The Internet of Things (IoT) appears to be an industry ripe with promise. Gartner predicts the number of IoT devices will increase by 31%from 2016 to 2017, reaching a total number of 8.4 billion. By 2020, the number is expected to grow again: Gartner's analysts believe 20.4 billion IoT products and services will exist by that time.
The International Data Corporation (IDC) also forecasts a year-over-year growth of nearly 17%, resulting in slightly over $800 billion in 2017. Like Gartner, the IDC expects the numbers to continue their upward trajectory—the company says global IoT spending could equal almost $1.5 trillion by 2021.
The two research firms explain that this growth rises from widespread use and value in numerous industries, ranging from healthcare and manufacturing to utilities and smart building technologies. These IoT applications will only grow because, as John Greenough and Jonathan Camhi at Business Insider explain, the IoT “will be the future of the way businesses, governments, and consumers interact with the physical world.”
Yet despite these astounding statistics and projections, IoT-based projects today seem to be failing. Below, we'll explore some common pitfalls and how you can overcome them and remain successful for the future.
THE IOT IS GROWING, BUT CHALLENGES REMAIN
Turning the IoT into the future of interactions with the physical world presents many challenges, a fact demonstrated in Cisco's 2017 research study “The Journey to IoT Value: Challenges, Breakthroughs, and Best Practices”:
- Nearly three-quarters of IoT projects are failing.
- Roughly 60% of respondents reported that IoT programs look ideal during the planning stage but often prove more complex than expected.
- Only 26% of surveyed companies achieve success with their IoT initiatives.
The report analyzes the differences between companies that succeed or fail, eliciting several ...read more