Eight IIoT predictions for 2018
We have seen an enormous amount of progress in the industrial ecosystem in 2017. The ever evolving landscape of Digital transformation is in full speed providing many exciting new business models as well as providing solutions to some of the problems that have plagued traditional industries since their inception. We see longstanding business models reinvented as more businesses are realizing the need to digitally transform their businesses. We're also starting to move from pilots to ROI as the adoption of connected devices is accelerating industries like manufacturing and energy according to a recent Verizon study.
Momenta Partners is committed to helping our clients, partners, and stakeholders navigate this evolving landscape and deliver sustainable value from Connected Industry. To achieve this, we keep our finger on the pulse regarding industry trends and developments. Here's what we see as the 8 key developments for 2018 in IIoT, with suggested resources to enable you to learn more:
Prediction No.7:
Growing Investment Drives Real ROI
As IoT platforms mature, and proof of concepts provide the viability of connected strategies, we expect corporate investment to grow at a healthy pace. IDC forecasts spending on IoT to grow at 14.6% YoY pace in 2018, with the largest IoT investments expected to be in manufacturing with $189 billion, transportation with $85 billion and utilities with $73 billion of spending. We expect to see more conviction in ROI benefits of connected systems as companies move beyond connectivity and data collection to advanced analytics.
We expect investments to continue to focus on domain-specific and vertically oriented solutions. One key area of investment will be smart cities - thanks to programs such as Cisco's $1bn City Infrastructure Financing Acceleration Program in November this year, we can expect to see greater emphasis on hyper-local solutions around waste management and transportation, and increasing quality of life by enhancing the “UI” of the city, which is an area of focus for provider of intelligent urban kiosks and benches Soofa.
Suggested resources:
Webinar: The ROI of IoT: Building a business case for an IoT initiative
PTC: Quantifying the return on Investment
Stay tuned for our 8th prediction in our Eight IoT Themes for 2018.
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