The number of things embedded with sensors is estimated to reach up to 50 billion in the next decade. Having these smart objects connected to the Internet and able to communicate with each other offers significant opportunities for businesses in all industries across the world.
A new report “The Internet of Things Business Index: A Quiet Revolution Gathers Pace” by the Economist Intelligence Unit and sponsored by ARM has found that 75% of businesses surveyed are researching Internet of Things (IoT) opportunities. Only 5% of companies expect not to be using IoT at all three years from now.
The report also launches the Internet of Things business index. This will track the stages of IoT in businesses over time on global, regional and industrial levels. At present, businesses worldwide are at an advanced stage of research. Manufacturing companies are leading the way, while financial services are currently lowest in the index.
Companies are on the lookout for IoT talent, the report also found. Business leaders felt the biggest obstacle to using IoT more extensively is a lack of skills and knowledge among employees. To address this, organizations are increasingly training and recruiting talent, raising the potential for IoT talent wars.
“The self-stocking intelligent fridge is a step closer to becoming an everyday reality,” said James Chambers, editor of the report, “but conversations about IoT are clearly moving on. Two in five C-level executives are now telling us that they discuss IoT regularly. Whether we will all end up wearing clothes connected to the Internet remains to be seen – but it’s hard to think of any business that can’t be part of the IoT revolution.”
Even though the IoT is based on effective communication between these smart objects, few business leaders believe that it is likely to change the way their organisation works with competitors. This mind-set could impair growth says the report.
