While the interest and buzz around the Internet of Things (IoT) has grown steadily in recent years, the seemingly endless market promise continues to become reality.
According to a new report from Gartner, more than 40 percent of organizations expect the Internet of Things (IoT) to “transform their business or offer significant new revenue or cost-savings opportunities in the short term (over the next three years), rising to 60 percent in the long term (more than five years).”
These insights were derived from a survey conducted among business and IT leaders by Gartner. The insights, however, also confirmed that many organizations have not established clear business or technical leadership for their IoT efforts.
“The survey confirmed that the IoT is very immature, and many organizations have only just started experimenting with it,” said Nick Jones, vice president and analyst at Gartner.
“Only a small minority have deployed solutions in a production environment,” Jones continues. “However, the falling costs of networking and processing mean that there are few economic inhibitors to adding sensing and communications to products costing as little as a few tens of dollars. The real challenge of the IoT is less in making products ‘smart’ and more in understanding the business opportunities enabled by smart products and new ecosystems.”
Gartner’s report — “Survey Analysis: The Internet of Things Is a Revolution Waiting to Happen” — is available online to Gartner subscribers.