Are Businesses Ready for The IoT?

The IoT, short for Internet of Things will soon revolutionise each and every sector of business and human life. It is an intersection of virtual and physical world that would change the way we live. IoT is crawling its way into making its prominence in the business world. Many companies and organisations around the world say that their investment in IoT are expected to increase in the next two years. According to global surveys, 50% of the respondents say their spending in IoT will increase. A Gartner prediction, it says that by 2020, 30 billion mobile phones, tablets, computers, wearable technology devices will be in use as compared to 2.5 billion connected devices in 2009.

Below are some of the industries that will be transformed due to IoT:

Construction Banking & Financial
Significant or Moderate Change­ : 50% Significant or Moderate Change­ : 38%
Some Change­ : 24% Some Change­ : 44%
Minimal or No Change­ : 20% Minimal or No Change­ : 16%
Hospitality Tech & Telecom
Significant or Moderate Change : ­52% Significant or Moderate Change­ : 37%
Some Change ­: 42% Some Change : ­42%
Minimal or No Change­ : 4% Minimal or No Change­ : 17%
Healthcare Education
Significant or Moderate Change : ­45% Significant or Moderate Change­ : 34%
Some Change­ : 37% Some Change : ­46%
Minimal or No Change­ : 16% Minimal or No Change­ : 16%
Government Retail
Significant or Moderate Change­ : 42% Significant or Moderate Change­ : 33%
Some Change­ : 34% Some Change­ : 47%
Minimal or No Change­ : 20% Minimal or No Change­ : 12%

There maybe few segments that will get disrupted by IoT, the question also lies in IoT getting disrupted. There is a fair chance IoT can get disrupted due to the data security policy. Most organisations are indecisive about whether customer data protection will hinder or support the growth of IoT. According to the research of the Economist 29% say it can be a hindrance and 50% are of the support.

In a nutshell, IoT is growing and will expand in all businesses, with the demand for IoT experts in the Government and private sector. With a lot of companies eyeing their share in the substantial IoT pie Mobiloitte, too is all geared to claim its share, with key focus areas being adoption barriers, risk mitigation and policy framework.