devices are fueling transformative innovation.
- Insight-driven tools can provide a 360° industry wide view that helps engage customers, empower employees and optimize operations.
- Collaboration across the digital ecosystem is driving growth in every sector.
Whether evolving an existing device, bringing an innovative concept to life or looking for ways to extend their reach into new markets, this while paper sheds light on what’s possible for and why it’s imperative to start the transformation now.
[i] IDC, 2016
[ii] McKinsey, How IoT Can Support A Dynamic Maintenance Program, 2016.
[iii] Andrew Burger, “IDC: Internet of Things Base to Reach 30 Billion in 2020,” Telecompetitor, November 7, 2014, http://www.telecompetitor.com/idc-internet-of-things-base-to-reach-30-billion-in-2020/.
[iv] Steven Norton, “Internet of Things Market to Reach $1.7 Trillion by 2020: IDC,” WSJ, CIO Journal, June 2, 2015.
[v] Daryl C. Plummer, Martin Reynolds, Charles S. Golvin, Allie Young, Patrick J. Sullivan, Alfonso Velosa, Benoit J. Lheureux, Andrew Frank, Gavin Tay, Manjunath Bhat, Peter Middleton, Joseph Unsworth, Ray Valdes, David Furlonger, Werner Goertz, Jeff Cribbs, Mark A. Beyer, Alexander Linden, Noah Elkin, Nick Heudecker, Tom Austin, Angela McIntyre, Fabio Chesini, and Hung LeHong, Top Strategic Predictions for 2017 and Beyond: Surviving the Storm Winds of Digital Disruption, Gartner, October 14, 2016, https://www.gartner.com/doc/3471568?srcId=1-7484470122.